State Financial Corporations Act, 1951

Bare Act · 1951

An Act to provide for the establishment of State Financial Corporations.

Act number: 63 of 1951
Enacted: 31 October 1951
Contents: 78 sections · 6 chapters

The first 5 sections are free to read. Sign in free to read the rest.

Contents

Chapter I — Preliminary

Chapter II — Incorporation Of State Financial Corporations Their Capital And Management

Section 3 – Establishment of State Financial Corporations
Section 3A – Establishment of Joint Financial Corporations
Section 4 – Share capital and share-holders
Section 4A – Special class of shares (preview)
Section 4B – Transfer of share capital to Development Bank (preview)
Section 4C – Payment of amount (preview)
Section 4D – Issue of redeemable preference shares (preview)
Section 4E – Reduction of share capital (preview)
Section 4F – Restriction on exercising of voting right (preview)
Section 4G – Proxy voting (preview)
Section 5 – Transfer of shares (preview)
Section 6 – Conversion of shares guaranteed by State Government (preview)
Section 7 – Additional capital of Financial Corporation and its borrowing powers (preview)
Section 8 – Deposits with the Financial Corporation (preview)
Section 9 – Managements (preview)
Section 10 – Board of directors (preview)
Section 10A – Omitted (preview)
Section 11 – Term of office and retirement of directors (preview)
Section 12 – Disqualifications for being a director (preview)
Section 13 – Removal of director from office (preview)
Section 14 – Resignation of office by director and filling up of casual vacancies (preview)
Section 15 – Chairman of Board (preview)
Section 16 – Remuneration of directors (preview)
Section 17 – Managing director (preview)
Section 18 – Executive Committee (preview)
Section 19 – Meetings of the Board and Committee (preview)
Section 20 – Powers of Executive Committee (preview)
Section 21 – Advisory Committee (preview)
Section 22 – Offices and agencies (preview)
Section 23 – Officers and other employees of the Financial Corporation (preview)

Sections

Section 4H – Transfer of share capital to Small Industries Bank (preview)

Chapter III — Powers And Duties Of The Board

Chapter IV — Investment Of Funds, Accounts And Audit

Section 33 – Funds of the Financial Corporation (preview)
Section 34 – Investment of funds (preview)
Section 35 – Disposal of profits (preview)
Section 35A – Special reserve fund (preview)
Section 36 – General meetings (preview)
Section 37 – Audit (preview)
Section 37A – Inspection (preview)
Section 38 – Returns (preview)

Chapter V — Miscellaneous

Section 39 – Power to give instructions to Financial Corporation on questions of policy (preview)
Section 40 – Declaration of fidelity and secrecy (preview)
Section 41 – Indemnity of directors (preview)
Section 41A – Protection of action taken by persons appointed under section 27 or section 32A (preview)
Section 41B – Nomination in respect of deposits, bonds, etc (preview)
Section 42 – Offences (preview)
Section 43 – Provisions relating to income-tax and super-tax (preview)
Section 43A – Delegation of powers (preview)
Section 43B – Reports to the Board (preview)
Section 44 – Act 18 of 1891 to apply to the books of the Financial Corporation (preview)
Section 45 – Liquidation of Financial Corporation (preview)
Section 46 – Power to apply Act to certain financial institutions in existence at commencement of Act (preview)
Section 46A – Extension of jurisdiction of the Financial Corporation to other States by agreement (preview)
Section 46B – Effect of Act on other laws (preview)
Section 47 – Omitted (preview)
Section 48 – Power of Board to make regulations (preview)
Section 48A – Laying of rules and regulations before State Legislature (preview)
Section 48B – Power to make rules (preview)
Section 49 – Power to remove difficulty (preview)