National Bank for Agriculture and Rural Development Act,1981

Act No : 61

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Section : Disposal of surplus.

47. Disposal of surplus.- 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 National Bank shall, after making provision for the Fund referred to in clause (i), transfer half of the balance of surplus to the Central Government and the other half to the Reserve Bank.

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