Lawgist4HTransfer of share capital to Small Industries Bank
1[4H. Transfer of share capital to Small Industries Bank.--On such date as the Central Government may, by notification in the Official Gazette, notify (hereinafter referred to as the notified date) all the shares of every Financial Corporation subscribed by the Development Bank and the amount outstanding in respect of loans in lieu of capital provided by the Development Bank as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Small Industries Bank, such transfer shall be at such rate and be paid in cash or such other manner as may be mutually agreed upon between the Development Bank and the Small Industries Bank.]
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1. Ins. by Act 39 of 2000, s. 6 (w.e.f. 5-9-2000).
- 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
