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Section 19 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 19. Substitution of new section for section 26

For section 26 of the principal Act, the following section shall be substituted, namely:-

“26. Limit of accommodation.

On and from the commencement of the State Financial Corporations (Amendment) Act,2000, the Financial Corporation shall not enter into any arrangements under clause (a), (d) or (h) of sub-section (1) of section 25 with any industrial concern so that the total amount outstanding against that concern in respect of all such arrangements together with the amount of the face value of the shares and stocks of that concern whether subscribed or agreed to be subscribed and the outstanding liabilities on account of underwriting agreements and the deferred payments guarantees is more than-

(i) five hundred lakhs of rupees in the case of a corporation established by or under any other law or a company as defined in section 3 of the Companies Act,1956 (1 of 1956) or a co-operative society registered under the Co-operative Societies Act,1912 (2 of 1912) or any other law relating to co-operative societies for the time being in force; and (ii) two hundred lakhs of rupees in any other case: Provided that the Financial Corporation may, with the prior approval of the Small Industries Bank, exceed the limit under clause (i) or clause (ii) up to four times.”

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The State Financial Corporations (Amendment) Act,2000

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