Section 7Part 2 — Establishment, Capital and Administration of Authority
Authorised capital
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The authorised capital of the Authority shall be one hundred million dollars and may be increased, from time to time, by regulations made by the Cabinet.
On the establishment of the Authority, such portion of the authorised capital, as the Cabinet may decide, shall be subscribed and paid-up by Government, and shall be held on behalf of Government by the person nominated by Order by the Cabinet.
The paid-up portion of the authorised capital may be varied, from time to time, by such amount as the Cabinet may approve.
The payment of any increase in the paid-up capital referred to in subsection (3) may be made by way of transfers from the General Reserve.
Where a variation of the paid-up portion of the authorised capital is approved by the Cabinet pursuant to subsection (3), and results in the paid up capital being reduced, any excess capital shall be transferred by the Authority to the general revenue of the Islands.
Defined Terms
authorised capitalpaid-up capitalGeneral Reserve