State Financial Corporations Act, 1951
5. Restrictions on transfer of shares.
(1) The shares of the Financial Corporation shall not be transferable except to the State Government, the Reserve Bank, the Development Bank] or any other financial institution or class of financial institutions recognized in this behalf by the State Government 3[for other institutions notified under clause (c) of sub-section (3) of section 4:
PROVIDED that the shares subscribed for by the parties referred to in clause (d) of sub-section (3) of section 4 shall be freely transferable.
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