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Section 4E: Reduction of share capital.

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

[4E. Reduction of share capital.--(1) The Financial Corporation, with the prior approval of the State Government and the Small Industries Bank, may, by resolution passed in a general meeting of the shareholders, reduce its share capital in any way.

(2) Without prejudice to the generality of the foregoing power, the share capital may be reduced by--

(a) extinguishing or reducing the liability on any of its equity shares in respect of share capital not paid-up; or

(b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid-up share capital which is lost or is unrepresented by available assets; or

(c) either with or without extinguishing or reducing liability on any of its equity shares, paying off any paid-up share capital which is in excess of the wants of the Financial Corporation.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section4E
Marginal noteReduction of share capital.
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.

  • inserted, Act 39 of 2000. . Ins. by Act 39 of 2000, s. 6 (w.e.f. 5-9-2000).

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