Power to Metropolitan Authority to subscribe to share capital of certain companies or co-operative societies.

General201651 sections8 chapters

Chapter IV POWERS AND FUNCTIONS OF THE AUTHORITY

Statutory text

(1) The Metropolitan Authority may,-
- (a) subscribe to the share capital of any public limited company incorporated under the Companies Act, 2013 (18 of 2013), or a Co-operative Society, with limited liability registered under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961); or
- (b) contribute to the corpus of a trust created under the Indian Trusts Act, 1882 (2 of 1882), or public trust registered under the Maharashtra Public Trusts Act, (XXIX of 1950), or a society registered under the Societies Registration Act, 1860 (XXI of 1860), which are incorporated or registered and promoted with the object of providing any services or for performing any functions which are directly or indirectly conducive to the duties and functions of the Authority under this Act or any other law for the time being in force : Provided that, the amount of such subscription or contribution in a year shall not exceed ten per cent. of the net income of the Authority in the last preceding year.
(2) The Metropolitan Authority for the purpose to execute or manage the projects, schemes, policies and equity therefor shall have power to create Joint Project Venture (JPV) with Private Partner.

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