The State Financial Corporations Act, 1951
Central · 1951
- S. 1Short title, extent and commencement.
- S. 2Definitions.
- S. 3Establishment of State Financial Corporations.
- S. 3AEstablishment of Joint Financial Corporations.
- S. 4Share capital and share-holders.
- 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 the Financial Corporation.
- S. 9Managements.
- S. 10Board of directors.
- S. 10AOmitted .
- 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.
- 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 tiling of suite 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.
- S. 33Funds of the Financial Corporation.
- S. 34Investment of funds.
- S. 35Disposal of profits.
- S. 35ASpecial reserve fund.
- S. 36General meetings.
- S. 37Audit.
- S. 37AInspection.
- S. 38Returns.
- 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 18 of 1891 to apply to the books of the Financial Corporation.
- S. 45Liquidation of Financial Corporation.
- S. 46Power to apply Act to certain financial institutions in existence at commencement of Act.
- S. 46AExtension of jurisdiction of the Financial Corporation to other States by agreement.
- S. 46BEffect of Act on other laws.
- S. 47Omitted .
- 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.