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Industrial Finance Corporation Act, 1948


32. Disposal of profits.

  1. The Corporation shall establish a reserve fund.

  2. After making provision for bad and doubtful debts, depreciation of assets and all other matters which are usually provided for by bankers, the Corporation may out of its net annual profits declare a dividend:

Provided that for so long as the reserve fund is less than the paid up share capital of the Corporation and until there has been repaid to the Central Government such sums, if any, as that Government may have paid under the guarantee given in pursuance of section 5 or under any guarantee given in pursuance of sub-section (2) of 1. Subs. by Act 43 of 1957, s. 12, for "Indian Companies Act, 1913". section 21 1*[or sub-section (2) of section 27], the rate of such dividend shall not exceed the rate guaranteed by the Central Government under section 5.2* * * * *



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