State Act

The Mumbai Municipal Corporation Act.

110DD. Issue of stock certificates.— (1) The 1[Standing Committee] at its discretion may, at the time of issue or at any time during the currency of any debentures or securities issued under the provisions of this Act or any previous Act relating to the municipal government of the city or under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement of Trust Transfer Act, 1925 (Bom. XVI of 1925), upon the application of the subscriber for, or holder of any such debentures or securities, issue to him, in lieu of the debentures or securities deliverable to or held by him, a certificate in the name of a stock, certificate in respect of the loan to which such debentutes or securities relate, which shall be in such form as the corporation with the previous consent of 2[the Provincial Government], shall from time to time determine and all the provisions as to interest or dividend on such debentures or securities shall, so far as may be, apply to the interest on the stock certificate. 3[(1A) The repayment of the principal sum mentioned in a stock certificate issued under sub-section (1) in lieu of a debenture or any other security, not being a debenture issued under the City of Bombay Improvement Act, 1898 (Bom. IV of 1898), or the City of Bombay Improvement Trust Transfer Act, 1925 (Bom. XVI of 1925), or a debenture issued under the Act in renewal of such a debenture, and the interest payable thereon shall be deemed to be secured by a mortgage of a proportion of all the taxes which may be levied under this Act in the same manner and to the same extent as if a debenture for the same sum has been issued in the form contained in Schedule C to this Act.] (2) The 4[Standing Committee] shall upon the application of the holder of a stock certificate convert the same into debentures or securities of the loan to which it relates. 5[(3) The corporation may from time to time make, alter or rescind rules prescribing— (a) the amounts for which stock certificates may be issued; (b) the fees to be levied in respect of the issue of stock certificates; (c) the form of keeping a register of the holders of stock; (d) the mode in which payment of interest to holders of stock is to made, recorded and acknowledged; (e) the form of transfer to be used, the formalities to be observed and the fees to be levied on a transfer of stock; (f) the circumstances and manner in which duplicate stock certificates may be issued and the fees to be levied or the indemnity to be required on any such issue; (g) generally the measures to be adopted for carrying out the objects of this section. (4) No rule, or alteration or rescission of a rule, shall have effect until the same shall have been approved by the Government, and such approval shall have been published in the Official Gazette; and no rule, or alteration or rescission of a rule, shall be approved by Government until the same shall have been published for three weeks successively in the said Gazette.]