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The Industrial Finance Corporation Act, 1948

*[27th March, 1948.]

S. No

1 Short title, extent and commencement
2 Interpretation
3 Establishment and incorporation of Corporation
4 Share capital and share - holders
4A Transfer of shares and increase of capital
5 Guarantee by Central Government
5A Shares of the Corporation to be deemed to be securities for certain purposes
6 Management
7 Powers of Executive Committee
8 [Advisory Committee.] Rep., ibid
9 Managing Director
10 Board of Directors
10A Chairman of the Board
11 Term of office and retirement of Directors
12 Disqualification
13 Removal of Director from office
13A Casual vacancy of Chairman
14 Central Committee
15 Advisory Committees
16 Staff of Corporation
17 Meetings of the Board
18 Offices and agencies
19 Deposit Accounts
20 Investment of funds
21 Borrowing powers
21A Bonds and debentures to be approved securities
21B Power to transfer rights
21C Power to acquire rights
22 Deposits with the Corporation
23 Business which the Corporation may transact
25 Power to impose conditions for accommodation
26 Prohibited business
27 Loans in foreign currency
28 Rights of Corporation in case of default
29 Power to call for repayment before agreed period
30 Special provisions for enforcement of claims by the Corporation
30A Power of Corporation to appoint Directors of an industrial
30B Effect of notified order appointing Directors
30C Powers and duties of Directors
30D No right to compensation for termination contract of managing agents
30E Application of Act 1 of 1956
31 Act 18 of 1891 to apply to the books of the Corporation
32 Disposal of profits
32A Special reserve fund
32B Benevolent reserve fund
33 General meetings
34 Audit
34A Appointment of local auditors
35 Returns
36 Acquisition of shares by the Central Government
37 Liquidation of Corporation
38 Indemnity of Directors
38A Protection of action taken by Directors appointed under sections 25and 30A
39 Declaration of fidelity and secrecy
40 Provision relating to income-tax and super tax
40A Delegation of powers
40B Removal of difficulties
41 Offences
41A Effect of Act on other laws
42 Power of Central Government to make rules
43 Power of Board to make regulations

where it is expedient to establish an Industrial Finance Corporation for the purpose of making medium and long-term credits more readily available to industrial concerns in India, particularly in circumstances where normal banking accommodation is inappropriate or recourse to capital issue methods is impracticable. It is hereby enacted as follows:--

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