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 35: Disposal of profits.
    (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;
    1*                            *                            *                            *                            *
    2*                            *                            *                            *                            *
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).
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