The West Bengal Minorities 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 Minorities Development and Finance Corporation Act, 1995
- S. 2In this Act, unless there is anything repugnant in the subject or Definitions
- S. 3The section allows the State Government to establish a corporation to aid minority development and finance.
- S. 4Section 4 outlines the composition and appointment of members for the West Bengal Minorities Development and Finance Corporation.
- S. 5Section 5 disqualifies individuals from Corporation membership if they are mentally ill, insolvent, convicted of moral offenses, or have financial interests in contracts with the Corporation.
- S. 6Section 6 ensures that the Corporation's actions remain valid despite any member vacancies or constitutional defects.
- S. 7Section 7 outlines the meeting procedures and voting rules for the West Bengal Minorities Development And Finance Corporation.
- S. 8(1) The Corporation shall have a Managing Director, a General Managing Chief Manager and
- S. 9Section prohibits individuals with any interest in Corporation contracts from becoming its officers or employees.
- S. 10Section 10 authorizes the Managing Director to manage the Corporation's business with specified conditions.
- S. 11Section 11 specifies that the Corporation's orders and decisions must be signed by the Chairperson or an authorized member, and other instruments by the Managing Director or an authorized officer.
- S. 12Section 12 outlines the functions of the West Bengal Minorities Development And Finance Corporation to promote economic welfare of minorities through various industrial, commercial, and cultural activities.
- S. 13Section 13 grants the Corporation powers to acquire, lease, sell, and manage property for its functions.
- S. 14Section 14 allows the Corporation to acquire land for its functions under the Land Acquisition Act, 1894.
- S. 15It shall be the general principle of the Corporation that in carrying on its undertakings it shall act on business prin
- S. 16Section 16 allows the State Government to provide capital to the Corporation and determine its authorized capital and share allotment.
- S. 17Section 17 allows the Corporation to issue new shares for additional capital with State Government approval.
- S. 18The shares of the Corporation shall be guaranteed by the State Government as to the payment of the principal
- S. 19The Corporation can borrow money with state approval, and the state guarantees repayment and interest at a minimum rate.
- S. 20Section 20 mandates that all receipts go into the Corporation's general fund, and all payments must be made from it.
- S. 21The State Government sets the dividend rate for the Corporation's shares, which is treated as part of its expenditure.
- S. 22Section 22 outlines the management and utilization of reserve funds by the West Bengal Minorities Development And Finance Corporation, subject to State Government approval.
- S. 25Section mandates the Corporation to maintain and audit its accounts, and submit audited reports to the State Government.
- S. 26The State Government can issue general instructions to the Corporation on employee recruitment, service conditions, wages, reserves, and property disposal.
- S. 27Section 27 mandates the Corporation to provide the State Government with required reports, statistics, and annual working reports, which are to be presented to the State Legislature.
- S. 28Section 28 allows the State Government to supersede the Corporation, transferring its powers and property, with certain exceptions.
- S. 29Section 29 ensures the West Bengal Minorities Development And Finance Corporation can only be liquidated by the State Government's order and direction.
- S. 30Section 30 allows the West Bengal Minorities Development And Finance Corporation to recover payable sums as land revenue arrears under the Bengal Public Demands Recovery Act.
- S. 31(1) The State Government may, by notification, make rules to give effect to the provisions of this Act
- S. 32Section 32 allows the Corporation to make regulations for its administration with state government approval.