Legal Document View

Unlock Advanced Research with PRISMAI

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 2] [Section 36] [Entire Act]

Union of India - Subsection

Section 36(1) in The State Bank Of India Act, 1955

(1)The State Bank shall maintain a special fund to be known as the Integration and Development Fund into which shall be paid-
(a)the dividends payable to the Central Government on such shares of the State Bank held by it as do not exceed fifty-five per cent. of the total issued capital; and
(b)such contributions as [* * *] the Central Government may make from time to time:
Provided that if the balance in the Integration and Development Fund on the date of declaration of any dividends by the State Bank is rupees five crores or more, no amount shall be paid into that Fund under clause (a) and the dividends payable to the Central Government shall be paid to that Government; and if such balance on such date is less than rupees five crores, only so much of the dividends then payable as will bring such balance to rupees five crores shall be paid into that Fund and the balance of such dividends shall be paid to the Central Government.