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Bare acts > State Financial Corporations (Amendment) Act, 2000 > Section 25
 
   


 

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.

 

 

 

 

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