Which entities are included in the definition of ‘Financial Corporation’ in section 2(b) of the State…
The definition in section 2(b) includes a Financial Corporation established under section 3 and a Joint Financial Corporation established under section 3A.
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Which entities are included in the definition of ‘Financial Corporation’ in section 2(b) of the State Financial Corporations Act, 1951?
Answer and explanation
Correct answer D
The definition in section 2(b) includes a Financial Corporation established under section 3 and a Joint Financial Corporation established under section 3A.
Option feedback
Option A
Section 2(b) includes the section 3 corporation. An industrial concern is defined separately under section 2(c).
Option B
Section 2(b) includes the section 3A joint corporation. An industrial concern is a separate statutory category.
Option C
Section 2(b) includes the section 3A joint corporation. Scheduled-bank status does not confer this statutory status.
Option D
Section 2(b) expressly includes the section 3 corporation and the section 3A joint corporation.
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