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The State Agricultural Credit Corporations Act, 1968

S. No

Contents

1.

Short title and Commencement
2. Definitions
3. Establishment of State Agricultural Credit Corporations
4. Head Office and other Offices
5. Share Capital and Share - Holders
6. Restrictions on Transfer of Shares
7. Management
8. Corporation to be Guided by Directions of Central Government
9. Constitution of Board
10. Managing Director
11. Term of Office of Directors other than Managing Director
12. Disqualifications
13. Vacation of Seats of Directors
14. Executive Committee and other Committees of the Corporation
15. Meetings of Board and Committees
16.

Directors of Board or Members of a Committee not to Vote in Certain Cases

17. Defects in Appointments not to Invalidate Acts, etc
18. Fees and Allowances of Directors and Members of Committees
19. Business which the Corporation may Transact
20. Borrowing by the Corporation
21. Deposits with the Corporation
22. Limits on Borrowings and Deposits
23. Corporation to maintain two Funds
24. Stabilization Fund
25. Reserve Fund
26. Payment of Dividend
27. Investment of Surplus Funds
28. Recovery of Moneys due to the Corporation
29. Acquisition or Transfer by the Corporation of Business
30. General Meetings
31. Accounts
32. Audit
33 Returns
34. Certain provisions of the Banking Regulation Act, 1949, to apply to the Corporation
35. Certain provisions of the Reserve Bank of India Act, 1934
36. Reserve Bank of India Act, 1934 and Banking Regulation Act, 1949
37. The Bankers Books Evidence Act, 1891 to Apply
38. Corporation to be Deemed to be a Co - Operative Society
39. Court, Tribunal, etc., not to Require Production of Report
40. Declaration of Fidelity and Secrecy
41. Indemnity of Director
42. Protection of Action taken in Good Faith
43. Liquidation of the Corporation
44. Reserve Bank to Submit Report
45. Staff of the Corporation and Delegation of Powers
46. Powers of the Central Government to make Rules
47. Power of the Board to make Regulations
48. Amendment of Act 10 of 1963

THE STATE AGRICULTURAL CREDIT CORPORATIONS ACT, 1968.ACT NO. 60 OF 1968.[29th

December, 1968.]

An Act to provide for the establishment in the States and Union territories of Agricultural Credit Corporation and for matters connected therewith or incidental thereto.

BE it enacted by parliament in the Nineteenth Year of the Republic of India as follows:-



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