Section 23 in The Bengal State Aid To Industries Act, 1931
23. Disposal of profits during continuance of State aid.
(1)During the continuance of State aid to any industry under section 19 the profits of such industry shall, if distributed, be distributed only after interest due on debentures and loans has been paid and an amount reasonable in the opinion of the [State Government] [Words 'Provincial Government' first substituted for the words 'Local Government' by Government of India (Adaptation of Indian Laws) Order, 1937, and thereafter, the word 'State' substituted for the word 'Provincial' by Adaptation of Laws Order, 1950.] has been set aside for depreciation or obsolescent of plant and buildings and a further amount which shall not be less than twenty-five per cent, of the net surplus available after provision for depreciation or obsolescence has been carried to a reserve fund to be utilised in the prescribed manner and payment made to a sinking fund for the purpose of repayment in the prescribed manner of any loan granted under the provision of clause (a) of sub-section (1) of section 19 or of any sum guaranteed by the [State Government] [Words 'Provincial Government' first substituted for the words 'Local Government' by Government of India (Adaptation of Indian Laws) Order, 1937, and thereafter, the word 'State' substituted for the word 'Provincial' by Adaptation of Laws Order, 1950.] under the provisions of elates (b), (d) or (e) of that sub-section.(2)No dividend shall be paid to shareholders and no profit shall be taken by the owner in excess of such percentage rate upon the amount of the paid-up capital invested in the industry as the [State Government] [Words 'Provincial Government' first substituted for the words 'Local Government' by Government of India (Adaptation of Indian Laws) Order, 1937, and thereafter, the word 'State' substituted for the word 'Provincial' by Adaptation of Laws Order, 1950.] may fix from time to time, during the continuance of State aid to the industry.
