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Section 28 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 28. Amendment of section 39

In section 39 of the principal Act,-

(a) In sub-section (1), for the words “Development Bank”, the words “Small Industries Bank” shall be substituted;

(b) After sub-section (2), the following sub-sections shall be inserted, namely:-

”(2A) Nothing contained in sub-section (1) and sub-section (2) shall apply in a case where a State Government holds less than fifty-one per cent. of the equity shares in the Financial Corporation (2B) Notwithstanding the equity share holding of a Financial Corporation by a State Government, the State Government may advise the Financial Corporations on the matters of policy.”

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The State Financial Corporations (Amendment) Act,2000

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