Section Provisions
THE BANK OF PUNJAB ACT, 1989 THE BANK OF PUNJAB ACT, 1989 4. Share Capital. (1) Subject to the provisions of this Act the authorized capital of the Bank shall be one thousand million rupees divided into one hundred million ordinary shares of ten rupees each. [Sub. for "rive hundred million rupees dividend into fifty million ordinary shares", by The Bank of Punjab (Amendment) Act, 8 of 1997, S. 2.] (2) Out of the said capital there shall, from time to time, be issued such number of shares and on such terms; if any, including the terms of the brokerage and underwriting, as the Board may decide. (3) The liability of the shareholders of the Bank shall be limited to the amount not fully paid up on their shares. (4) The shareholders of the Bank may, subject to the sanction of the Government, by special resolution, increase or reduce the capital of the Bank. (5) The shares of the Bank shall be movable property and each share shall be distinguished by its appropriate number.