Sri Lanka Consolidated Acts

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Ceylon hotels corporation Act (No. 14 of 1966) - Sect 30

Capital

30.
(1) The capital of the Corporation shall be fifty million rupees divided into such number of convertible preference shares each of such amount, and such number of ordinary shares each of such amount, as may be determined by the Minister by Order published in the Gazette.
(2) There shall be an initial issue of shares of the amount of seven million five hundred thousand rupees. Such initial issue shall consist of preference shares of the amount of one million five hundred thousand rupees. The balance of such issue shall consist of ordinary shares.
(3) The whole of the preference shares shall be alloted to the Government and the nominal amount thereof shall be paid by the Government.
(4) The ordinary shares shall be offered, for public subscription, in such number, on such date, and in such manner, as the Minister may determine.
(5) The Government shall hold at all times no less than twenty per centum of the issued capital of the Corporation.


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