Agricultural Credit Act, 1947
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Non-application of certain provisions of Companies Acts, 1908 to 1924. |
17.—(1) Any reorganisation of the share capital of the Corporation made under this Part shall not be a reduction, alteration, consolidation, cancellation or reorganisation of the capital of the Corporation within the meaning of the Companies Acts, and the provisions of those Acts relating to the reduction, alteration, consolidation, cancellation or reorganisation of share capital or to the issue of new shares shall not apply to the reorganisation of the share capital of the Corporation authorised by this Part. | |
(2) On and after the appointed day, neither section 115 nor paragraph (iv) of section 129 of the Companies (Consolidation) Act, 1908 , shall apply in respect of the Corporation, and the Minister may at any time be or continue to be the sole shareholder. |