Lawgist33Funds 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 defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959)] 3[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) 1[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)] 4[or, in consultation with the Reserve Bank, in a scheduled bank or a State Co-operative Bank.]
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1. Ins. by Act 43 of 1985, s. 21 (w.e.f. 21-8-1985).
2. Subs. by Act 6 of 1962, s. 17, for "or with any agency of the Reserve Bank other than a Government treasury" (w.e.f. 16-4-1962).
3. Ins. by Act 77 of 1972, s. 22 (w.e.f. 30-12-1972).
4. Subs. by Act 56 of 1956, s. 18, for "or in a scheduled bank in consultation with the Reserve Bank" (w.e.f. 1-10-1956).
