Section 7 in Orissa State Financial Corporation General Regulations, 1957
7. First allotment of shares.
(1)Subject to the provisions of Section 4 of the Act, the first allotment of shares shall be made to applicant who are qualified to be registered as share holders of the Corporation in accordance with the provisions of Sub-section (3) of Section 4 of the Act.(2)An application for allotment of shares may not be entertained unless an amount equal to the full value of the shares applied for has been tendered with the application.(3)The Board shall consider all the applications for shares and shall make allotment of share either in full or in part or make ho allotment and its decision in this regard shall be final.(4)(a)In making the allotment of shares the Board shall try to have as large a number of share holders in each class as may be possible.(5)The number of shares that may be allotted to an applicant, shall, in no case, exceed the number of shares applied for or allocated to the class of shareholders which he belongs.
