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Payments to holders (other than the Minister) of existing shares in lieu thereof.
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8.—(1) In this section—
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the expression “registered holder” means a person who is or, in the case of a joint holding of existing shares, two or more persons who are, on the day immediately preceding the appointed day, the registered holder of one or more existing shares, but does not include the Minister;
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the expression “appropriate sum” means, in relation to a registered holder, a sum of money calculated at the rate of ten shillings for each existing share held by such registered holder.
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(2) (a) At least thirty days before the appointed day the Corporation shall serve on each registered holder notice that—
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(i) his existing shares will be cancelled on the appointed day, and
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(ii) the Corporation will on the appointed day pay to him an appropriate sum,
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(b) Notices under paragraph (a) of this subsection may be served in accordance with the manner provided for the service of notices by the existing articles of association of the Corporation.
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(3) On the appointed day, the Corporation shall pay to each registered holder an appropriate sum.
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(4) Each registered holder of any existing shares shall, in lieu of and in satisfaction of all rights and claims in respect of his existing shares, accept the payment to be made to him in pursuance of subsection (3) of this section.
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(5) (a) The Corporation shall, on such date (not later than sixty days after the appointed day) as the Corporation, with the consent of the Minister, may fix, pay to each registered holder a dividend calculated at the rate of five per cent. per annum on the amount paid up in respect of existing shares held on the day immediately preceding the appointed day by such registered holder, for the period commencing on the day next following the latest date before the appointed day on which a dividend was paid by the Corporation and ending on the day immediately preceding the appointed day, and such registered holder shall not be entitled to any other dividend in respect of such shares for such period.
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(b) If, on the date fixed under paragraph (a) of this subsection, the Corporation has not any or sufficient moneys available and applicable for the payments required to be made under the said paragraph (a) the Corporation shall forthwith certify to the Minister the sum which, with the moneys (if any) so available and applicable, is required to make such payments and upon receipt of such certificate the Minister shall pay to the Corporation the amount so certified and the Corporation shall forthwith apply the moneys so received in or towards discharge of the said payments.
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(c) All moneys payable by the Minister to the Corporation under paragraph (b) of this subsection shall be paid out of and shall be charged upon the Central Fund or the growing produce thereof.
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(6) The Corporation may, for the purposes of this section, close its share register for a period of forty days expiring on the appointed day and refuse to register any transfer of existing shares during that period.
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