Section 20 in Orissa State Financial Corporation General Regulations, 1957
20. Shareholder ceasing to be qualified for registration.
(1)It shall be the duty of any person registered as a shareholder, forthwith upon ceasing to be qualified to be so registered to give intimation thereof to the Board.(2)The Board may at any time, cause such enquiry to be made as it may consider necessary for ascertaining whether any person registered as a shareholder has ceased to be so qualified and upon being satisfied that any such person has ceased to be so qualified, it shall inform him that he is not entitled to be a shareholder of the Corporation. He will not be further entitled to the payment of any dividend on any such share nor to exercise any of the rights of a shareholder otherwise then for the purpose of the sale of such shares, and the Corporation shall make an entry in the share register to that effect.(3)If the Board shall ascertain that a person who is not qualified to be a shareholder of the Corporation is registered by inadvertence or otherwise, as a shareholder of the Corporation it shall inform the shareholder that such share holder is not entitled to the payment of any dividend on any such shares, not to exercise any of the rights of a share holder otherwise than for the purpose of the sale of such shares, and shall make an entry in the share register to that effect.(4)A determination of the Board under this Regulation as to whether a person is qualified to be a shareholder or not shall be conclusive.
