Amendment status not verified — confirm the current text below against the official source.
(1) A Co rporation shall have an autho rised ordinary members. share capital divided into shares of Rupees ten each. (2) A Corporatio n may also have preference share ca pital divided into share of Rupees ten each. (3) The State Go vernment shall subscribe to no t less th an fifty-one per cent of the authorised ordina ry sh are capital of a Co rporation either in cash or by way of the value of the land, buildings, equipm ent or machi nery or any other assets iransferred to the Co rporation. (4) Each agric ulturist joining a Co rporation at the tim e of its formation un de r Section 3 or on admission to the Co rporation subsequent to it formation shall co ntri bu te in cash to one ordinary share of the Co rporation. 5 (5) No Ag ric ulturist shall be allowed to hold more than one ordinary share , in a Co rporation. (6) The State Go vernment or an Ag ric ulturist holding an ordina ry share in a Co rporation may also contrib ute to the pre ference share capital of the Corporatio n either in cash or by way of the value of the land , buildings, eq uip men t or machinery or any othe r assets transferred to the Co rporation. (7) A holder of one or more of th e Ord inary shares in a Co rporation shall be known as “M em be r” of the Corporation. (8 ) An Agriculturis t holding an ordina ry share in a Corpo ratio n shall be known as an “Ag ric ulturist M em ber” . (9) No mem ber shall transfer or dispose of the shares held by him in the Corporation except in the man ne r pres cribed. « >; (10) No twith standing anything contain ed in any other provisions of this Act, no mem ber of a fam ily of which an othe r mem ber is already in agric ulturis t mem ber of a Corporatio n, shall be admitted as an agric ulturis t me mber of either th at Corporatio n or any othe r Co rporation. Mem bership