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Union of India - Section

Section 25 in The State Financial Corporations (Amendment) Act, 2000

25. Amendment of section 37.- In section 37 of the principal Act,-(a) for sub- section (1), the following sub- section shall be substituted, namely:-" (1) The accounts of the Financial Corporation shall be audited by auditors duly qualified to act as the auditors under sub- section (1) of section 226 of the Companies Act, 1956 (1 of 1956 ), who shall be appointed by the Financial Corporation in general meeting of s areholders out of the panel of auditors approved by the Reserve Bank of India for such terms and on such remuneration as the Reserve Bank may fix.";

(b)in sub- section (6), the proviso shall be omitted.