(1) Subject to the provisions of this Act, the functions of the Corporation shall be to undertake generally the task of economic welfare of the members of the backward classes through industrial and commercial activities.
(2) In particular and without prejudice to the generality of the foregoing provisions of this section, the functions of the Corporation shall be—
(i) to plan and promote training programmes for increasing the skill and efficiency in different traditional occupations and to establish vocational institutes for the purpose;
(ii) to promote employment opportunities in various trade and crafts, and to sanction stipends for training in different training institutes;
(iii) to provide necessary infrastructure in connection with all traditional occupations;
(iv) to encourage and undertake setting up of manufacturing and processing units on commercial basis;
(v) to promote entrepreneurship by sponsoring self-employment programmes in different trades, crafts, and business with the assistance of various financial institutions;
(vi) to arrange the supply of necessary inputs at reasonable prices for different trades and crafts and to acquire and instal suitable machinery and equipments for the purpose of hiring out;
(vii) to plan, promote and undertake, on its own or in collaboration with such agencies as may be approved by the Corporation, programmes of agricultural development, marketing, processing, supply and storage of agricultural produce, small scale industry, building construction, transport and such other business, trade or activity as may be approved in this behalf by the State Government;
Conferment of powers on Managing Director.
Authentication.
Functions of the Corporation.
289 The West Bengal Backward Classes Development and Finance Corporation Act, 1995.
[West Ben. Act Powers of the Corporation.
Acquisition of land.
(Sections 15, 16.)
(viii) to arrange for in-service training, apprenticeship and dealership in different factories, commercial organisations and industrial complexes;
(ix) to provide financial assistance by way of grants, subsidies and loans, in cash or in kind, for such purposes as may be approved by the Corporation and also by providing cash credit accommodation against hypothecation of products;
(x) to find out resources for financing all programmes to be undertaken by the Corporation and, to that end, to receive loans, grants and gifts, raise loans, issue bonds and debentures, and draw, make, accept, discout, execute and issue promissory notes, bills of exchange, hundies, bills, warrants, debentures and other negotiable instruments;
(xi) to invest, or to deposit, surplus funds in Government securities or in such other means as may be approved by the Corporation;
(xii) to continue and to run the works and programmes transferred to the Corporation by the State Government for operation and to adopt suitable changes for their better execution;
(xiii) to discharge such other functions as may be prescribed or as are supplemental, incidental or consequential to any of the functions conferred on it under this Act.
15. Subject to the provisions of this Act, the Corporation shall have power—
(a) to acquire or hold such property, both movable and immovable, as the Corporation may deem necessary for the purpose of any of its functions and to lease, sell or otherwise transfer any property held by it;
(b) to purchase by agreement or to take on lease or under any form of tenancy any land and to erect thereon such buildings as may be necessary for the purpose of carrying on its undertakings;
(c) to enter into, or to perform, such contracts as may be necessary for the discharge of its functions and the exercise of its powers under this Act;
(d) to provide facilities for the consignment, storage and delivery of goods;
(e) to do, with the prior approval of the State Government, all other things to facilitate the proper carrying on of the business and the functions of the Corporation.
16. The Corporation may take steps for acquisition of any land for discharging any of its functions under this Act in accordance with the provisions of the Land Acquisition Act, 1894. 1 of 1894.
290 The West Bengal Backward Classes Development and Finance Corporation Act, 1995.
XIX of 1995.]
(Sections 17-22.)
17. It shall be the general principle of the Corporation that in carrying on its undertakings it shall act on business principles
18. (I) The State Government may provide to the Corporation such capital as in the form of equity the State Government may consider necessary for the purpose of carrying out all or any of its functions under this Act, subject to such terms and conditions, not inconsistent with the provisions of this Act, as the State Government may determine.
(2) The Corporation may supplement its capital by the issue of shares when so authorised by the State Government.
(3) The authorised capital of the Corporation shall be one hundred crores of rupees which shall be divided into such number of shares as the State Government may determine, and the number of shares which may be subscribed by the State Government and the members of the public shall also be determined by the State Government:
Provided that the value of the shares to be subscribed by the State Government shall at any point of time be not less than fifty-one per cent of the authorised capital.
(4) The allotment of shares to the members of the public under subsection (3) shall be made by the Corporation in such manner as may be prescribed.
(5) The shares of the Corporation shall not be transferable except in accordance with such rules as may be made under this Act.
(6) The Corporation may, at any time, with the previous approval of the State Government, redeem the shares issued to the members of the public in such manner as may be prescribed.
19. If after the issue of shares under sub-section (2) of section 18, the Corporation requires any further capital, the Corporation may, with the previous sanction of the State Government, raise such additional capital by the issue of new shares and the provisions of sub-sections (3),
(4), (5) and (6) of section 18 shall mutatis mutandis apply to such shares.
The Corporation to act on business principles.
Capital of the Corporation.
Additional capital.
20. The shares of the Corporation shall be guaranteed by the State Guarantee Government as to the payment of the principal. by State Government in respect of shares.
21. All receipts of the Corporation shall be carried into its general Receipts fund and all payments by the Corporation shall be made therefrom. into, and payments from, the general fund of the Corporation.