The Punjab Schedule Castes Land Reforms and Finance Corporation Act, 1970
punjab · 1981
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 Scheduled Castes Land Development and Finance Corporation Act, 1970
- S. 2Section 2 defines key terms used in the Punjab Schedule Castes Land Reforms and Finance Corporation Act, 1970.
- S. 3Section establishes a corporation to manage land reforms and finance for Scheduled Castes in Punjab.
- S. 4Section 4 designates Chandigarh as the head office for the Punjab Scheduled Castes Land Reforms and Finance Corporation, with the option to establish additional offices as needed.
- S. 5—
- S. 6Section 6 establishes a Board to manage the Corporation, guided by business principles and state policy.
- S. 7Section 7 establishes the composition of the Board of Directors for the Punjab Schedule Castes Land Reforms and Finance Corporation, including ex officio and nominated members.
- S. 8—
- S. 9Section 9 disqualifies individuals from being directors if they are insolvent, of unsound mind, or declared so by a court.
- S. 10Section 10 extends the term of office for existing directors under the Punjab Schedule Castes Land Reforms and Finance Corporation Act, 1970.
- S. 11Section 11 allows the Governor to remove or require the resignation of directors for specified reasons, including misconduct or absence.
- S. 12Section 12 outlines the procedural rules for meetings of the Board, including presiding officer duties in the Chairman's absence.
- S. 13Section 13 appoints an Executive Director to manage the Corporation and outlines their duties and conditions of service.
- S. 14Section 14 ensures that vacancies or defects in the Board or Committees do not invalidate their actions or decisions.
- S. 15Section 15 authorizes the Board to appoint and regulate officers and employees, and delegate its powers except for making regulations.
- S. 16Section 16 outlines the primary duties of the Corporation to economically uplift Scheduled Castes members through various development programs and financial assistance.
- S. 17Section establishes four funds for land development, guarantees, bad debts, and relief.
- S. 18Section 18 credits received funds to the Land Development and Finance Fund and debits expenditures from it.
- S. 19Section 19 allocates annual state government funds and interest to the Guarantee Fund, with the corporation also contributing its net profits.
- S. 20Section 20 allocates 10% of the Corporation's net profits and equivalent state grants to the Bad Debts Fund annually.
- S. 21Section allocates up to 7.5% of the Corporation's net profits annually to the Relief and Common Good Fund.
- S. 22Section 22 allows the Corporation to impose conditions on loans to protect its interests, with interest rates not exceeding those under a 1935 industries act.
- S. 23The Corporation can demand immediate loan repayment if debtor provided false info, failed to comply, can't pay, or for protection.
- S. 24Section 24 allows the Corporation to recover dues as land revenue arrears after a certificate from the Executive Director.
- S. 25Section 25 prioritizes loans from the Corporation over other charges on debtor's property.
- S. 26Section 26 mandates the preparation, audit, and examination of the Corporation's accounts by the Accountant General of Punjab.
- S. 27—
- S. 28Section 28 allows the Governor to dissolve the Corporation if it exceeds its powers or fails to explain its actions.
- S. 29Section 29 details the dissolution process of the Board, transfer of powers, and vesting of corporation's assets in the State Government.
- S. 30Section 30 bars civil courts from entertaining suits against the Corporation's decisions and actions under the Act.
- S. 31Section 31 protects the Corporation and its officials from lawsuits for actions taken in good faith under the Act.
- S. 32Section indemnifies directors against losses from duties except those from their own misconduct.
- S. 33Section exempts Corporation's instruments from stamp duty and registration fee, protects actions taken in good faith, and indemnifies directors.
- S. 34Section 34 authorizes the Board to make regulations with state government approval for the Corporation's operations and employee conditions.
- S. 35Section 35 grants the Punjab Scheduled Castes Land Reforms and Finance Corporation authority to create rules for its operations.