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Section 35 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 35. Amendment of section 48

In section 48 of the principal Act,-

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

(ii) In sub-section (2),-

(a) After clause (c), the following clauses shall be inserted, namely:-

“(ca) The maintenance of register of shareholders, particulars to be entered in such register, the safeguards to be observed in the maintenance of register of shareholders on computer floppies or diskettes, compact disk or any other electronic form the inspection and closure of the register of shareholders and all other matters connected therewith under section 6;

(cb) The manner of nomination of directors under clause (d) of section 10;

(cc) the entrusting or delegation of duties to the managing director by the Board under clause (c) of sub-section (1) of section 17;

(cd) The functions of Executive Committee under sub-section (2) of section 18;

(ce) The guidelines and prudential norms in accordance with which investment may be made under section 34;

(cf) The manner in which nomination may be made under section 41B; and

(cg) The investments (whether by way of deposits in bank or otherwise) of the amounts which are not for the time being required for transaction of business.”

(b) After clause (n), the following clauses shall be inserted, namely:-

“(o) The form and manner in which the balance-sheet and the accounts of the Financial Corporation shall be prepared;

(p) Any other matter which is to be, or may be, prescribed.”

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The State Financial Corporations (Amendment) Act,2000

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