section 17
Disposal of profits if conditions of State aid is not fulfilled
The Tamil Nadu State Aid to Industries Act, 1922General192229 of 20 sections available
Statutory text
No recipient of State aid shall pay any dividend or distribute or toke any profits in excess of such percentage rate upon the amount of the capital of the industrial business or enterprise as the State Governmeut may 8x from time to time uritil the conditions on which the State aid has been granted are fulfilled. The balance of the profits, after sett~ng aside proper amounts for depreci:ttion or obwlcscencc of plant and buildi~zgs, and for the paymc~lt of intcrcst ,on debentures of loans, shall be carried to a rcscrve fund to bc utilized in such manner as the State Government may uppro\ c.
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