The Industrial Finance Corporation Act, 1948
25. Power to impose conditions for accommodation.
- In entering Into any arrangement under section 23 with an industrial concern, the Corporation may impose such conditions as it may think necessary or expedient for protecting the interest of the Corporation, and securing that the accommodation granted by it is put to the best use by the industrial concern.
- 2*[Where any arrangement entered INTO by the Corporation with an industrial concern provides for the appointment by the Corporation of one or more Directors of such industrial concern, such provision and any appointment of Directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the industrial concern, and any provision regarding share qualification, age limit, number of directorships, removal FROM office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the Corporation in pursuance of the arrangement as aforesaid.
- Omitted by Act 2 of 1982, s.13 (w.e.f. 12.3.1982).
- Subs. by Act 74 of 1972, s. 13 for sub-section (2).
- 53. Any Director appointed in pursuance of sub-section (2) shall-
- hold office during the pleasure of the Corporation and may be removed or substituted by any person by order in writing by the Corporation;
- not incur any obligation or liability by reason only of his being a Director or for anything done or omitted to be done in good faith in the discharge of his duties as a Director of anything in relation thereto;
- not be liable to retirement by rotation and shall not be taken into account for computing the number of Directors liable to such retirement.]