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Increase of capital of the Corporation.
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3.—(1) Notwithstanding anything to the contrary contained in the Principal Act, it shall be lawful for the Corporation to increase its capital to a total of £1,000,000 (one million pounds) divided into one million shares of one pound each and for that purpose to make such alterations as may be requisite in its memorandum and articles of association and in particular to make such alterations in its memorandum and articles of association as may be necessary to authorise the directors to issue in accordance with this section five hundred thousand shares (in this Act referred to as new shares) of one pound each ranking pari passu with the shares (in this Act referred to as old shares) issued under the Principal Act before the passing of this Act.
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(2) If the capital of the Corporation is divided into A shares and B shares before the issue of the new shares, such new shares shall be divided into A shares and B shares in the same proportions as the old shares are so divided and in such case shall be issued as A shares and B shares accordingly.
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(3) The new shares shall be offered at the one time in such manner as the directors shall think fit for subscription by the holders of the old shares, and all or any of the new shares not subscribed for by such holders may, if the directors so think fit, and shall, if the Minister so requires, be offered at the one time in such manner as the directors think fit for subscription by members of the general public.
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(4) All new shares not subscribed for by the holders of old shares or by members of the general public (if offered for subscription by such members) shall, at the expiration of the time limited with the approval of the Minister for such subscriptions or the later of such subscriptions (as the case may be), be subscribed for by the Minister.
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(5) The sum of one pound payable on every of the new shares shall be payable, as to five shillings thereof, on application for the share and, as to a further five shillings thereof, not less than twenty nor more than forty days after allotment and, as to the remainder thereof, at the time hereafter in this Act appointed.
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