Section 19 in The West Bengal Development Corporation Act, 1954
19. Capital of the Corporation. -
(1)The State Government may provide to the Corporation any capital that may be required by it for the purpose of carrying on its undertakings or for purposes connected therewith on such terms and conditions not inconsistent with the provisions of this Act as the State Government may determine.(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 the 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 transferable 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.
