Section 4H

Transfer of share capital to Small Industries Bank.

The State Financial Corporations Act, 1951

  • Act 63 of 1951
  • Ministry of Finance
  • Department of Financial Services
About this Act

An Act to provide for the establishment of State Financial Corporations.

All sections
    1[4H. Transfer of share capital to Small Industries Bank.--On such date as the Central Government may, by notification in the Official Gazette, notify (hereinafter referred to as the notified date) all the shares of every Financial Corporation subscribed by the Development Bank and the amount outstanding in respect of loans in lieu of capital provided by the Development Bank as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Small Industries Bank, such transfer shall be at such rate and be paid in cash or such other manner as may be mutually agreed upon between the Development Bank and the Small Industries Bank.]

Notes

1. Ins. by Act 39 of 2000, s. 6 (w.e.f. 5-9-2000).

Source: India Code (Legislative Department, Govt. of India). Check the official Gazette before relying on it in court. Not legal advice. Free legal aid: 15100 (NALSA) · Know your rights

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