Lawgist46Power to apply Act to certain financial institutions in existence at commencement of Act
(1) The Central Government may by notification in the Official Gazette, direct that all or any of the provisions of this Act shall, subject to such exceptions and restrictions as may be specified, apply to 1[any institution established by a State Government] which has for its object the financing of industrial concerns, and on the issue of such notification, the institution shall be deemed to be a Financial Corporation established by the State Government for the State within the meaning of this Act, and the provisions of this Act shall become applicable thereto according to the tenor of the notification:
2[Provided that no notification shall be issued under this sub-section in respect of any institution unless a request is made in that behalf by the State Government concerned.]
(2) Any notification issued under sub-section (1) may suspend the operation of any enactment applicable to any such institution immediately before the issue of the notification.
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1. Subs. by Act 43 of 1985, s. 29, for "Any institution in existence at the commencement of this Act" (w.e.f. 21-8-1985).
2. Ins. by s. 29, ibid. (w.e.f. 21-8-1985).
- 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
