Lawgist32APower of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
1[32A. Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over.--(1) When the management of an industrial concern is taken over by the Financial Corporation, the Financial Corporation may, by order notified in the Official Gazette, appoint as many persons as it thinks fit,--
(a) in any case in which the industrial concern is a company as defined in the Companies Act, 1956 (1 of 1956) to be directors of that industrial concern; or
(b) in any other case, to be administrators of that industrial concern.
(2) The power to appoint directors or administrators under this section includes the power to appoint any individual, firm or company to be the managing agent or manager of the industrial concern on such terms and conditions as the Financial Corporation may think fit.]
2[(3) Nothing in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in any instrument relating to the industrial concern shall, insofar as it makes in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of directorships, retirement by rotation or removal from office, apply to any director appointed by the Financial Corporation under this section.]
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1. Ins. by Act 56 of 1956, s. 17 (w.e.f. 1-10-1956).
2. Ins. by Act 6 of 1962, s. 16 (w.e.f. 16-4-1962).
- 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
