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Bare acts > State Financial Corporations Act, 1951 > Section 4A


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.

*[Modified by State Financial Corporations Amendment Act, 2000]






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