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Section 42 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 42. Offences

(1) Whoever, in any bill of lading, warehouse receipt or other document given to the Financial Corporation whereby security is given or is purported to be given to the Financial Corporation for any accommodation granted by it under this Act, wilfully makes any false statement or knowingly permits any false statement to be made shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both.

(2) Whoever without the consent in writing of the Financial Corporation uses the name of the Financial Corporation in any prospectus or advertisement shall be punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both.

(3) No court shall take cognizance of any offence punishable under this Act, otherwise than on a complaint in writing signed by an officer of the Financial Corporation authorised by the Board in this behalf.

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The State Financial Corporation Act,1951

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