Agricultural Credit Act, 1961

Provisions in relation to the holding of capital of the Corporation.

6.—(1) (a) Stock units or shares of the Corporation may be issued, allotted, transferred and sold by the Corporation to persons other than the Minister.

(b) The power conferred by paragraph (a) of this subsection shall not be exercisable at any particular time without the consent of the Minister if the Minister holds at that time not less than one-half in nominal value of the issued capital of the Corporation.

(2) (a) The Minister may acquire by subscription to the Corporation stock units or shares of the Corporation.

(b) Where stock units or shares of the Corporation are held by a person other than the Minister, the Minister may purchase the stock units or shares from that person.

(3) The Minister may, if he so thinks fit, sell, at any time, on such terms and subject to such conditions (including terms and conditions in relation to the consideration for the sale) as he may think fit to impose, any stock units or shares of the Corporation held by him, and the proceeds of any such sale shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister thinks fit.

(4) (a) Subsection (1) of section 10 of the Act of 1947 shall apply in relation to all stock units or shares of the Corporation for the time being held by the Minister and, accordingly, references in that subsection to new shares shall be construed as references to stock units or shares of the Corporation.

(b) Paragraph (b) of subsection (2) and subsections (3), (4) and (5) of the said section 10 shall not apply in relation to stock units or shares of the Corporation, other than new shares (within the meaning of the Act of 1947) transferred to a person under paragraph (a) of subsection (2) of the said section 10.