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

Q: Answer-Where a banking company appropriates any sum or sums from the reserve fund or the share premium acco...

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.