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Section 28 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 28. Prohibited business

The Financial corporation shall not–

(a) Accept deposits, except as provided by this Act;

(b) Subscribe directly to the shares or stock of any company:

Provided that nothing in clause (b) shall affect the right of the Financial Corporation to acquire any shares, bonds or debentures of a company in fulfilment of any underwriting agreement entered into by the Financial Corporation;

(c) Grant any loan or advance on the security of its own shares.

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The State Financial Corporation Act,1951

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