Share capital and share holders

(1) The authorised capital of the Nigam shall be ten crores of rupees divided in ten thousand shares of rupees ten thousand each. With the previous sanction of the State Government, the first issue of share shall be made by the Nigam. (2) The State Government may enter into an agreement with the Central Government or any of its related agencies for subscribing to the share capital of the Nigam and subject to such agreement the State Government and the Central Government or any of its related agencies shall subscribe in such proportion as may be mutually determined to the share capital to be issued in the first instance. The Nigam may unless otherwise agreed, issue at any time or from time to time, fully paid shares to the State Government of the value of any plants and machinery or fixed assets which may be acquired by it from the State Government. (3) Subsequent issues of share capital may be subscribed by the State Government and the Central Government or any of its related agencies as may be mutually agreed upon between both the Governments and the related agencies aforesaid. (4) The State Government may, from time to time, increase the authorised capital of the Nigam to such extent as the State Government may deem necessary.