Agricultural Credit Act, 1947
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Alteration of memorandum and articles of association of the Corporation. |
18.—(1) The Corporation shall, as soon as may be after the passing of this Act and before the appointed day, make all such alterations in its memorandum and articles of association as may be authorised by, and be requisite for giving effect to, the previous provisions of this Part, but such alterations shall not come into force until the appointed day. | |
(2) The Corporation may, at any time after the passing of this Act, so alter its memorandum of association that the same be so framed and expressed that the Corporation shall be entitled and authorised to receive from any person donations, contributions towards expenses, payments for services rendered on behalf of such person or any other moneys, but any such alteration, if made before the appointed day, shall not come into force until the appointed day. | ||
(3) In addition to the alterations required by subsection (1) of this section or authorised by subsection (2) of this section to be made in the memorandum and the articles of association of the Corporation, it shall be lawful for the Corporation to make all such other alterations in its memorandum and articles of association as are necessary or proper by way of supplement to, or in consequence of, any alteration so required or authorised and also all such other alterations as shall be necessary or proper to give effect to the provisions of this Act. | ||
(4) Subsection (2) of section 10 of the Principal Act shall not apply to alterations made in the memorandum or the articles of association of the Corporation under or in pursuance of this Act and in lieu thereof it is hereby enacted that all such alterations shall be in such form consistent with this Part as shall be approved by the Minister after consultation with the Minister for Agriculture. | ||
(5) For the purposes of effecting any alterations in the articles of association of the Corporation required or authorised by this Part, section 13 of the Companies (Consolidation) Act, 1908 , shall be construed as if the words “extraordinary resolution” were substituted for the words “special resolution” where the latter words first occur. | ||
(6) Section 9 of the Companies (Consolidation) Act, 1908 , shall not apply in respect of any alteration authorised by this Part to be made by the Corporation in its memorandum of association and in lieu thereof it is hereby enacted that every such alteration may be made by extraordinary resolution, as defined by section 69 of the Companies (Consolidation) Act, 1908 , and that, in addition to complying with section 70 of that Act, the Corporation shall, within the time mentioned in the said section 70, deliver to the registrar of companies a printed copy of the memorandum as so altered and such registrar shall register the same and shall certify the registration under his hand and such certificate shall be conclusive evidence that all the requirements of that Act as amended by this section with respect to such alteration have been complied with and thenceforth the memorandum as so altered shall be the memorandum of the Corporation. |