Amendment status not verified — confirm the current text below against the official source.
On such date as the Central Government may, by notification in the Official Gazette, specify (hereinafter referred to as the specified date), all the shares of every Financial Corporation subscribed by the Reserve Bank as on the date immediately preceding the specified date, shall, stand transferred to, and vested in, the Development Bank. Ins. by Act 52 of 1975, sec. 27 (w.e.f. 16/02/1976).