Section 33 in The State Financial Corporations Act, 1951
33. Funds of the Financial Corporation .-
(1)Every Financial Corporation shall have its own fund, and all receipts of the Financial Corporation shall be carried thereto and all payments by the Corporation shall be made therefrom.(2)All moneys belonging to the fund shall be deposited in the Reserve Bank [or the State Bank of India or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959)][or in any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970)] [ Inserted by Act 77 of 1972, Section 22 (w.e.f. 30-12-1972).] [or any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)] [ Inserted by Act 43 of 1985, Section 22 (w.e.f. 21.8.1985).] [or, in consultation with the Reserve Bank, in a scheduled bank or a State Co-operative Bank.] [ Substituted by Act 56 of 1956, Section 18, " or in a scheduled bank in consultation with the Reserve Bank" (w.e.f. 1-10-1956).]
