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State Financial Corporation Act, 1951

Sections

1Short title, extent and commencementView Details
10Board of DirectorsView Details
10AVacation of office by an elected DirectorView Details
10AVacation of office by an elected DirectorView Details
11 Term of office and retirement of DirectorsView Details
12 Disqualification for being a DirectorView Details
13 Removal of Director from officeView Details
14 Resignation of office by Director and filling up of casual vacanciesView Details
15 Chairman of the BoardView Details
16 Remuneration of DirectorsView Details
17 Managing DirectorView Details
18 Executive CommitteeView Details
19 Meetings of the Board and CommitteeView Details
2DefinitionsView Details
20 Powers of Executive CommitteeView Details
21 Advisory CommitteeView Details
22 Offices and agenciesView Details
23 Officers and other employees of the Financial CorporationView Details
24 General duty of the BoardView Details
25 Business which Financial Corporation may transactView Details
25 Power to acquire rightsView Details
26 Limit of accommodationView Details
27 Power to impose conditions for accommodationView Details
28 Prohibited businessView Details
29 Rights of Financial Corporation in case of defaultView Details
3Establishment of State Financial CorporationsView Details
30 Power to call for repayment before agreed periodView Details
31 Special provisions for enforcement of claims by Financial CorporationView Details
32 Procedure of District Judge in respect of applications under section 31View Details
32 Power of Financial Corporation to appoint Directors or administrators of an industrial concern when management is taken overView Details
32 Effect of notified order under section 32AView Details
32 Powers and duties of Directors and administratorsView Details
32 No right to compensation for termination of contract of Managing Agent, Managing Director, etc.View Details
32 Application of Act 1 of 1956View Details
32 Restriction on filing of suits for dissolution, etc. of an industrial concern not being a company when its management is taken overView Details
32 Recovery of amounts due to the Financial Corporation as an arrear of land revenueView Details
33Funds of the Financial CorporationView Details
34Investment of fundsView Details
35Disposal of profitsView Details
35ASpecial reserve fundView Details
36General meetingsView Details
37AuditView Details
37AInspectionView Details
38ReturnsView Details
39 Power to give instructions to Financial Corporation on questions of policyView Details
3AEstablishment of Joint Financial CorporationsView Details
4Share capital and shareholdersView Details
40 Declaration of fidelity and secrecyView Details
41 Indemnity of DirectorsView Details
41 Protection of action taken by persons appointed under section 27 or section 32AView Details
42 OffencesView Details
43 Provisions relating to income tax and super-taxView Details
43 Delegation of powersView Details
43 Reports to the BoardView Details
44 Act 18 of 1891 to apply to the books of the Financial CorporationView Details
45 Liquidation of Financial CorporationView Details
46 Power to apply Act to certain financial institutions in existence at commencement of ActView Details
46 Extension of jurisdiction of the Financial Corporation to other States by agreementView Details
46 Effect of Act on other lawsView Details
47 Power of State Government to make rulesView Details
48 Power of Board to make regulationsView Details
48 Laying of rules and regulations before State LegislatureView Details
49 Power to remove difficultyView Details
4ASpecial class of sharesView Details
4BTransfer of share capital to Development BankView Details
4CPayment of amountView Details
5fer of sharesView Details
6Shares to be guaranteed by the State Government and to be trust or approved securitiesView Details
7Additional capital of the Financial Corporation and its borrowing powersView Details
7APower to transfer rightsView Details
8Deposits with the Financial CorporationView Details
9Management of Financial CorporationsView Details
TH Schedule Declaration Of Fidelity And SecrecyView Details

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