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Section 46 – The State Financial Corporation Act,1951

<h2The State Financial Corporation Act,1951

Section 46. Power to apply Act to certain financial institutions in existence at commencement of Act

(1) The Central Government may, by notification in the Official Gazette direct that all or any of the provisions of this Act shall, subject to such exceptions and restrictions as may be specified, apply to any institution existence at the commencement of this Act which has for its object the financing of industrial concerns, and on the issue of such notification, the institution shall be deemed to be a Financial Corporation established by the State Government for the State within the meaning of this Act, and the provisions of this Act shall become applicable thereto according to the tenor of the notification.

(2) Any notification issued under sub-section (1) may suspend the operation of any enactment applicable to any such institutions immediately before the issue of the notification.

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The State Financial Corporation Act,1951

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