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State Financial Corporations Act, 1951 Complete Act - Bare Act

StateCentral Government
Act Info:
Chapter I
Section1 - Short title, extent and commencement
Section2 - Definitions
Chapter II
Section3 - Establishment of State Financial Corporations
Section3A - Establishment of Joint Financial Corporations
Section4 - Share capital and share-holders
Section4A - Special class of shares
Section4B - Transfer of share capital to Development Bank
Section4C - Payment of amount
Section4D - Issue of redeemable preference shares
Section4E - Reduction of share capital
Section4F - Restriction on exercising of voting right
Section4G - Proxy voting
Section4H - Transfer of share capital to Small Industries Bank
Section5 - Transfer of shares
Section6 - Conversion of shares guaranteed by State Government
Section7 - Additional capital of Financial Corporation and its borrowing powers
Section8 - Deposits with the Financial Corporation
Section9 - Managements
Section10 - Board of directors
Section10A - Omitted
Section11 - Term of office and retirement of directors
Section12 - Disqualifications for being a director
Section13 - Removal of director from office
Section14 - Resignation of office by director and filling up of casual vacancies
Section15 - Chairman of Board
Section16 - Remuneration of directors
Section17 - Managing director
Section18 - Executive Committee
Section19 - Meetings of the Board and Committee
Section20 - Powers of Executive Committee
Section21 - Advisory Committee
Section22 - Offices and agencies
Section23 - Officers and other employees of the Financial Corporation
Chapter III
Section24 - General duty of the Board
Section25 - Business which Financial Corporation may transact
Section25A - Power to acquire rights
Section25B - Gifts, grants etc.
Section26 - Limit of accommodation
Section27 - Power to impose conditions for accommodation
Section28 - Prohibited business
Section29 - Rights of Financial Corporation in case of default
Section30 - Power to call for repayment before agreed period
Section31 - Special provisions for enforcement of claims by Financial Corporation
Section32 - Procedure of district judge in respect of applications under Section 31
Section32A - Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
Section32B - Effect of notified order under Section 32A
Section32C - Powers and duties of directors and administrators
Section32D - No right to compensation for termination of contract of managing agent, managing director, etc.
Section32E - Application of Act 1 of 1956
Section32F - Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
Section32G - Recovery of amounts due to the Financial Corporation as an arrear of land revenue
Chapter IV
Section33 - Funds of the Financial Corporation
Section34 - Investment of funds
Section35 - Disposal of profits
Section35A - Special reserve fund
Section36 - General meetings
Section37 - Audit
Section37A - Inspection
Section38 - Returns
Chapter V
Section39 - Power to give instructions to Financial Corporation on questions of policy
Section40 - Declaration of fidelity and secrecy
Section41 - Indemnity of directors
Section41A - Protection of action taken by persons appointed under Section 27 or Section 32A
Section41B - Nomination in respect of deposits, bonds, etc.
Section42 - Offences
Section43 - Provisions relating to income-tax and super-tax
Section43A - Delegation of powers
Section43B - Reports to the Board
Section44 - Act 18 of 1891 to apply to the books of the Financial Corporation
Section45 - Liquidation of Financial Corporation
Section46 - Power to apply Act to certain financial institutions in existence at commencement of Act
Section46A - Extension of jurisdiction of the Financial Corporation to other States by agreement
Section46B - Effect of Act on other laws
Section47 - Omitted
Section48 - Power of Board to make regulations
Section48A - Laying of rules and regulations before State Legislature
Section48B - Power to make rules
Section49 - Power to remove difficulty
Schedule1 - THE SCHEDULE

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