The State Financial Corporations Act `1951
An Act to provide for the establishment of State Financial Corporations.
List of Chapters & Sections
PRELIMINARY
INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
- 3Establishment of State Financial Corporations
- 3AEstablishment of Joint Financial Corporations
- 4Share capital and share-holders
- 4ASpecial class of shares
- 4BTransfer of share capital to Development Bank
- 4CPayment of amount
- 4DIssue of redeemable preference shares
- 4EReduction of share capital
- 4FRestriction on exercising of voting right
- 4GProxy voting
- 4HTransfer of share capital to Small Industries Bank
- 5Transfer of shares
- 6Conversion of shares guaranteed by State Government
- 7Additional capital of Financial Corporation and its borrowing powers
- 8Deposits with the Financial Corporation
- 9Managements
- 10Board of directors
- 10AOmitted
- 11Term of office and retirement of directors
- 12Disqualifications for being a director
- 13Removal of director from office
- 14Resignation of office by director and filling up of casual vacancies
- 15Chairman of Board
- 16Remuneration of directors
- 17Managing director
- 18Executive Committee
- 19Meetings of the Board and Committee
- 20Powers of Executive Committee
- 21Advisory Committee
- 22Offices and agencies
- 23Officers and other employees of the Financial Corporation
POWERS AND DUTIES OF THE BOARD
- 24General duty of the Board
- 25Business which Financial Corporation may transact
- 25APower to acquire rights
- 25BGifts, grants, etc
- 26Limit of accommodation
- 27Power to impose conditions for accommodation
- 28Prohibited business
- 29Rights of Financial Corporation in case of default
- 30Power to call for repayment before agreed period
- 31Special provisions for enforcement of claims by Financial Corporation
- 32Procedure of district judge in respect of applications under section 31
- 32APower of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
- 32BEffect of notified order under section 32A
- 32CPowers and duties of directors and administrators
- 32DNo right to compensation for termination of contract of managing agent, managing director, etc
- 32EApplication of Act 1 of 1956
- 32FRestriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
- 32GRecovery of amounts due to the Financial Corporation as an arrear of land revenue
INVESTMENT OF FUNDS, ACCONTS AND AUDIT
MISCELLANEOUS
- 39Power to give instructions to Financial Corporation on questions of policy
- 40Declaration of fidelity and secrecy
- 41Indemnity of directors
- 41AProtection of action taken by persons appointed under section 27 or section 32A
- 41BNomination in respect of deposits, bonds, etc
- 42Offences
- 43Provisions relating to income-tax and super-tax
- 43ADelegation of powers
- 43BReports to the Board
- 44Act 18 of 1891 to apply to the books of the Financial Corporation
- 45Liquidation of Financial Corporation
- 46Power to apply Act to certain financial institutions in existence at commencement of Act
- 46AExtension of jurisdiction of the Financial Corporation to other States by agreement
- 46BEffect of Act on other laws
- 47Omitted
- 48Power of Board to make regulations
- 48ALaying of rules and regulations before State Legislature
- 48BPower to make rules
- 49Power to remove difficulty