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[Cites 0, Cited by 0] [Section 4(7)] [Section 4] [Entire Act]

Union of India - Subsection

Section 4(7)(a) in The Industrial Finance Corporation Act, 1948

(a)all shares of the Corporation held by the Central Government and the Reserve Bank shall stand transferred to and vest in the Development Bank and as compensation therefor the Development Bank shall pay to the Central Government and to the Reserve Bank respectively the face value of the shares held by that Government and by that Bank;