Amendment status not verified — confirm the current text below against the official source.
The Wes Bengal Development Corporation Act, 1954. .5 XIV of 1955.] • (Sections 20-23.) (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 tie State Government and other parties 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 transfer- able 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 other parties in such manner as may be prescribed.