State Financial Corporations Act, 1951

The State Financial Corporations (Appeal to the Central Government) Rules, 2003
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Contents
The State Financial Corporations Act, 1951
Chapter I : Preliminary
1.     Short title, extent and commencement
2.     Definitions   
Chapter II : Incorporation of State Financial Corporations, their Capital and Management
3.      Establishment of State Financial Corporations
3A.   Establishment of Joint Financial Corporations
4.      Share capital and share-holders                     
4A.   Special class of shares                                  
4B.   Transfer of share capital to Development Bank                 
4C.   Payment of amount                                    
4D.  Issue of redeemable preference shares
4E.   Reduction of share capital                       
4F.   Restriction on exercising of voting right   
4G.  Proxy voting
4H.  Transfer of share capital to Small Industries Bank
5.     Transfer of shares
6.     Conversion of shares guaranteed by State Government
7.     Additional capital of the Financial Corporation and its borrowing powers
8.     Deposits with the Financial Corporation
9.     Managements
10.   Board of directors
11.   Term of office 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 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.   Offices and agencies                                     
23.   Officers and other employees of the Financial Corporation
Chapter III : Powers and Duties of The Board
24.   General duty of the Board
25.   Business which Financial Corporation may transact
25A. Power to acquire rights
25B. Gifts, grants, etc.
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   
32A.  Power of Financial Corporation to appoint directors or administrators of an industrial
          concern when management is taken over   
32B.  Effect of notified order under section 32A
32C.  Powers and duties of directors and administrators
32D.  No right to compensation for termination of contract of managing agent, managing
           director, etc.
32E.  Application of Act 1 of 1956
32F.  Restriction on filing of suits for dissolution, etc., of an industrial concern not being
          a company when its management is taken over
32G. Recovery of amounts due to the Financial Corporation as an arrear of land revenue
Chapter IV : Investment of Funds, Accounts and Audit
33.    Funds of the Financial Corporation
34.    Investment of funds
35.    Disposal of profits
35A.  Special reserve fund
36.    General meetings    
37.    Audit    
37A.  Inspection                                                       
38.    Returns    
Chapter V : Miscellaneous
39.    Power to give instructions to Financial Corporation on questions of policy
40.    Declaration of fidelity and secrecy
41.    Indemnity of directors
41A.  Protection of action taken by persons appointed under section 27 or section 32A
41B. Nomination in respect of deposits, bonds, etc.
42.    Offences
43.    Provisions relating to income-tax and super-tax
43A.  Delegation of powers
43B.  Reports to the Board    
44.    Act 18 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
46A.  Extension of jurisdiction of the Financial Corporation to other States by agreement
46B.  Effect of Act on other laws
47.    [Repealed]    
48.    Power of Board to make regulations
48A.  Laying of rules and regulations before State Legislature
48B.  Power to make rules
49.    Power to remove difficulty
The Schedule— Declaration of fidelity and secrecy
The State Financial Corporations (Appeal to the  Central Government) Rules, 2003
1.      Short title and commencement
2.      Definitions
3.      Procedure for filing appeal
4.      Time within which appeal is to be preferred 
5.      Payment of fees 
6.      Contents of appeal
7.      Furnishing of information or documents
8.      Date and place of hearing of appeal to be communicated  
9.      Hearing of appeal
Form.— Appeal under sub-section (5) of section 5 of the State Financial Corporations Act, 1951
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