Amendment status not verified — confirm the current text below against the official source.
Substiluted Tor Lhe word "Provincial" by the Adaptation of Laws Order, 1950. Subsidies. (b) thal a minimum portion of the authorized capilal or rhc industry Lo be fixed according to the circumstances of each case has been subscribed and paid in cash; (c) that no such guarantee shall in any case cxtend beyond a period of 5 years ; (dl that during the period Lo which the. guqantcc exlends . ihc '[Slate] Ciovernrncnl may impose on such persons as ir considers to be dircclly concerned in the promolion of ihe company, a condilion that if they transfer any of thcir shares without the consent of the ' [State] Govcrnment, they shall be liable joinrly and severally to rerund to lhe '[State] Government any sums paid lo lhe company in fulPhent of thc guarantee ; (e) that the '[State] Government silaH be enritIed to recover the wholc or vy part of the sum paid by the '[State] Govcrnmcnt on account 01 such guarantee with interest at che rate in force on the date of the agrmment far loans granted under Lhe Land Improvement Loans Acr, 1883, at any rime after such period as may have been laid down in the agreement. 1 provided that the '[State] Government is satisfied that the company is paying or is able to pay intcrcst or a dividend upon the capiral shown as-paid up in exccss of such rate as may be fixed in the agreement and such recovcry shall be made in the manner Iaid down in Scctions 23:24 and 25- : , , provided that the ~bm'recoverable by Lhe '[Sfate] Govcrnment in any one year shall not exceed a sum cqual to half the net - . . profits made by the company in the preceding year in excess of the sum required for the payment of intcrcst or dividend a1 the rate fixed in h c agreement.