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State Financial Corporations Act, 1951

[Act No. 63 of Year 1951, dated 31st. October, 1951]

Contents

Sections

Particulars

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

3A

Establishment of Joint Financial Corporations

4

Share capital and shareholders

4A

Special class of shares

4B

Transfer of share capital to Development Bank

4C

Payment of amount

5

Restrictions on transfer of shares

6

Shares to be guaranteed by the State Government and to be trust or approved securities

7

Additional capital of the Financial Corporation and its borrowing powers

7A

Power to transfer rights

8

Deposits with the Financial Corporation

9

Management of Financial Corporations

10

Board of Directors

10A

Vacation of office by an elected Director

Chapter II

Incorporation of State Financial Corporations, Their capital and Management

11

Term of office and retirement of Directors

12

Disqualification 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 the 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

25A

Power to acquire rights

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

32A

Power of Financial Corporation to appoint Directors or administrators of an industrial concern when management is taken over

32B

Effect of notified order under section 32A

32C

Powers and duties of Directors and administrators

32D

No right to compensation for termination of contract of Managing Agent, Managing Director, etc.

32E

Application of Act 1 of 1956

32F

Restriction on filing of suits for dissolution, etc. of an industrial concern not being a company when its management is taken over

32G

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

35A

Special reserve fund

36

General meetings

37

Audit

37A

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

41A

Protection of action taken by persons appointed under section 27 or section 32A

42

Offences

43

Provisions relating to income tax and super-tax

43A

Delegation of powers

43B

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

46A

Extension of jurisdiction of the Financial Corporation to other States by agreement

46B

Effect of Act on other laws

47

Power of State Government to make rules

48

Power of Board to make regulations

48A

Laying of rules and regulations before State Legislature

49

Power to remove difficulty

 

Schedule Declaration Of Fidelity And Secrecy

 

Foot Notes

An Act to provide for the establishment of State Financial Corporations

Be it enacted by Parliament as follows: -



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