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Question

Where a banking company appropriates any sum or sums from the reserve fund or the share premium account, it shall, within _______________, report the fact to the Reserve Bank, explaining the circumstances relating to such appropriation

A Twelve days from the date of such appropriation Correct Answer Incorrect Answer
B Twenty-one days from the date of such appropriation Correct Answer Incorrect Answer
C Thirty days from the date of such appropriation Correct Answer Incorrect Answer
D Forty -five days from the date of such appropriation Correct Answer Incorrect Answer
E Sixty days from the date of such appropriation Correct Answer Incorrect Answer

Solution

Section 17.   Reserve Fund: (2) Where a banking company appropriates any sum or sums from the reserve fund or the share premium account, it shall, within twenty-one days from the date of such appropriation, report the fact to the Reserve Bank, explaining the circumstances relating to such appropriation: Provided that the Reserve Bank may, in any particular case, extend the said period of twenty-one days by such period as it thinks fit or condone any delay in the making of such report.

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