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Bare acts > State Financial Corporations Act, 1951
 
 
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SECTIONS

State Financial Corporations Act, 1951

   
  Preamble
   
  CHAPTER I : PRELIMINARY
1. Short title, extent and commencement
2. Definitions
   
  CHAPTER II : INCORPORATION OF STATE FINANCIAL CORPORATIONS, THEIR CAPITAL AND MANAGEMENT
3. Establishment of State Financial Corporations
3-A. Establishment of Joint Financial Corporations
4. Share capital and share-holders
4-A. Special class of shares
4-B. Transfer of share capital to Development Bank
4-C. Payment of amount
4-D. Issue of redeemable preference shares
4-E. Reduction of share capital
4-F. Restriction on exercising of voting right
4-G. Proxy voting
4-H. Transfer of share capital to Small Industries Bank
5. Transfer of shares
6. Conversion of shares guaranteed by State Government
7. Additional capital of Financial Corporation and borrowing powers
8. Deposits with Financial Corporation
9. Management
10. Board of directors
10-A. Vacation of office by an elected director [Omitted]
11. Term of office and retirement of directors
12. Disqualifications for being a director
13. Removal of director from office
14. Resignation of office by director and filling up of casual vacancies
15. Chairman of Board
16. Remuneration of directors
17. Managing director
18. Executive Committee
19. Meetings of the Board and Committee
20. Powers of Executive Committee
21. Advisory Committee
22. Offices and agencies
23. Officers and other employees of the Financial Corporation
   
  CHAPTER III : POWERS AND DUTIES OF THE BOARD
24. General duty of the Board
25. Business which Financial Corporation may transact
25-A. Power to acquire rights
25-B. Gifts, grants, etc
26. Limit of accommodation
27. Power to impose conditions for accommodation
28. Prohibited business
29. Rights of Financial Corporation in case of default
30. Power to call for repayment before agreed period
31. Special provisions for enforcement of claims by Financial Corporation
32. Procedure of District Judge in respect of applications under section 31
32-A. Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
32-B. Effect of notified order under section 32A
32-C. Powers and duties of directors and administrators
32-D. No right to compensation for termination of contract of managing agent, managing director, etc
32-E. Application of Act 1 of 1956
32-F. Restriction on filing of suits for dissolution etc., of an industrial concern not being a company when its management is taken over
32-G. Recovery of amounts due to the Financial Corporation as an arrear of land revenue
   
  CHAPTER IV : INVESTMENT OF FUNDS, ACCOUNTS AND AUDIT
33. Funds of the Financial Corporation
34. Investment of funds
35. Disposal of profits
35-A. Special reserve fund
36. General meetings
37. Audit
37-A. Inspection
38. Returns
   
  CHAPTER V : MISCELLANEOUS
39. Power to give instructions to Financial Corporation on questions of policy
40. Declaration of fidelity and secrecy
41. Indemnity of directors
41-A. Protection of action taken by persons appointed under section 27 or section 32A
41-B. Nomination in respect of deposits, bonds, etc
42. Offences
43. Provisions relating to income-tax and super-tax
43-A. Delegation of powers
43-B. Reports to the Board
44. Act 18 of 1891 to apply to the books of the Financial Corporation
45. Liquidation of Financial Corporation
46. Power to apply Act to certain financial institutions in existence at commencement of Act
46-A. Extension of jurisdiction of the Financial Corporation to other States by agreement
46-B. Effect of Act on other laws
47. Power of State Government to make rules [Omitted]
48. Power of Board to make regulations
48-A. Laying of rules and regulations before State Legislature
48-B. Power to make rules
49. Power to remove difficulty
   
  SCHEDULE
 
 
 

 

 

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