Act Number: 63

Act Name: The State Financial Corporations Act, 1951

Year: 1951

Enactment Date: 1951-10-31

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

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 4E: Reduction of share capital.
    1[4E. Reduction of share capital.--(1) The Financial Corporation, with the prior approval of the State Government and the Small Industries Bank, may, by resolution passed in a general meeting of the shareholders, reduce its share capital in any way.
     (2) Without prejudice to the generality of the foregoing power, the share capital may be reduced by--
         (a) extinguishing or reducing the liability on any of its equity shares in respect of share capital not paid-up; or
         (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid-up share capital which is lost or is unrepresented by available assets; or
         (c) either with or without extinguishing or reducing liability on any of its equity shares, paying off any paid-up share capital which is in excess of the wants of the Financial Corporation.]
Notes:
1. Ins. by Act 39 of 2000, s. 6 (w.e.f. 5-9-2000).
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