Small Industries Development Bank of India Act : TRANSFER OF CAPITAL Indian Bare Acts :

Small Industries Development Bank of India Act,1989

Act No : 39

Section : TRANSFER OF CAPITAL

SECTION 04B: TRANSFER OF CAPITAL

On such date as the Central Government may, in consultation with the Development Bank, by notification, specify (hereinafter referred to as "the specified date"), not less than fifty-one per cent. of the issued capital of the Small Industries Bank which has been subscribed by the Development Bank as on the date immediately preceding the specified date shall, stand transferred to, and vested in, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government in such proportion, manner and on such terms and conditions as may be determined by that Government.