Section 47
Disposal of surplus.
The National Bank for Agriculture and Rural Development Act, 1981
About this Act
An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.
After making provision for bad and doubtful debts, depreciation of assets
and all other matters for which provision is necessary or expedient or which is usually provided for by
bankers, and for the Funds referred to in sections 42, 43 and 45, the National Bank shall transfer--
(i) for a period of fifteen years, following the accounting year during which the National Bank is established, the amount remaining (hereafter in this section referred to as surplus) to the Research and Development Fund under section 44; and
1[(ii) after the expiry of the said period of fifteen years, the Board shall, after making provision for the Fund referred to in clause (i), disburse or spend the balance of the surplus in such manner as may be approved by the Board.]
(i) for a period of fifteen years, following the accounting year during which the National Bank is established, the amount remaining (hereafter in this section referred to as surplus) to the Research and Development Fund under section 44; and
1[(ii) after the expiry of the said period of fifteen years, the Board shall, after making provision for the Fund referred to in clause (i), disburse or spend the balance of the surplus in such manner as may be approved by the Board.]
Notes
1 . Subs. by Act 55 of 2000, s. 28, for clause (ii) (w.e.f. 1-2-2001).