Lawgist25APower to acquire rights
1[25A. Power to acquire rights.--The Financial Corporation shall have the right to acquire, by transfer or assignment, the rights and interests of any such financial institution as may be notified by the Central Government (including any other rights incidental thereto) in relation to any loan or advance granted or any amount recoverable by such institution, either in whole or in part, by the execution or issue of any instrument or by the transfer of any instrument by endorsement or in any other manner:
Provided that such loan or advance or amount relates to any business which the Financial Corporation may transact under this Act.]
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1. Ins. by Act 43 of 1985, s. 16 (w.e.f. 21-8-1985).
- 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
