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State Financial Corporations Act, 1951

[Act No. 63 of Year 1951, dated 31st. October, 1951]

Contents
Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
2 Definitions
Chapter II Incorporation Of State Financial Corporations, Their Capital And Management
3 Establishment of State Financial Corporations
3A Establishment of Joint Financial Corporations
4 Share capital and shareholders
4A Special class of shares
4B Transfer of share capital to Development Bank
4C Payment of amount
5 Restrictions on transfer of shares
6 Shares to be guaranteed by the State Government and to be trust or approved securities
7 Additional capital of the Financial Corporation and its borrowing powers
7A Power to transfer rights
8 Deposits with the Financial Corporation
9 Management of Financial Corporations
10 Board of Directors
10A Vacation of office by an elected Director
Chapter II Incorporation of State Financial Corporations, Their capital and Management
11 Term of office and retirement of Directors
12 Disqualification for being a Director
13 Removal of Director from office
14 Resignation of office by Director and filling up of casual vacancies
15 Chairman of the Board
16 Remuneration of Directors
17 Managing Director
18 Executive Committee
19 Meetings of the Board and Committee
20 Powers of Executive Committee
21 Advisory Committee
22 Offices and agencies
23 Officers and other employees of the Financial Corporation
Chapter III Powers And Duties Of The Board
24 General duty of the Board
25 Business which Financial Corporation may transact
25A Power to acquire rights
26 Limit of accommodation
27 Power to impose conditions for accommodation
28 Prohibited business
29 Rights of Financial Corporation in case of default
30 Power to call for repayment before agreed period
31 Special provisions for enforcement of claims by Financial Corporation
32 Procedure of District Judge in respect of applications under section 31
32A Power of Financial Corporation to appoint Directors or administrators of an industrial concern when management is taken over
32B Effect of notified order under section 32A
32C Powers and duties of Directors and administrators
32D No right to compensation for termination of contract of Managing Agent, Managing Director, etc.
32E Application of Act 1 of 1956
32F Restriction on filing of suits for dissolution, etc. of an industrial concern not being a company when its management is taken over
32G Recovery of amounts due to the Financial Corporation as an arrear of land revenue
Chapter IV Investment Of Funds, Accounts And Audit
33 Funds of the Financial Corporation
34 Investment of funds
35 Disposal of profits
35A Special reserve fund
36 General meetings
37 Audit
37A Inspection
38 Returns
Chapter V Miscellaneous
39 Power to give instructions to Financial Corporation on questions of policy
40 Declaration of fidelity and secrecy
41 Indemnity of Directors
41A Protection of action taken by persons appointed under section 27 or section 32A
42 Offences
43 Provisions relating to income tax and super-tax
43A Delegation of powers
43B Reports to the Board
44 Act 18 of 1891 to apply to the books of the Financial Corporation
45 Liquidation of Financial Corporation
46 Power to apply Act to certain financial institutions in existence at commencement of Act
46A Extension of jurisdiction of the Financial Corporation to other States by agreement
46B Effect of Act on other laws
47 Power of State Government to make rules
48 Power of Board to make regulations
48A Laying of rules and regulations before State Legislature
49 Power to remove difficulty
Schedule Declaration Of Fidelity And Secrecy
  Foot Notes

An Act to provide for the establishment of State Financial Corporations

Be it enacted by Parliament as follows:-



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