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

1[16A. Power of Metropolitan authority to subscribe to the share capital of certain companies or co-operative societies or to contribute to the corpus of certain trusts or societies.- The Metropolitan Authority may, with the previous sanction of the State Government and subject to such terms and conditions, as the State Government may impose.-

1. (i) subscribe to the share capital of any public limited company incorporated under the Companies Act, 1956 (1 of 1956) or a Co-operative society, with limited liability registered under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961); or
2. (ii) contribute to the corpus of a trust created under the Indian Trusts Act, 1882 (2 of 1882), or public trust registered under the Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950), or a society registered under the Societies Registration Act, 1860 (21 of 1860), which are incorporated or registered and promoted by the Metropolitan Authority 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 percent of the net income of the Authority in the last preceding year.]