Bank of Bengal Act, 1838, 24 of 1838 (Rep., Act 8 of 1868)

Section V. And it is hereby enacted, that it shall be lawful for the Governor General of India in Council at th

Repealed or not in force · As amended up to 2026-08

V. And it is hereby enacted, that it shall be lawful for the Governor General of India in Council at the time of ordering any increase of the Capital Stock of the Bank of Bengal to reserve the portion of such increase that may belong to Government by reason of its share of the Capital of the said Bank, and to fix any date within the period of eighteen months above specified, as that before which it shall be finally declared whether the Government will take the share of new Stock to which it is so entitled or will refuse the same, and in case of refusal by Government to take its share of new Stock, such Stock shall not be sold on account of the Proprietors at large as above provided for Stock not subscribed for by other Proprietors but the he raised, and if the Government shall determine to subscribe for the share of new Capital to which it is entitled, it shall be lawful for the Governor General of India in Council either to retain the same or to order the sale of such new stock or any portion thereof on account of Government in such manner and at such times as to him may seem fit. ____________

Source: India Code