State Financial Corporation Act, 1951
Central · 1951
Chapter CHAPTER I
Chapter CHAPTER II
- S. 3Establishment of State Financial Corporations
- S. 3AEstablishment of Joint Financial Corporations
- S. 4Share capital and shareholders
- S. 4ASpecial class of shares
- S. 4BTransfer of share capital to Development Bank
- S. 4CPayment of amount
- S. 4DIssue of redeemable preference shares
- S. 4EReduction of share capital
- S. 4FRestriction on exercising of voting right
- S. 4GProxy voting
- S. 4HTransfer of share capital to Small Industries Bank
- S. 5Transfer of shares
- S. 6Conversion of shares guaranteed by State Government
- S. 7Additional capital of Financial Corporation and its borrowing powers
- S. 8Deposits with Financial Corporation
- S. 9Managements
- S. 10Board of directors
- S. 11Term of office and retirement of directors
- S. 12Disqualifications for being a director
- S. 13Removal of director from office
- S. 14Resignation of office by director and filling up of casual vacancies
- S. 15Chairman of Board
- S. 16Remuneration of directors
- S. 17Managing director
- S. 18Executive Committee
- S. 19Meetings of the Board and Committee
- S. 20Powers of Executive Committee
- S. 21Advisory committee
- S. 22Offices and agencies
- S. 23Officers and other employees of the Financial Corporation
Chapter CHAPTER III
- S. 24General duty of the Board
- S. 25Business which Financial Corporation may transact
- S. 25APower to acquire rights
- S. 25BGifts, grants etc.
- S. 26Limit of accommodation
- S. 27Power to impose conditions for accommodation
- S. 28Prohibited business
- S. 29Rights of Financial Corporation in case of default
- S. 30Power to call for repayment before agreed period
- S. 31Special provisions for enforcement of claims by Financial Corporation
- S. 32Procedure of district judge in respect of applications under section 31
- S. 32APower of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
- S. 32BEffect of notified order under section 32A
- S. 32CPowers and duties of directors and administrators
- S. 32DNo right to compensation for termination of contract of managing agent, managing director, etc.
- S. 32EApplication of Act 1 of 1956
- S. 32FRestriction on filing of suits for dissolution, etc., of an industrial concern not being a company when its management is taken over
- S. 32GRecovery of amounts due to the Financial Corporation as an arrear of land revenue
Chapter CHAPTER IV
Chapter CHAPTER V
- S. 39Power to give instructions to Financial Corporation on questions of policy
- S. 40Declaration of fidelity and secrecy
- S. 41Indemnity of directors
- S. 41AProtection of action taken by persons appointed under section 27 or section 32A
- S. 41BNomination in respect of deposits, bonds, etc.
- S. 42Offences
- S. 43Provisions relating to income tax and super tax
- S. 43ADelegation of powers
- S. 43BReports to the Board
- S. 44Act XVIII of 1891 to apply to the books of the Financial Corporation
- S. 45Liquidation of Financial Corporation
- S. 46Power to apply Act to certain financial institution in existence at commencement of Act
- S. 46AExtension of jurisdiction of the Financial Corporation to other States by agreement
- S. 47—
- S. 48Power of Board to make regulations
- S. 48ALaying of rules and regulations before State Legislature
- S. 48BPower to make rules
- S. 49Power to remove difficulty