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Section 23 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 23. Substitution of new section for section 35A

For section 35A of the principal Act, the following section shall be substituted, namely:-

“35A. Special reserve fund.

(1) The Financial Corporation may establish a special reserve fund, to which shall be transferred such portion of the dividends accruing to the State Government, Development Bank and the Small Industries Bank on the shares of the Financial Corporate on as may be fixed by agreement between the State Government, Development Bank and the Small Industries Bank: Provided that after the notified date this sub-section shall have effect as if for the words “the State Government, the Development Bank and the Small Industries Bank”, the words “the State Government and the Small Industries Bank” have been substituted except as regards all dividends accruing in respect of any completed accounting period prior to the notified date

(2) No shareholder of the Financial Corporation, other than the State Government or the Small Industries Bank, shall have any claim to the special reserve fund

(3) The amount standing to the credit of the special reserve fund may be utilised by the Financial Corporation for only such purposes as are approved by the State Government and the Small Industries Bank.”

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The State Financial Corporations (Amendment) Act,2000

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