( 51 ) THE Industrial Finance Corporation is a body corporate. The authorised capital of the Corporation shall be ten crores of rupees divided into twenty thousand fully paid up shares of five thousand rupees each Ten thousand shares of the total value of five crores of rupees shall be issued in the first instance. The remaining shares may be issued with the sanction of the Central Government. Of the capital issued in the first instance, the Central Government and the Reserve Bank of India shall each subscribe for two thousand shares. Scheduled banks may subscribe for two thousand five hundred shares. Insurance companies, investment trusts and other like financial institutions for two thousand five hundred shares and cooperative banks for one thousand shares of the Corporation. It is significant that ordinary citizens cannot be shareholders. All shares of the Corporation held by the Central Government and the Reserve Bank of India shall stand transferred to and vest in the Development Bank. As compensation therefor, the Development Bank shall pay to the Central Government and to the Reserve Bank respectively the face value of the shares held by that Government and by that Bank. The

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