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The State Financial Corporation Act,1951

The State Financial Corporation Act,1951

CONTENTS

Sections

Particulars

1 Short title, extent and commencement
2 Definitions
3 Establishment of State Financial Corporations
4 Share capital and shareholders
5 Restrictions on transfer of shares
6 Shares to be guaranteed by the State Government and to be trust or approved securities
7 Additional capital of the Financial Corporation
8 Deposits with the Financial Corporation
9 Management of Financial Corporation
10 Board of directors
11 Term of once and retirement of directors
12 Disqualifications for being a director
13 Removal of director from office
14 Resignation of office by director and filling up of casual vacancies
15 Chairman of the Board
16 Remuneration of directors
17 Managing director
18 Executive Committee
19 Meetings of the Board and Committee
20 Powers of Executive Committee
21 Advisory committee
22 Office and agencies
23 Officers and other employees of the Corporation
24 General duty of the Board
25 Business which Financial Corporations may transact
26 Limit of accommodation
27 Power to impose conditions for accommodation
28 Prohibited business
29 Rights of Financial Corporation in case of default
30 Power to call for repayment before agreed period
31 Special provisions for enforcement of claims by Financial Corporation
32 Procedure of district judge in respect of applications under section 31
33 Funds of the Financial Corporation
34 Investment of funds
35 Disposal of profits
36 General meetings
37 Audit
38 Returns
39 Power to give instructions to Financial Corporation on questions of policy
40 Declaration of fidelity and secrecy
41 Indemnity of directors
42 Offences
43 Provisions relating to income-tax and super tax
44 Act XVIII of 1891 to apply to the books of the Financial Corporation
45 Liquidation of Financial Corporation
46 Power to apply Act to certain financial institutions in existence at commencement of Act
47 Power of State Government to make rules
48 Power of Board to make regulations
Schedule

Indian Laws – Bare Acts

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