LawgistThe State Financial Corporations Act
4FRestriction on exercising of voting right
1[4F. Restriction on exercising of voting right.--Every shareholder of the Financial Corporation holding equity shares shall have a right to vote in respect of such shares on every resolution and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Financial Corporation:
Provided however, that no shareholder, other than a shareholder referred to in clauses (a), (b) and (c) of sub-section (3) of section 4, shall be entitled to exercise voting rights in respect of any equity share held by him in excess of ten per cent. of the issued equity capital.]
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1. Ins. by Act 39 of 2000, s. 6 (w.e.f. 5-9-2000).
INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
- 3 Establishment of State Financial Corporations
- 3A Establishment of Joint Financial Corporations
- 4 Share capital and share-holders
- 4A Special class of shares
- 4B Transfer of share capital to Development Bank
- 4C Payment of amount
- 4D Issue of redeemable preference shares
- 4E Reduction of share capital
- 4F Restriction on exercising of voting right
- 4G Proxy voting
- 4H Transfer of share capital to Small Industries Bank
- 5 Transfer of shares
- 6 Conversion of shares guaranteed by State Government
- 7 Additional capital of Financial Corporation and its borrowing powers
- 8 Deposits with the Financial Corporation
- 9 Managements
- 10 Board of directors
- 10A Omitted
- 11 Term of office and retirement of directors
- 12 Disqualifications for being a director
- 13 Removal of director from office
- 14 Resignation of office by director and filling up of casual vacancies
- 15 Chairman of Board
- 16 Remuneration of directors
- 17 Managing director
- 18 Executive Committee
- 19 Meetings of the Board and Committee
- 20 Powers of Executive Committee
- 21 Advisory Committee
- 22 Offices and agencies
- 23 Officers and other employees of the Financial Corporation
