The State Financial Corporations Act, 1951
Central Act ยท Act 63 of 195176 provisions9 citing judgments
The enactment
| Long title | An Act to provide for the establishment of State Financial Corporations. |
|---|---|
| Type | Act |
| Citation | Act 63 of 1951 |
| Year | 1951 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 76 |
| Subjects | financial |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Establishment of State Financial Corporations.
- Section 3A Establishment of Joint Financial Corporations.
- Section 4 Share capital and share-holders.
- Section 4A Special class of shares.
- Section 4B Transfer of share capital to Development Bank.
- Section 4C Payment of amount.
- Section 4D Issue of redeemable preference shares.
- Section 4E Reduction of share capital.
- Section 4F Restriction on exercising of voting right.
- Section 4G Proxy voting.
- Section 4H Transfer of share capital to Small Industries Bank.
- Section 5 Transfer of shares.
- Section 6 Conversion of shares guaranteed by State Government.
- Section 7 Additional capital of Financial Corporation and its borrowing powers.
- Section 8 Deposits with the Financial Corporation.
- Section 9 Managements.
- Section 10 Board of directors.
- Section 11 Term of office and retirement of directors.
- Section 12 Disqualifications for being a director.
- Section 13 Removal of director from office.1 citing judgment
- Section 14 Resignation of office by director and filling up of casual vacancies.
- Section 15 Chairman of Board.
- Section 16 Remuneration of directors.
- Section 17 Managing director.
- Section 18 Executive Committee.
- Section 19 Meetings of the Board and Committee.
- Section 20 Powers of Executive Committee.
- Section 21 Advisory Committee.
- Section 22 Offices and agencies.1 citing judgment
- Section 23 Officers and other employees of the Financial Corporation.
- Section 24 General duty of the Board.
- Section 25 Business which Financial Corporation may transact.
- Section 25A Power to acquire rights.
- Section 25B Gifts, grants, etc.
- Section 26 Limit of accommodation.
- Section 27 Power to impose conditions for accommodation.
- Section 28 Prohibited business.
- Section 29 Rights of Financial Corporation in case of default.3 citing judgments
- Section 30 Power to call for repayment before agreed period.
- Section 31 Special provisions for enforcement of claims by Financial Corporation.2 citing judgments
- Section 32 Procedure of district judge in respect of applications under section 31.2 citing judgments
- Section 32A Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over.
- Section 32B Effect of notified order under section 32A.
- Section 32C Powers and duties of directors and administrators.
- Section 32D No right to compensation for termination of contract of managing agent, managing director, etc.
- Section 32E Application of Act 1 of 1956.
- Section 32F Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over.
- Section 32G Recovery of amounts due to the Financial Corporation as an arrear of land revenue.
- Section 33 Funds of the Financial Corporation.
- Section 34 Investment of funds.
- Section 35 Disposal of profits.
- Section 35A Special reserve fund.
- Section 36 General meetings.
- Section 37 Audit.
- Section 37A Inspection.
- Section 38 Returns.
- Section 39 Power to give instructions to Financial Corporation on questions of policy.
- Section 40 Declaration of fidelity and secrecy.
- Section 41 Indemnity of directors.
- Section 41A Protection of action taken by persons appointed under section 27 or section 32A.
- Section 41B Nomination in respect of deposits, bonds, etc.
- Section 42 Offences.
- Section 43 Provisions relating to income-tax and super-tax.
- Section 43A Delegation of powers.
- Section 43B Reports to the Board.
- Section 44 Act 18 of 1891 to apply to the books of the Financial Corporation.
- Section 45 Liquidation of Financial Corporation.
- Section 46 Power to apply Act to certain financial institutions in existence at commencement of Act.
- Section 46A Extension of jurisdiction of the Financial Corporation to other States by agreement.
- Section 46B Effect of Act on other laws.
- Section 48 Power of Board to make regulations.
- Section 48A Laying of rules and regulations before State Legislature.
- Section 48B Power to make rules.
- Section 49 Power to remove difficulty.
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