Section 10(7) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(7)After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other matters for which provision is necessary under any law, or which are usually provided for by banking companies, a corresponding new bank [may, out of its net profits, declare a dividend and retain the surplus, if any.] [Substituted by Act 37 of 1994, Section 7, for " shall transfer the balance of profits to the Central Government" (w.e.f. 15.7.1994). ][(7-A) Every corresponding new bank shall furnish to the Central Government [and to the Reserve Bank] [Inserted by Act 1 of 1984, Section 67 (w.e.f. 15.2.1984). ] the annual balance-sheet, the profit and loss account, and the auditor's report and a report by its Board of Directors on the working and activities of the bank during the period covered by the accounts.] [Inserted by Act 1 of 1984, Section 67 (w.e.f. 15.2.1984). ]
