Section 6(4) in The State Financial Corporations Act, 1951
(4)If, a shareholder exercise option for receiving the payment within the stipulated time, the Financial Corporation shall on surrender of the share certificate held by him pay him the amount paid in respect of such shares not exceeding the face value thereof:Provided that if any shareholder fails to exercise the option given to him under sub-section (1), within the time stipulated in sub-section (2), he shall be deemed to have exercised the first option.
