Section 11: Share capital

11. Share capital (1) The authorised share capital of the Trust shall be 65 million rupees made up of 6.5 million shares of 10 rupees each as follows— (a) 1.5 million shares fully subscribed by Government; and (b) 5 million shares to be subscribed at such time, in such manner and by such persons as the Board may determine. (2) The Board may, by resolution, alter the share capital of the Trust and any such resolution shall make provision for the subscription of the shares following the alteration. F16 – 5 [Issue 1] (3) (a) The shares subscribed by Government pursuant to subsection (1) (a) shall be allotted to the fishermen at such time and in such manner as may be determined by the Board. (b) Any share allotted pursuant to paragraph (a) shall not be transferable otherwise than— (i) by way of succession on the death of a shareholder; or (ii) in such other manner or circumstances as may be prescribed.