The Industrial Finance Corporation Act, 1948

6. Management.

1. 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.
2. 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.
3. 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].
4. 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.]
5. 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. 1. Subs. by Act 2 of 1982, s. 4 (w.e.f. 12.3.1982)
2. 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).