SECTIONS | 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 |