The State Financial Corporations (Amendment) Act,2000
Section 25. Amendment of section 37
In section 37 of the principal Act,-
(a) For sub-section (1), the following sub-section shall be substituted, namely:-
“(1) The accounts of the Financial Corporation shall be audited by auditors duly qualified to act as the auditors under sub-section (1) of section 226 of the Companies Act,1956 (1 of 1956), who shall be appointed by the Financial Corporation in general meeting of shareholders out of the panel of auditors approved by the Reserve Bank of India for such terms and on such remuneration as the Reserve Bank may fix.”; (b) in sub-section (6), the proviso shall be omitted
