The Industrial Finance Corporation Act, 1948
- The general superintendence and direction of the affairs and business of the Corporation shall be entrusted to a Board of Directors which 3*** may exercise all powers and do all acts and things which may be exercised or done by the Corporation.
- The Board in discharging its functions shall act on business principles due regard being had by it to the interests of industry, commerce and the general public.
- In the discharge of its said functions, the Board shall be guided by such instructions on questions of policy as may be given to it by 4*[the Development Bank].
- 5*[If any dispute arises between the Development Bank and the Board as to whether a question is or is not a question of policy, the dispute shall be referred to the Central Government whose decision thereon shall be final.]
- If the Board fails to carry out the instructions on the question of policy 6*[given by the Development Bank], the Central Government shall have the power to supersede the Board and appoint a new Board in its place to function until a properly constituted Board is set up. The decision of the Central Government as to the grounds for superseding the Board shall not be questioned in any Court of law.
- 1. Subs. by Act 2 of 1982, s. 4 (w.e.f. 12.3.1982)
- 2. Ins. by Act 45 of 1949, s. 2.3. The words "with the assistance of an Executive Committee and a Managing Director" omitted by Act 28 of 1955, s.5.4. Subs. by Act 18 of 1964, s. 38 and Sch. II, for "the Central Government" (w.e.f. 1-8-1964).5. Subs. by 38 and Sch. II, ibid., for sub-section (4) (w.e.f. 1 - 8 - 1964).6. Subs. by s. 38 and Sch. II, ibid., for "laid down by the Central Government" (w.e.f. 1-8-1964).