Agricultural Credit Act, 1929



Division of capital of the Corporation.

2.—(1) Notwithstanding anything contained in the Principal Act, it shall be lawful for the Corporation, subject to the limitations imposed by this section, to divide its capital into “A shares” and “B shares” and to make such division effective as on and from the allotment of such shares and for those purposes to make such alterations as may be requisite in its memorandum and articles of association.

(2) The division of the capital of the Corporation under this section shall not, without the sanction of the Minister, be made otherwise than in the proportion of five hundred and twenty-five A shares to every four hundred and seventy-five B shares.

(3) On any such division of the capital of the Corporation, no share which is held by a person other than the Minister at the time of making such division shall be included in the B shares.