Warehousing Corporations Act,1962
Act No : 58
Section :
Share capital and shareholders.
4. Share capital and shareholders. (1) The authorised share capital of the Central Warehousing Corporation shall be twenty crores of rupees divided into two hundred thousand shares of the face value of one thousand rupees each; any shares remaining to be issued may be issued, with the sanction of the Central Government from time to time, as and when the Central Warehousing Corporation may deem fit: 4*[Provided that the Central Government may, from time to time, by order notified in the Official Gazette, increase the authorised share capital of the Central Warehousing Corporation to such extent and in such manner as that Government may determine.] (2) 5*[The Central Government shall, after due appropriation made by Parliament by law for the purpose,] subscribe for forty per cent. of the share capital issued at any time and the remaining sixty per cent. of the share capital may be subscribed for within --------------------------------------------------------------------- 1 Ins. by Act 37 of 1989, s. 4. 2 18th March, 1963, vide Notifn. No. G.S.R. 464, dated 16-3-1963, see Gazette of India, Extraordinary, Pt. II, See. 3(i), p. 155. 3 Ins. by Act 34 of 1963, s. 4. 4 Ins. by Act 42 of 1976, s. 3 (w.e.f. 24-3-1976). 5 Subs. by s. 3, ibid., for "The Central Government shall" (w.e.f. 24-3-1976). 94 such period and in such proportion as may be specified by the Central Government, by the following institutions, namely:-- (a) the State Bank; (b) other scheduled banks; (c) co-operative societies; (d) insurance companies, investment trusts and other financial institutions; (e) recognised associations and companies dealing in agricultural produce or any notified commodity. (3) If any portion of the sixty per cent. of the share capital referred to in sub-section (2) remains unallotted, it may be subscribed for by the Central Government and the State Bank in such proportion as may be agreed upon between them and in default of such agreement, as may be determined by the Central Government. (4) The shares of the Central Warehousing Corporation shall not be transferable except to the Central Government, 1*[the State Bank or any other scheduled bank], any insurance company, any investment trust or other financial institution or any co-operative society or any recognised association or company dealing in agricultural produce or any notified commodity, in accordance with the regulations made by the Central Warehousing Corporation under this Act.
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