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 4H: Transfer of share capital to Small Industries Bank.
    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).
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