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Section 47: Disposal of surplus.

The National Bank for Agriculture and Rural Development Act, 1981Central Act · Act 61 of 1981

After making provision for bad and doubtful debts, depreciation of assets and all other matters for which provision is necessary or expedient or which is usually provided for by bankers, and for the Funds referred to in sections 42, 43 and 45, the National Bank shall transfer--

(i) for a period of fifteen years, following the accounting year during which the National Bank is established, the amount remaining (hereafter in this section referred to as surplus) to the Research and Development Fund under section 44; and

[(ii) after the expiry of the said period of fifteen years, the Board shall, after making provision for the Fund referred to in clause (i), disburse or spend the balance of the surplus in such manner as may be approved by the Board.]

Where this provision sits

ActThe National Bank for Agriculture and Rural Development Act, 1981
Section47
Marginal noteDisposal of surplus.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 55 of 2000. . Subs. by Act 55 of 2000, s. 28, for clause (ii) (w.e.f. 1-2-2001).

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