Agricultural Credit Act, 1978
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Share capital. [cf. 1947, s. 10; 1961, s. 6; 1969, s. 2.] |
11.—(1) The share capital of the Corporation shall be £20,000,000 divided into shares of £1 each. | |
(2) Shares may be allotted and issued to and taken up by the Minister. | ||
(3) With the approval of the Minister shares may be allotted and issued to other persons. | ||
(4) The Minister may purchase and sell shares of the Corporation. | ||
(5) The Minister may exercise in respect of any shares held by him all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by attorney. | ||
(6) The Minister may, for the purpose of compliance with so much of the Companies Act, 1963 , as requires that there shall always be at least seven members of the Corporation or for the purpose of providing a person appointed or about to be appointed a director with any qualification required by the articles of association, do either or both of the following things: | ||
(a) transfer to any person one share for the time being held by the Minister, | ||
(b) require any member of the Corporation to transfer any such share held by him to the Minister or to any other person nominated in that behalf by the Minister. | ||
(7) Every member (other than the Minister) of the Corporation or the personal representative of such member shall hold in trust for the Minister any shares transferred to him under subsection (6) and shall be accordingly bound to pay every dividend, bonus and other money received by such member on or in respect of such shares to the Minister for the benefit of the Exchequer and to transfer, as and when required by the Minister, such shares to the Minister or to a person nominated in that behalf by the Minister. | ||
(8) Every dividend, bonus and other money received by the Minister in respect of shares held by, or in trust for, him shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may direct. |