The West Bengal Development Corporation Act, 1954
west-bengal · 1955
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 Dove- Short title, 'opulent Corporation Act, 1954
- S. 2In this Act, unless there is anything repugnant in Defini- the subject or context,— gene
- S. 3(1) The State Government may, by notification in Inoorpora- the Official Gazette, establish a Development Corporation fo
- S. 4Section 4 outlines the composition, appointment, and representation of members in the West Bengal Development Corporation.
- S. 5Section allows a Chairman or member of the Corporation to resign by giving written notice to the State Government.
- S. 6Section 6 allows the State Government to dismiss Corporation members for excessive absences or misuse of position.
- S. 7Section 7 ensures corporation's actions remain valid despite member vacancies or constitutional defects.
- S. 8Section 8 outlines the meeting procedures and voting rules for the West Bengal Development Corporation.
- S. 9Section 9 appoints the Administrative and Chief Accounts Officers by the State Government and allows the Corporation to hire other staff, subject to government approval.
- S. 10Section 10 prohibits Corporation officers or servants from having any interest in contracts or schemes involving the Corporation.
- S. 11The Corporation may authorise the Administrative Confer
- S. 12Section 12 requires the Corporation's orders and decisions to be signed by the Chairman or authorized member, and other instruments by the Administrative Officer or authorized officer.
- S. 13The State Government can form Executive Boards to execute specific schemes, up to seven members each.
- S. 14Section 14 authorizes the Board to appoint necessary officers and designates administrative and financial oversight roles.
- S. 15Section 15 allows the Corporation to delegate its powers to Boards, subject to the Corporation's control.
- S. 16Section 16 authorizes the West Bengal Development Corporation to undertake various development schemes and acquire, hold, lease, or sell property for these purposes.
- S. 18It shall be the general principle of the Corporation that in carrying on its undertakings it shall act on business pri
- S. 19Section 19 allows the State Government to provide necessary capital to the Corporation on terms it determines.
- S. 20Section 20 allows the West Bengal Development Corporation to issue new shares for additional capital, subject to state government approval.
- S. 21Section guarantees the West Bengal Development Corporation's shares with state backing for principal and annual dividends between 5-7%.
- S. 22Section 22 allows the Corporation to borrow funds with state government approval and guarantees repayment.
- S. 23Section 23 outlines the financial management of the West Bengal Development Corporation, detailing fund handling and state guarantees.
- S. 24The Corporation shall make suitable grants to the Board or Boards for executing the schemes entrusted to the Board or
- S. 25Section 25 mandates the Corporation to pay dividends on shares at rates set by the State Government, subject to its limitations.
- S. 26Section 26 mandates the Corporation to manage reserve funds as directed by the State Government and requires prior approval for fund use unrelated to its functions.
- S. 27Section 27 authorizes the Corporation to spend funds on authorized objects, treating it as expenditure from its general or specified funds.
- S. 28Section 28 mandates the Corporation to prepare and submit annual budgets to the State Government and allows for budget reappropriations and limited overspending.
- S. 29Section 29 mandates the Corporation to maintain accounts and have them audited by a State Government-appointed auditor.
- S. 30The State Government can issue general instructions to the Corporation on recruitment, employee conditions, wages, reserves, and property disposal.
- S. 31Section 31 mandates the Corporation to provide the State Government with required reports, statistics, and information on its activities and annual working report.
- S. 32Section 32 allows the State Government to supersede the Corporation or Board if it defaults in duties, with a chance for the Corporation to respond.
- S. 33Section 33 exempts the Corporation from standard company dissolution laws and mandates State Government order for its liquidation.
- S. 34Section 34 allows the State Government to delegate or vest certain powers and duties in the Corporation, overriding other laws.
- S. 35(1) The State Government may, by notification in the Official Gazette, make rules to give effect to the provisions of
- S. 36(1) The Corporation may, with the previous sanction Reguia_ tf the State Government, make regulations not inconsistent
- S. 1894The Wes Bengal Development Corporation Act, 1954