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Section 2 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 2. Definitions

In this Act, unless the context otherwise requires,–

(a) “Board” means the Board of directors of the Financial Corporation

(b) “Financial Corporation” means the Financial Corporation established for the State under section 3;

(c) “Industrial concern” means any concern engaged in the manufacture, preservation or processing of goods or in mining or in the generation or distribution of electricity or any other form of power;

(d) “Prescribed” means prescribed by rules or regulations made under this Act;

(e) “Reserve Bank” means the Reserve Bank of India constituted under the Reserve Bank of India Act,1934 (II of 1934);

(f) “Schedule bank” means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act,1934 (II of 1934);

(g) “Underwriting” means contract, with or without conditions, to subscribe for stocks, shares, bonds, or debentures of an industrial concern with a view to the resale of the whole or any part thereof.

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The State Financial Corporation Act,1951

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