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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
POWERS AND DUTIES OF THE BOARD
INVESTMENT OF FUNDS, ACCONTS AND AUDIT
MISCELLANEOUS
PRELIMINARY
1
Short title, extent and commencement
2
Definitions
INCORPORATION OF STATE FINANCIAL CORPORATIONS THEIR CAPITAL AND MANAGEMENT
3
Establishment of State Financial Corporations
3A
Establishment of Joint Financial Corporations
4
Share capital and share-holders
4A
Special class of shares
4B
Transfer of share capital to Development Bank
4C
Payment of amount
4D
Issue of redeemable preference shares
4E
Reduction of share capital
4F
Restriction on exercising of voting right
4G
Proxy voting
4H
Transfer of share capital to Small Industries Bank
5
Transfer of shares
6
Conversion of shares guaranteed by State Government
7
Additional capital of Financial Corporation and its borrowing powers
8
Deposits with the Financial Corporation
9
Managements
10
Board of directors
10A
Omitted
11
Term of office and retirement of directors
12
Disqualifications for being a director
13
Removal of director from office
14
Resignation of office by director and filling up of casual vacancies
15
Chairman of Board
16
Remuneration of directors
17
Managing director
18
Executive Committee
19
Meetings of the Board and Committee
20
Powers of Executive Committee
21
Advisory Committee
22
Offices and agencies
23
Officers and other employees of the Financial Corporation
POWERS AND DUTIES OF THE BOARD
24
General duty of the Board
25
Business which Financial Corporation may transact
25A
Power to acquire rights
25B
Gifts, grants, etc
26
Limit of accommodation
27
Power to impose conditions for accommodation
28
Prohibited business
29
Rights of Financial Corporation in case of default
30
Power to call for repayment before agreed period
31
Special provisions for enforcement of claims by Financial Corporation
32
Procedure of district judge in respect of applications under section 31
32A
Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
32B
Effect of notified order under section 32A
32C
Powers and duties of directors and administrators
32D
No right to compensation for termination of contract of managing agent, managing director, etc
32E
Application of Act 1 of 1956
32F
Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
32G
Recovery of amounts due to the Financial Corporation as an arrear of land revenue
INVESTMENT OF FUNDS, ACCONTS AND AUDIT
33
Funds of the Financial Corporation
34
Investment of funds
35
Disposal of profits
35A
Special reserve fund
36
General meetings
37
Audit
37A
Inspection
38
Returns
MISCELLANEOUS
39
Power to give instructions to Financial Corporation on questions of policy
40
Declaration of fidelity and secrecy
41
Indemnity of directors
41A
Protection of action taken by persons appointed under section 27 or section 32A
41B
Nomination in respect of deposits, bonds, etc
42
Offences
43
Provisions relating to income-tax and super-tax
43A
Delegation of powers
43B
Reports to the Board
44
Act 18 of 1891 to apply to the books of the Financial Corporation
45
Liquidation of Financial Corporation
46
Power to apply Act to certain financial institutions in existence at commencement of Act
46A
Extension of jurisdiction of the Financial Corporation to other States by agreement
46B
Effect of Act on other laws
47
Omitted
48
Power of Board to make regulations
48A
Laying of rules and regulations before State Legislature
48B
Power to make rules
49
Power to remove difficulty