Amendment status not verified — confirm the current text below against the official source.
Power 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 6[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: 7[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. 8[46A. Extension of jurisdiction of the Financial Corporation to other States by agreement.—(1) Where a Financial Corporation has been established for any State 9[and one or more other States not served in whole or in part by a Financial Corporation] desires that the Financial Corporation 10[should serve the needs of those States or of any area therein], and the States, after consultation with the 11[Small Industries Bank], enter into an agreement which is published in the Official Gazettes of each of those States, then the Financial Corporation shall, on the issue of a notification in the Official Gazette by the Central Government, serve the needs of those States 12[or, as the case may be, of the area therein] in terms of the agreement 12[and any Financial Corporation or any State may enter into separate or successive agreements as aforesaid with one another or with other Financial Corporations of States and in relation to different areas of the States].