Bank of Ireland Act, 1929

Increase of Capital Stock.

3.—(1) The members of the Bank duly assembled in a general court may at any time and from time to time by resolution enlarge the capital stock of the Bank by such amount as they think proper.

(2) Whenever the capital stock of the Bank is so enlarged the Directors of the Bank may issue stock of the Bank to such amount not exceeding the amount of such enlargement as they think proper and may issue such stock at par or at a premium and may receive from any persons subscriptions in money or moneysworth for such stock.

(3) All stock issued under this section shall rank in equal priority with the stock of the Bank existing at the passing of this Act and the holders of such first-mentioned stock shall be members of the Bank and be entitled to the same privileges and be subject to the same liabilities and be bound by the same bye-laws as the holders of such existing stock.

(4) All subscriptions received by the Bank for stock issued under this section may be utilized by the Bank in any manner in which the moneys of the Bank may be for the time being lawfully utilized: Provided that nothing herein contained shall authorise the application or distribution among the members of the Bank of any part of such subscriptions by way of bonus or dividend.