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.Solution
Banking Regulation Act 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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