Agricultural Credit Act, 1927

State liability for capital of the Corporation.

6.—(1) In the event of the Corporation going into liquidation (whether voluntary or compulsory) and being wound up and its assets proving on such winding-up to be insufficient to pay to the members of the Corporation the full amount of its paid-up capital, the Minister shall provide and pay to the liquidator in such winding-up such sum as will be sufficient with the assets of the Corporation available for the purpose to pay the full amount of the paid-up capital of the Corporation.

(2) All moneys paid under this section to the liquidator by the Minister shall (whether the assets of the Corporation are or are not sufficient to pay its creditors in full) be applied by such liquidator in or towards paying to the members of the Corporation the full amount of the paid-up capital of the Corporation.