Amendment status not verified — confirm the current text below against the official source.
(1) The authorised 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, of which one hundred thousand shares of the total face value of ten crores of rupees shall be issued in the first instance, and the remaining shares may be issued, with the sanction of the Central Government from time to time, as and when the Central Ware-housing Corporation may deem fit. (2) Of the capital issued in the first instance -- (a) the Board shall subscribe for forty thousand shares; (b) on application made before such date as may be notified by the Central Government in the Official Gazette in this behalf; -- (i) the State Bank may subscribe for ten thousand shares; (ii) other scheduled banks may subscribe for twelve thousand and five hundred shares; (iii) co-operative societies may subscribe for two thousand and five hundred shares; (iv) insurance companies, investment trusts and other classes of financial institutions may subscribe for thirty thousand shares; and (v) recognised associations and joint stock companies dealing in agricultural produce may subscribe for five thousand shares. (3) If any shares referred to in clause (b) of sub-section (2) remain unallotted, they may be subscribed for by the Board and the State Bank in such proportion as may be agreed upon between them. (4) If and when the remaining one hundred thousand shares or any part thereof are issued, the Board, the State Bank and the other institutions referred to in sub-section (2) may subscribe for such shares in such proportion as the Board may determine at the time of the issue of the shares. (5) Notwithstanding anything contained in this section, no institution belonging to any of the classes referred to in sub-clause (//), (///), (/v) or (v) of clause (b) of sub-section (2) shall be entitled to subscribe for more than twenty-five per cent, of the share capital reserved for that class of institution under the said clause. (6) The shares of the Central Warehousing Corporation shall not be transferable except to the Board, the State Bank, any scheduled bank, any insurance company, any investment trust or other financial institution or any co-operative society or any recognised association or joint stock company dealing in agricultural produce, in accordance with the regulations made by the Central Ware-housing Corporation under this Act. (6) The shares of the Central Warehousing Corporation shall not be #transferable except to the Board, the State Bank, any scheduled bank, any insurance company, any investment trust or other financial institution or any co-operative society or any recognised association or joint stock company dealing in agricultural produce, in accordance with the regulations made by the Central Ware-housing Corporation under this Act.