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
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