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Section 6 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 6. Shares to be guaranteed by the State Government and to be trust or approved securities

(1) The shares of the Financial Corporation shall be guaranteed by the State Government as to the repayment of principal and the payment of annual dividend at such minimum rate as the State Government may with the approval of the Central Government fix by notification published in the Official Gazette at the time of issuing the shares.

(2) Notwithstanding anything contained in the Acts hereinafter mentioned in this sub-section, the shares of the Corporation shall be deemed to be included among the securities enumerated in section 20 of the Indian Trusts Act,1882 (II of 1882) and also to be approved securities for the purposes of the Insurance Act,1938) (IV of 1938) and the Banking Companies Act,1940 (X of 1949).

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The State Financial Corporation Act,1951

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