State Financial Corporations Act,1951

Act No : 63

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Section : Funds of the Financial Corporation.

33. Funds of the Financial Corporation. (1) Every Financial Corporation shall have its own fund, and all receipts of the Financial Corporation shall be carried thereto and all payments by the Corporation shall be made therefrom. (2) All moneys belonging to the fund shall be deposited in the Reserve Bank 2*[or the State Bank of India or a subsidiary bank as ---------------------------------------------------------------------- 1. Ins. by Act 43 of 1985, s. 21. 2. Subs. by Act 6 of 1962, s. 17, for certain words (w.e.f. 16-4- 1962). 87 defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), 1*[or in any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970)]. 2*["or any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)"] 3*[or, in consultation with the Reserve Bank, in a scheduled bank or a State co- operative bank].

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