The State Financial Corporations Act `1951
An Act to provide for the establishment of State Financial Corporations.1951
List of Chapters & Sections
PRELIMINARY
INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
POWERS AND DUTIES OF THE BOARD
INVESTMENT OF FUNDS, ACCONTS AND AUDIT
MISCELLANEOUS
PRELIMINARY
INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
3Establishment of State Financial Corporations3AEstablishment of Joint Financial Corporations4Share capital and share-holders4ASpecial class of shares4BTransfer of share capital to Development Bank4CPayment of amount4DIssue of redeemable preference shares4EReduction of share capital4FRestriction on exercising of voting right4GProxy voting4HTransfer of share capital to Small Industries Bank5Transfer of shares6Conversion of shares guaranteed by State Government7Additional capital of Financial Corporation and its borrowing powers8Deposits with the Financial Corporation9Managements10Board of directors10AOmitted11Term of office and retirement of directors12Disqualifications for being a director13Removal of director from office14Resignation of office by director and filling up of casual vacancies15Chairman of Board16Remuneration of directors17Managing director18Executive Committee19Meetings of the Board and Committee20Powers of Executive Committee21Advisory Committee22Offices and agencies23Officers and other employees of the Financial CorporationPOWERS AND DUTIES OF THE BOARD
24General duty of the Board25Business which Financial Corporation may transact25APower to acquire rights25BGifts, grants, etc26Limit of accommodation27Power to impose conditions for accommodation28Prohibited business29Rights of Financial Corporation in case of default30Power to call for repayment before agreed period31Special provisions for enforcement of claims by Financial Corporation32Procedure of district judge in respect of applications under section 3132APower of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over32BEffect of notified order under section 32A32CPowers and duties of directors and administrators32DNo right to compensation for termination of contract of managing agent, managing director, etc32EApplication of Act 1 of 195632FRestriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over32GRecovery of amounts due to the Financial Corporation as an arrear of land revenueINVESTMENT OF FUNDS, ACCONTS AND AUDIT
MISCELLANEOUS
39Power to give instructions to Financial Corporation on questions of policy40Declaration of fidelity and secrecy41Indemnity of directors41AProtection of action taken by persons appointed under section 27 or section 32A41BNomination in respect of deposits, bonds, etc42Offences43Provisions relating to income-tax and super-tax43ADelegation of powers43BReports to the Board44Act 18 of 1891 to apply to the books of the Financial Corporation45Liquidation of Financial Corporation46Power to apply Act to certain financial institutions in existence at commencement of Act46AExtension of jurisdiction of the Financial Corporation to other States by agreement46BEffect of Act on other laws47Omitted48Power of Board to make regulations48ALaying of rules and regulations before State Legislature48BPower to make rules49Power to remove difficulty