The Bengal Bonded Warehouse Association Act, 1838

It is hereby enacted, that the persons whose names appear in the ScheduleNo. 1, hereunto annexed, shall, from the 14th day of March, 1838, form a corporate body for theWarehousing of Goods, either in bond or otherwise, by the name of the Bengal Bonded WarehouseAssociation

1 * * * The saidAssociation shall sue and be sued by its corporate name, and shall use such common seal as theDirectors of the said Association shall from time to time appoint, and may acquire, may holdabsolutely, may hold by way of pledge, and may transfer, any description of property whatever

1* * * The sum of Rs. 10,00,000 subscribed for the purpose of thesaid Association by the persons hereby incorporated, shall be the Capital Stock of the saidAssociation, and shall be divided into 2,000 shares of 500 Rupees each, and 2* * * every one of thepersons hereby incorporated shall have one share of such Capital Stock for every 500 Rupees whichsuch person shall have subscribed.

1 * * * The Directors of the said Association shallcause the names, additions, and places of residence of the proprietors of shares in the said CapitalStock, and the number of shares held by each proprietor, to be registered in a book, and the saidshares shall in such book be numbered, beginning from No. 1, and such book shall be kept at theoffice of the said Association, Register to be open to inspection.--and shall there be open to the inspection of all personsduring the usual hours of business.

1 * * * A certificate signed by three Directors of the said Association shallbe delivered to every proprietor of the said Capital Stock, and 2* * * it shall be at the option of everyproprietor of several shares to receive one certificate for all the shares of such proprietor, or onecertificate for each of those shares or several certificates, each of which may be for any number ofthose shares.