Section 28
Payment of interest and dividend.
The Road Transport Corporations Act, 1950
About this Act
An Act to provide for the incorporation and regulation of Road Transport Corporations.
(1) Where 1[the whole or part of the capital of a
Corporation] is provided by the Central Government and the State Government under sub-section (1) of
section 23, the Corporation shall pay interest on such capital at such rate as may, from time to time, be
fixed by the State Government 2*** and such interest shall be deemed to be a part of the expenditure of
the Corporation.
(2) Where the Corporation 3[raises the whole or any part of its capital] by issue of shares, it shall pay dividend on such shares at such rate as may, from time to time, be fixed by the Corporation, subject to any general limitations which may have been imposed by the State Government 2***, and such dividend shall be deemed to be a part of the expenditure of the Corporation.
(2) Where the Corporation 3[raises the whole or any part of its capital] by issue of shares, it shall pay dividend on such shares at such rate as may, from time to time, be fixed by the Corporation, subject to any general limitations which may have been imposed by the State Government 2***, and such dividend shall be deemed to be a part of the expenditure of the Corporation.
Notes
1. Subs. by s. 16 and the Schedule, ibid., for "the capital of a Corporation" (w.e.f. 13-11-1982).
2. Omitted by Act 71 of 1971, s. 7(a) and the First Schedule (w.e.f. 3-9-1971).
3. Subs. by Act 63 of 1982, s. 16 and the Schedule, for "raises its capital" (w.e.f. 13-11-1982).
2. Omitted by Act 71 of 1971, s. 7(a) and the First Schedule (w.e.f. 3-9-1971).
3. Subs. by Act 63 of 1982, s. 16 and the Schedule, for "raises its capital" (w.e.f. 13-11-1982).