law: State Financial Corporations Act, 1951 
  5. Restrictions on transfer of shares. 
  (1) The shares of the Financial Corporation shall not be
  
  transferable except to the State Government, the Reserve Bank, the Development
  
  Bank] or any other financial institution or class of financial institutions
  
  recognized in this behalf by the State Government 3[for other institutions
  
  notified under clause (c) of sub-section (3) of section 4:
  PROVIDED  that the shares subscribed for by the parties
  
  referred to in clause (d) of sub-section (3) of section 4 shall be freely
  
  transferable.