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National Stud Act, 1945

Issue of share capital of the Company.

16.—(1) One share in the share capital of the Company shall be allotted and issued to each of the subscribers to the Memorandum of Association of the Company and the residue of the share capital of the Company shall, subject to the provisions of this Act, be allotted and issued to the Minister for Finance.

(2) The money payable by the subscribers to the Memorandum of Association of the Company as consideration for the allotment and issue to them of shares in the share capital of the Company in pursuance of subsection (1) of this section shall be advanced out of the Central Fund or the growing produce thereof.