STATE FINANCIAL CORPORATIONS ACT, 1951

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S.1 Short title, extent and commencement

S.2 Definitions

S.3 Establishment of State Financial Corporations

S.3-A Establishment of Joint Financial Corporations

S.4 Share capital and shareholders

S.4-A Special class of shares

S.4-B Transfer of share capital to Development Bank

S.4-C Payment of amount

S.5 Restrictions on transfer of shares

S.6 Shares to be guaranteed by the State Government and to be trust or approved securities

S.7 Additional capital of the Financial Corporation and its borrowing powers

S.7-A Power of transfer of rights

S.8 Deposits with the Financial Corporation

S.9 Management of Financial Corporations

S.10 Board of Directors

S.11 Term of office and retirement of Directors

S.12 Disqualifications for being a Director

S.13 Removal of Director from office

S.14 Resignation of office by Director and filling up of casual vacancies

S.15 Chairman of the Board

S.16 Remuneration of Directors

S.17 Managing Director

S.18 Executive Committee

S.19 Meetings of the Board and Committee

S.20 Powers of Executive Committee

S.21 Advisory Committee

S.22 Officers and agencies

S.23 Officers and other employees of the Corporation

S.24 General duty of the Board

S.25 Business which Financial Corporation may transact

S.26 Limit of accommodation

S.27 Power to impose conditions for accommodation

S.28 Prohibited business

S.29 Right of financial corporation in case of default

S.30 Power to call for repayment before agreed period

S.31 Special provisions for enforcement of claims by Financial Corporation

S.32 Procedure of District Judge in respect of applications under Section 31

S.32-A Power of financial corporation to appoint Directors or Administrators of an industrial concern when management is taken over

S.32-B Effect of notified order under Section 32-A

S.32-C Powers and duties of Directors and Administrators

S.32-D No right to compensation for termination of contract of managing agent, Managing Director, etc.

S.32-E Application of Act 1 of 1956

S.32-F Restriction on filing of suits for dissolution etc., of an industrial concern not being a company when its management is taken over

S.33 Funds of the financial corporation

S.34 Investment of funds

S.35 Disposal of profits

S.35-A Special reserve fund

S.36 General meetings

S.37 Audit

S.37-A Inspection

S.38 Returns

S.39 Power to give instructions to Financial Corporation on questions of policy

S.40 Declaration of fidelity and secrecy

S.41 Indemnity of Directors

S.41-A Protection of action taken by persons appointed under Section 27 or Section 32-A

S.42 Offences

S.43 Provisions relating to income-tax and super-tax

S.43A Delegation of powers

S.44 Act 18 of 1891 to apply to the books of the Financial Corporation

S.45 Liquidation of Financial Corporation

S.46 Power to apply Act to certain financial institutions in existence at the commencement of this Act

S.46-A Extension of jurisdiction of the Financial Corporation to other States by agreement

S.46-B Effect of Act on other laws

S.47 Power of State Government to make rules

S.48 Power of Board to make regulations

S.49 Power to remove difficulty

Schedule .

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