Section 4A: Special class of shares.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[4A. Special class of shares.--[(1) The State Government may, in consultation with the [Small Industries Bank], specify from time to time such part of the unissued capital of the Financial Corporation as shall be allocated for the issue of a special class of shares.]

(2) The special class of shares so allocated under sub-section (1), shall be,--

(a) divided into such number of shares of the same face value as the State Government may, in consultation with the [Small Industries Bank], determine;

(b) subscribed by the State Government and the [Small Industries Bank] and they may do so in such proportion as may be agreed upon by and between them and the Financial Corporation shall make allotment of such shares accordingly.

(3) The funds representing the capital subscribed as aforesaid shall be used only for such purposes, in such manner and for rendering assistance to such class or category of industrial concerns, as the [Small Industries Bank] may, in consultation with and after obtaining the advice of the State Government, specify in this behalf from time to time and nothing contained in *** section 48 shall apply thereto.

(4) The rate of dividend declared on the special class of shares in respect of any accounting year of a Financial Corporation shall not exceed the rate of dividend in respect of its other shares.

(5) Nothing contained in sub-sections (2) to (5) of section 4, section 5, and [sub-sections (1) to (4) of section 6], shall apply to the special class of shares.]

Where this provision sits

Act	The State Financial Corporations Act, 1951
Section	4A
Marginal note	Special class of shares.
Jurisdiction	Central
Status	In 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 39 of 2000. . Subs. by Act 39 of 2000, s. 4, for "Development Bank" (w.e.f. 5-9-2000).
inserted, Act 77 of 1972. . Ins. by Act 77 of 1972, s. 4 (w.e.f. 30-12-1972).
substituted, Act 52 of 1975. . Subs. by Act 52 of 1975, s. 26, for sub-section (1) (w.e.f. 16-2-1976).
substituted, Act 39 of 2000. . Subs. by Act 39 of 2000, s. 5, for "Development Bank" (w.e.f. 5-9-2000).
substituted. . Subs. by s. 5, ibid., for "section 47" (w.e.f. 5-9-2000).
substituted. . Subs. by s. 5, ibid., for "sub-section (1) of section 6" (w.e.f. 5-9-2000).

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