State Financial Corporations Act,1951
Act No : 63
Section :
Special reserve fund.
6*[35A. Special reserve fund. (1) The Financial Corporation may establish a special reserve fund, to which shall be transferred such portion of the dividends accruing to 7*[the State Government, the Reserve Bank and the Development Bank] on the shares of the Financial Corporation as may be fixed by agreement between 7*[the State Government, the Reserve Bank and the Development Bank]: 8***9*[twenty five:] ---------------------------------------------------------------------- 1. Ins. by Act 77 of 1972, s. 22. 2. Ins. by Act 43 of 1985, s. 22. 3. Subs. by Act 56 of 1956, s. 18, for "or in a scheduled bank in consultation with the Reserve Bank". 4. Subs. by Act 6 of 1962, s. 18, for certain words (w.e.f. 16-4- 1962). 5. Sub-section (3) omitted by Act 77 of 1972, s. 23. 6. Ins. by Act 6 of 1962, s. 19 (w.e.f. 16-4-1962). 7. Subs. by Act 77 of 1972, s. 24, for "the State Government and the Reserve Bank". 8. Omitted by Act 43 of 1985, s. 23. 9. Subs. by Act 77 of 1972, s. 24, for "ten". 87A 1*[Provided further that after the specified date this sub- section shall have effect as if for the words "the State Government, the Reserve Bank and the Development Bank", the words "the State Government and the Development Bank" have been substituted except as regards all dividends accruing in respect of any completed accounting period prior to the specified date.] (2) No shareholder of the Financial Corporation, other than 2*[the State Government, the Reserve Bank and the Development Bank], shall have any claim to the special reserve fund. (3) The amount standing to the credit of the special reserve fund may be utilised by the Financial Corporation for only such purposes as are approved by 2*[the State Government, the Reserve Bank and the Development Bank].]
