Section 7. Share capital and share holder

(1) The authorized capital of the Authority shall be ten crores of rupees divided into ten thousand shares of ten thousand rupees each of which two thousand fully paid up shares of ten thousand rupees each shall be issued in the first Instance and the remaining shares; may with the prior sanction of the State Government be issued from time by the Authority as and when the Authority may deem fit. (2) The State Government and the Central Government shall subscribe, in such proportion as may be mutually determined by them, to the share capital to be issued in the first instance. (3) Subsequent issues of share capital may be subscribed to by the State Government and the Central Government in such proportion as may be mutually determined. (4) The State Government may from time to time increase the authorized capital of the Authority to such extent as the State Government may deem necessary.