Agricultural Credit Act, 1929
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Calling up of uncalled capital. |
4.—(1) Notwithstanding anything contained in the Companies (Consolidation) Act, 1908 , it shall be lawful for the Corporation by special resolution to provide that the sum of ten shillings of the sum of one pound payable on every share (including new shares as well as old shares) in the Corporation shall be payable if and when called up but shall be capable of being called up only in the event and for the purposes of the Corporation being wound up. | |
(2) If and when the Corporation has made such provision as is mentioned in the foregoing sub-section in respect of its uncalled capital, so much of sub-section (2) of section 4 of the Principal Act as enacts that ten shillings of the sum payable on every share in the Corporation shall be payable as and when called by the directors shall cease to have effect. | ||
(3) The making of such provision as is mentioned in sub-section (1) of this section shall not be a reduction of the capital of the Corporation within the meaning of the Companies Acts, 1908 to 1924. |