SECTIONS
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State
Financial Corporations Act, 1951
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Preamble |
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CHAPTER I
: PRELIMINARY |
| 1. |
Short
title, extent and commencement |
| 2. |
Definitions |
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CHAPTER II : INCORPORATION
OF STATE FINANCIAL CORPORATIONS, THEIR CAPITAL AND MANAGEMENT |
| 3. |
Establishment
of State Financial Corporations |
| 3-A. |
Establishment
of Joint Financial Corporations |
| 4. |
Share
capital and share-holders |
| 4-A. |
Special
class of shares |
| 4-B. |
Transfer
of share capital to Development Bank |
| 4-C. |
Payment
of amount |
| 4-D. |
Issue
of redeemable preference shares |
| 4-E. |
Reduction
of share capital |
| 4-F. |
Restriction
on exercising of voting right |
| 4-G. |
Proxy
voting |
| 4-H. |
Transfer
of share capital to Small Industries Bank |
| 5. |
Transfer
of shares |
| 6. |
Conversion
of shares guaranteed by State Government |
| 7. |
Additional
capital of Financial Corporation and borrowing powers |
| 8. |
Deposits
with Financial Corporation |
| 9. |
Management |
| 10. |
Board
of directors |
| 10-A. |
Vacation
of office by an elected director [Omitted] |
| 11. |
Term
of office and retirement of directors |
| 12. |
Disqualifications
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 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 |
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CHAPTER III : POWERS AND
DUTIES OF THE BOARD |
| 24. |
General
duty of the Board |
| 25. |
Business
which Financial Corporation may transact |
| 25-A. |
Power
to acquire rights |
| 25-B. |
Gifts,
grants, etc |
| 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 |
| 32-A. |
Power
of Financial Corporation to appoint directors or administrators
of an industrial concern when management is taken over |
| 32-B. |
Effect
of notified order under section 32A |
| 32-C. |
Powers
and duties of directors and administrators |
| 32-D. |
No
right to compensation for termination of contract of managing
agent, managing director, etc |
| 32-E. |
Application
of Act 1 of 1956 |
| 32-F. |
Restriction
on filing of suits for dissolution etc., of an industrial
concern not being a company when its management is taken
over |
| 32-G. |
Recovery
of amounts due to the Financial Corporation as an arrear
of land revenue |
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CHAPTER IV : INVESTMENT
OF FUNDS, ACCOUNTS AND AUDIT |
| 33. |
Funds
of the Financial Corporation |
| 34. |
Investment
of funds |
| 35. |
Disposal
of profits |
| 35-A. |
Special
reserve fund |
| 36. |
General
meetings |
| 37. |
Audit |
| 37-A. |
Inspection |
| 38. |
Returns |
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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 |
| 41-A. |
Protection
of action taken by persons appointed under section 27
or section 32A |
| 41-B. |
Nomination
in respect of deposits, bonds, etc |
| 42. |
Offences |
| 43. |
Provisions
relating to income-tax and super-tax |
| 43-A. |
Delegation
of powers |
| 43-B. |
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 |
| 46-A. |
Extension
of jurisdiction of the Financial Corporation to other
States by agreement |
| 46-B. |
Effect
of Act on other laws |
| 47. |
Power
of State Government to make rules [Omitted] |
| 48. |
Power
of Board to make regulations |
| 48-A. |
Laying
of rules and regulations before State Legislature |
| 48-B. |
Power
to make rules |
| 49. |
Power
to remove difficulty |
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SCHEDULE |
