law: The Andhra Pradesh reorganization Act, 2014
  70.  Provisions as to Andhra Pradesh State
  
  Financial Corporation.
  1.    The
  
  Andhra Pradesh State Financial Corporation established under the State
  
  Financial Corporations Act, 1951 shall, on and from the appointed day, continue
  
  to function in those areas in respect of which it was functioning immediately
  
  before that day, subject to the provisions of this section and to such
  
  directions as may, from time to time, be issued by the Central Government.
  2.    Any
  
  directions issued by the Central Government under sub-section ( 1 ) in
  
  respect of the Corporation may include a direction that the said Act, in its
  
  application to the Corporation, shall have effect subject to such exceptions
  
  and modifications as may be specified in the direction.
  3.    Notwithstanding
  
  anything contained in sub-section ( 1 ) or sub-section ( 2 ), the
  
  Board of Directors of the Corporation may, with the previous approval of the
  
  Central Government and shall, if so required by the Central Government, convene
  
  at any time after the appointed day a meeting for the consideration of a scheme
  
  for the reconstitution or reorganisation or dissolution, as the case may be, of
  
  the Corporation, including proposals regarding the formation of new
  
  Corporations, and the transfer thereto of the assets, rights and liabilities of
  
  the existing Corporation, and if such a scheme is approved at the general
  
  meeting by a resolution passed by a majority of the shareholders present and
  
  voting, the scheme shall be submitted to the Central Government for its
  
  sanction. 
  4.    If the
  
  scheme is sanctioned by the Central Government either without modifications or
  
  with modifications which are approved at a general meeting, the Central
  
  Government shall certify the scheme, and upon such certification, the scheme
  
  shall, notwithstanding anything to the contrary contained in any law for the
  
  time being in force, be binding on the Corporations affected by the scheme as
  
  well as the shareholders and creditors thereof. 
  5.    If the
  
  scheme is not so approved or sanctioned, the Central Government may refer the
  
  scheme to such Judge of the High Court of Andhra Pradesh or the High Court of
  
  Telangana as may be nominated in this behalf by the Chief Justice thereof, and
  
  the decision of the Judge in regard to the scheme shall be final and shall be
  
  binding on the Corporations affected by the scheme as well as the shareholders
  
  and creditors thereof. 
  6.    Nothing
  
  in the preceding provisions of this section shall be construed as preventing
  
  the Government of the States of Andhra Pradesh and Telangana from constituting,
  
  at any time on or after the appointed day, a State Financial Corporation for
  
  that State under the State Financial Corporations Act, 1951.