The State Financial Corporations Act `1951

An Act to provide for the establishment of State Financial Corporations.
1951
  • 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