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The State Financial Corporation Act,1951

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The State Financial Corporation Act,1951

CONTENTS

Sections

Particulars

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

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