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Section 27 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 27. Power to impose conditions for accommodation

(1) In entering into any arrangement under section 25 with an industrial concern, the Financial Corporation may impose such conditions as it may think necessary or expedient for protecting the interests of the Financial Corporation and securing that the accommodation granted by it is put to the best use by the industrial concern.

(2) Where one of the conditions imposed under sub-section (1) is that a director shall be appointed by the Financial Corporation on the board of directors of the industrial concern to protect the interests of the financial Corporation such condition shall be a valid condition notwithstanding anything contained in the Indian Companies Act,1913 (VII of 1913), or in any other law for the time being in force or in any instrument relating to the industrial concern.

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The State Financial Corporation Act,1951

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