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State Financial Corporation Act, 1951

NO.LXIII OF 1951 An Act to provide for the establishment of State Financial Corporations. [31st October, 1951] BE it enacted by Parliament as follows:-

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S.1 Short title, extent and commencement
S.2 Definitions
S.3 Establishment of State Financial Corporations
S.1[3A Establishment of Joint Financial Corporations
S.4 Share capital and shareholders
S.1[4A Special class of shares
S.1[4B Transfer of share capital to Development Bank
S.1[4C Payment of amount
S.1[4D Issue of redeemable preference shares
S.1[4E Reduction of share capital
S.1[4F Restriction on exercising of voting right
S.1[4G Proxy voting
S.1[4H Transfer of share capital to Small Industries Bank
S.1[5 Transfer of shares
S.1[6 Conversion of shares guaranteed by State Government
S.1[7 Additional capital of Financial Corporation and its borrowing powers
S.1[8 Deposits with Financial Corporation
S.1[9 Managements
S.1[10 Board of directors
S.1[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.1[15 Chairman of Board
S.1[16 Remuneration of directors
S.17 Managing director
S.1[18 Executive Committee
S.19 Meetings of the Board and Committee
S.20 Powers of Executive Committee
S.21 Advisory committee
S.1[22 Offices and agencies
S.23 Officers and other employees of the Financial Corporation
S.24 General duty of the Board
S.1[25 Business which Financial Corporation may transact
S.1[25A Power to acquire rights
S.1[25B Gifts, grants etc.
S.1[26 Limit of accommodation
S.27 Power to impose conditions for accommodation
S.28 Prohibited business
S.29 Rights 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.1[32A Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
S.1[32B Effect of notified order under section 32A
S.1[32C Powers and duties of directors and administrators
S.1[32D No right to compensation for termination of contract of managing agent, managing director, etc.
S.1[32E Application of Act 1 of 1956
S.1[32F Restriction on filing of suits for dissolution, etc., of an industrial concern not being a company when its management is taken over
S.1[32G Recovery of amounts due to the Financial Corporation as an arrear of land revenue
S.33 Funds of the Financial Corporation
S.1[34 Investment of funds
S.35 Disposal of profits
S.1[35A Special reserve fund
S.36 General meetings
S.37 Audit
S.1[37A 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.1[41A Protection of action taken by persons appointed under section 27 or section 32A
S.1[41B Nomination in respect of deposits, bonds, etc.
S.42 Offences
S.43 Provisions relating to income tax and super tax
S.1[43A Delegation of powers
S.1[43B Reports to the Board
S.44 Act XVIII 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 institution in existence at commencement of Act
S.1[46A Extension of jurisdiction of the Financial Corporation to other States by agreement
S.47
S.48 Power of Board to make regulations
S.1[48A Laying of rules and regulations before State Legislature
S.1[48B Power to make rules
S.1[49 Power to remove difficulty
S.40(3)]
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