Section 4(7) in The Industrial Finance Corporation Act, 1948
(7)[ ] [Inserted by Act 66 of 1960, Section 3. ] [In this section and in section 4-A] [ Substituted by Act 2 of 1982, Section 3 (w.e.f. 12.3.1982).][the expression "insurance companies "or "insurance company "includes the Life Insurance Corporation of India established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956)] [Inserted by Act 66 of 1960, Section 3. ][, the General Insurance Corporation of India formed and registered under the Companies Act, 1956 (1 of 1956), its subsidiaries and such other institution or institutions dealing with general insurance business as may be notified by the Central Government in the Official Gazette in this behalf.] [ Inserted by Act 2 of 1982, Section 3 (w.e.f. 12.3.1982).][4-A. Transfer of shares and increase of capital .-(1) On such ][date] [ 1.8.1964 vide Notification No. S.O. 2662, dated 29.7.1964.][as the Central Government may, by notification in the Official Gazette, appoint-(a)all shares of the Corporation held by the Central Government and the Reserve Bank shall stand transferred to and vest in the Development Bank and as compensation therefor the Development Bank shall pay to the Central Government and to the Reserve Bank respectively the face value of the shares held by that Government and by that Bank;(b)the capital issued by the Corporation shall be increased by such number of shares as the Central Government may specify in this behalf and all such shares shall stand allotted to and be subscribed by the Development Bank, so however that after such increase the Development Bank holds not less than fifty per cent. of the paid-up capital of the Corporation.
