Section 4(3) in The Industrial Finance Corporation Act, 1948
(3)On application made before such date as may be notified by the Central Government in the Official Gazette in this behalf, scheduled banks may subscribe for two thousand five hundred shares, and insurance companies, investment trusts and other like financial institutions for two thousand five hundred shares, and co-operative banks for one thousand shares of the Corporation:Provided that no institution shall be allotted more than ten percent of the shares reserved for the class of institutions to which it belongs.
