Section 35
Disposal of profits.
The State Financial Corporations Act, 1951
About this Act
An Act to provide for the establishment of State Financial Corporations.
(1) The Financial Corporation shall establish a reserve fund.
(2) After making provision for bad and doubtful debts, depreciation of assets and all other matters which are usually provided for by banking companies, the Financial Corporation may out of its net annual profits declare a dividend;
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(2) After making provision for bad and doubtful debts, depreciation of assets and all other matters which are usually provided for by banking companies, the Financial Corporation may out of its net annual profits declare a dividend;
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Notes
1. The proviso omitted by s. 22, ibid. (w.e.f. 5-9-2000).
2. Omitted by Act 39 of 2000, s. 22 (w.e.f. 5-9-2000).
2. Omitted by Act 39 of 2000, s. 22 (w.e.f. 5-9-2000).