The Punjab Backward Classes Land Development Act, 1976
punjab · 1976
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1This Act may be called the Punjab Backward Classes Land Development and Finance Corporation Act, 1976
- S. 2Section 2 defines terms used in the Punjab Backward Classes Land Development Act, 1976, including "agricultural development" and "Backward Class."
- S. 3Section 3 establishes the Punjab Backward Classes Land Development and Finance Corporation for land development and finance purposes.
- S. 4Section 4 establishes the Head Office location and authorizes the Corporation to set up additional offices as needed.
- S. 5Section 5 sets the maximum capital for the Punjab Backward Classes Land Development Corporation and allows the state government to increase it up to ten crores rupees.
- S. 6Section 6 outlines the powers and responsibilities of the Board managing the Corporation under the Punjab Backward Classes Land Development Act.
- S. 7Section 7 outlines the composition and appointment process for the Board of Directors under the Punjab Backward Classes Land Development Act, 1976.
- S. 8—
- S. 9Section 9 disqualifies individuals adjudicated insolvent or declared of unsound mind from being Directors.
- S. 10Section 10 requires a Director with a financial interest in a matter to disclose it and refrain from deliberations.
- S. 11Section 11 allows the State Government to remove or accept resignation of directors for specified reasons, including misconduct or failure to perform duties.
- S. 12Section 12 outlines the meeting procedures and voting rules for the Board under the Punjab Backward Classes Land Development Act, 1976.
- S. 13Section 13 appoints an Executive Director to manage the Corporation and outlines their duties and conditions of service.
- S. 14Section 14 protects the Board's and its Committees' actions from being invalidated due to vacancies or defects.
- S. 15Section 15 empowers the Board to appoint officers, delegate duties, and ensure reservation for Scheduled Castes and Backward Classes.
- S. 16Section 16 outlines the primary duties and powers of the Corporation to economically uplift members of Backward Classes through various development programs and financial assistance.
- S. 17Section 17 establishes four funds for the Corporation to manage land development, guarantees, bad debts, and relief.
- S. 18Section 18 mandates that all funds received by the Corporation are credited to the Land Development and Finance Fund, and all amounts extended by the Corporation are debited from this Fund.
- S. 19Section 19 allocates funds and profits to the Guarantee Fund for providing loan guarantees to backward classes.
- S. 20Section 20 allocates 10% of the Corporation's net profits and equivalent state grants to the Bad Debts Fund for irrecoverable debts.
- S. 21Section allocates a percentage of the Corporation's net profits to a Relief and Common Good Fund for Backward Classes welfare.
- S. 22Section 22 allows the Corporation to impose conditions on loans to protect its interests, with interest rates not exceeding those under the Punjab State Aid to Industries Act, 1935.
- S. 23Section 23 allows the Corporation to demand immediate loan repayment if debtor provided false info, failed to comply, can't pay, or other reasons protect Corporation.
- S. 24Section 24 allows the recovery of dues from sureties for loans to the Corporation as land revenue arrears.
- S. 25Section 25 ensures that loans from the Corporation have first charge on debtor's property, except for certain taxes and prior claims.
- S. 26Section 26 mandates the Corporation's annual financial accounts and balance sheet preparation by March 31.
- S. 27Section 27 mandates annual auditing of the Corporation's accounts by qualified auditors and reporting to the State Government.
- S. 28Section 28 allows the State Government to dissolve the Corporation if it exceeds its powers or fails to explain its actions.
- S. 29Section 29 outlines the dissolution and temporary management of the Board, and the government's option to reconstitute it later.
- S. 30Section 30 restricts civil courts from hearing cases or granting injunctions on matters the Act assigns to the Corporation or appointed authorities.
- S. 31Section 31 protects the Corporation and its officials from lawsuits for actions taken in good faith under the Act.
- S. 32Section 32 protects directors from personal liability for losses incurred in good faith while performing their duties.
- S. 33Section exempts Corporation's instruments from stamp duty and registration fee, except for those specified in the Constitution's Seventh Schedule.
- S. 34Section 34 empowers the Board to make regulations with state government approval for implementing the Act's provisions.
- S. 35Section 35 grants the authority to create rules under the Punjab Backward Classes Land Development Act, 1976.