(1) The State Government may provide to the Corporation such capital as the State Government may consider necessary for the purpose of carrying out any or all of its functions under this Act subject to such terms and conditions not inconsistent with the provisions of this Act as the State Government may determine.
(2) The Corporation may supplement its capital by the issue of shares when so authorised by the State Government.
(3) The authorised capital of the Corporation shall be divided into such number of shares as the State Government may determine, and the number of shares which may be subscribed by the State Government and the members of the public shall also be determined by the State Government:
Provided that the value of the shares to be subscribed by the State Government shall not be less than fifty-one per cent. of the authorised capital.
(4) The allotment of shares to other parties mentioned in sub-section (3) shall be made by the Corporation in such manner as may be prescribed.
(5) The shares of the Corporation shall not be transferable except in accordance with such rules as may be made under this Act.
(6) The Corporation may at any time, with the previous approval of the State Government, redeem the shares issued to the members of the public in such manner as may be prescribed.
19. If after the issue of shares under sub-section (2) of section 18, the Corporation requires any further capital, the Corporation may, with the previous sanction of the State Government, raise such additional capital by the issue of new shares and the provisions of sub-sections (3),
(4), (5) and (6) of section 18 shall mutatis mutandis apply to such shares.
205 Capital of the Corporation.
Additional capital.
The West Bengal Scheduled Castes Development and Finance Corporation Act, 1976.
[West Ben. Act (Sections 20-25.)
Guarantee 20. The shares of the Corporation shall be guaranteed by the by State State Government as to the payment of the principal. Government in respect of shares.
Borrowing 21. (1) The Corporation may, with the previous approval of the botheration. State Government, borrow money in the open market or otherwise for carrying out any of its functions under this Act.
(2) Money borrowed by the Corporation under sub-section (1) shall be guaranteed by the State Government as to the repayment of the principal and the payment of interest at such rate not being less than four per cent. per annum as the State Government may, on the recommendation of the Corporation, fix at the time the money is borrowed.
Receipts 22. All receipts of the Corporation shall be carried into its general into and fund and all payments by the Corporation shall be made therefrom. payments from the general fund of the Corporation.
Dividends 23. The Corporation shall pay dividends on shares at such rate as on shares. may from time to time be fixed by the State Government subject to any general limitations which may be imposed by the State Government, and the payment of such dividend shall be deemed to be a part of the expenditure of the Corporation.
Reserve and other funds.
Expenditure from the fund.