Vesting in the State Government of certain shares of Denzong Co-operative

Corporate199113 sections

Statutory text

(1) On and from the date of commencement of this Act, all the shares in the share Capital of the Denzong Co-operative (other than those held by the State Government or any other co-operative society) shall, by virtue of this Act, stand transferred to and shall vest in the State Government.
(2) All the shares which have vested in the State Government under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabilities, obligation, mortgages, charges, liens or other encumbrances affecting them and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn.
(3) Notwithstanding the transfer of the shares held by individual members of the Denzong Co-operative under sub-section (1), any person holding such shares, who immediately before the commencement of this Act is entitled to payment of dividend on such shares, shall be entitled to receive from the Denzong Co-operative -
- (a) all dividends accruing to his shares before the date of commencement of the Act and remaining unpaid;
- (b) dividends calculated at a rate not exceeding nine per cent in respect of any period before the date of commencement of this Act for which the Denzong Co-operative has not declared or paid any dividend.

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