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Section 32A: Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[32A. Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over.--(1) When the management of an industrial concern is taken over by the Financial Corporation, the Financial Corporation may, by order notified in the Official Gazette, appoint as many persons as it thinks fit,--

(a) in any case in which the industrial concern is a company as defined in the Companies Act, 1956 (1 of 1956) to be directors of that industrial concern; or

(b) in any other case, to be administrators of that industrial concern.

(2) The power to appoint directors or administrators under this section includes the power to appoint any individual, firm or company to be the managing agent or manager of the industrial concern on such terms and conditions as the Financial Corporation may think fit.]

[(3) Nothing in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in any instrument relating to the industrial concern shall, insofar as it makes in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of directorships, retirement by rotation or removal from office, apply to any director appointed by the Financial Corporation under this section.]

Where this provision sits

ActThe State Financial Corporations Act, 1951
Section32A
Marginal notePower of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 56 of 1956. . Ins. by Act 56 of 1956, s. 17 (w.e.f. 1-10-1956).
  • inserted, Act 6 of 1962. . Ins. by Act 6 of 1962, s. 16 (w.e.f. 16-4-1962).

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