The West Bengal Backward Classes Development And Finance Corporation Act, 1995
west-bengal · 1995
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the West Bengal Backward Classes Development and Finance Corporation Act, 1995
- S. 2In this Act, unless there is anything repugnant in the subject or Definitions
- S. 3Section 3 allows the State Government to establish a corporation for the development and finance of backward classes.
- S. 4Section 4 outlines the composition and appointment of members for the West Bengal Backward Classes Development and Finance Corporation.
- S. 5A person shall be disqualified for being chosen as, and for being, Disqualifica- tions for membership
- S. 6Section allows members of the Corporation to resign by giving written notice to the State Government.
- S. 7Section 7 allows the State Government to remove Corporation members for excessive absences or abuse of position.
- S. 8Section ensures corporation's actions remain valid despite member vacancies or constitutional defects.
- S. 9Section 9 outlines the meeting procedures and voting rules for the West Bengal Backward Classes Development And Finance Corporation.
- S. 10Section 10 appoints key officers for the Corporation and outlines their roles and pay conditions.
- S. 11Section 11 prohibits individuals with any stake in contracts or works of the Corporation from becoming employees.
- S. 12Section 12 authorizes the Corporation's Managing Director to manage business operations under specified conditions.
- S. 13Section 13 mandates that the Corporation's orders and decisions must be signed by the Chairman or authorized member, and its instruments by the Managing Director or authorized officer.
- S. 14Section 14 outlines the functions of the West Bengal Backward Classes Development And Finance Corporation to promote economic welfare of backward classes through industrial, commercial, and vocational activities.
- S. 15Section 15 grants the Corporation powers to acquire, hold, lease, sell, and manage property for its functions.
- S. 16Section 16 allows the Corporation to acquire land for its functions under the Land Acquisition Act, 1894.
- S. 17Section 17 mandates the Corporation to operate its business on commercial principles.
- S. 18Section 18 authorizes the State Government to provide capital to the Corporation and sets rules for its authorized capital, share issuance, and redemption.
- S. 19The Corporation can raise additional capital by issuing new shares with State Government approval.
- S. 20The shares of the Corporation shall be guaranteed by the State Guarantee Government as to the payment of the principal
- S. 21Section 21 mandates that all receipts and payments of the Corporation must go through its general fund.
- S. 22The Corporation pays dividends at a rate set by the State Government, but the State Government does not fund these payments.
- S. 23Section 23 mandates the Corporation to establish reserve funds as directed by the State Government and manage them for specified purposes with prior approval.
- S. 24The Corporation shall have power to spend such sums as it thinks from fund
- S. 25Section 25 outlines the budget preparation, approval, reappropriation, and expenditure limits for the West Bengal Backward Classes Development And Finance Corporation.
- S. 26Section mandates the Corporation to maintain accounts and have them audited by a State Government-appointed auditor.
- S. 27The State Government can issue instructions to the Corporation on employee recruitment, conditions, wages, reserves, and property disposal.
- S. 28Section 28 mandates the Corporation to provide the State Government with required reports, statistics, and information on its activities.
- S. 29Section 29 allows the State Government to supersede the Corporation, transferring its powers and property, with or without a hearing, and may extend or reconstitute it later.
- S. 30Section 30 ensures the West Bengal Backward Classes Development And Finance Corporation can only be liquidated by the State Government's order.
- S. 31Section 31 allows the recovery of any sum owed to the Corporation as an arrear under the Bengal Public Demands Recovery Act.
- S. 32(1) The State Government may, by notification, make rules to give effect to the provisions of this Act