Section 4(6) in The Industrial Finance Corporation Act, 1948
(6)Shares of the Corporation shall not be transferable except to [the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government, the Reserve Bank" . (w.e.f. 1.8. 1964).], [the Reserve Bank] [ Inserted by Act 74 of 1972, Section 3.], any scheduled bank, any insurance company, any investment trust or any other like financial institution or any co-operative bank in accordance with the regulations made in this behalf.
