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Home Bare Acts Phrase: financial corporationState Financial Corporations Act, 1951 Chapter II
Title : Insorporation of State Financial Corporations, their Capital and Management
State : Central
Year : 1951
.....Financial Corporation.] ______________________ 1. Section 7 Substituted by Act 6 of 1962, section 5 (w.e.f. 16-4-1962) and again Substituted by Act. 39 Section 8 - Deposits with the Financial Corporation 1[8. Deposits with the Financial Corporation (1) The Financial Corporation may accept from the State Government, or with the prior approval of the Reserve Bank, from a local authority or any other person deposits repayable after the expiry of a period which shall not be less than twelve months from the date of the making of the deposit and on such other terms as the Board thinks fit: Provided that the total amount of such deposits shall not exceed twice the paid-up share capital of the Financial Corporation: Provided further that the State Government may permit the Financial Corporation to accept deposits up to a higher limit not exceeding ten times the paid-up share capital of the Financial Corporation. (2) Any deposit accepted under Sub-section (1), other than a deposit from the State Government may, if so required by the Financial Corporation, be guaranteed by the State Government as to the repayment of the principal and payment of interest.] .....
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Complete Act
Title : State Financial Corporations Act, 1951
State : Central
Year : 1951
.....employees of the Financial Corporation Chapter III Section24 - General duty of the Board Section25 - Business which Financial Corporation may transact Section25A - Power to acquire rights Section25B - Gifts, grants etc. Section26 - Limit of accommodation Section27 - Power to impose conditions for accommodation Section28 - Prohibited business Section29 - Rights of Financial Corporation in case of default Section30 - Power to call for repayment before agreed period Section31 - Special provisions for enforcement of claims by Financial Corporation Section32 - Procedure of district judge in respect of applications under Section 31 Section32A - Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over Section32B - Effect of notified order under Section 32A Section32C - Powers and duties of directors and administrators Section32D - No right to compensation for termination of contract of managing agent, managing director, etc. Section32E - Application of Act 1 of 1956 Section32F - Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is.....
List Judgments citing this sectionState Financial Corporations Act, 1951 Section 7
Title : Additional Capital of Financial Corporation and Its Borrowing Powers
State : Central
Year : 1951
.....Financial Corporation under Clause (b) of Sub-section (4) and Sub-section (5) and of the contingent liabilities of the Financial Corporation in the form of guarantees given by it or underwriting agreements entered into by it, shall not exceed ten times the amount of the paid-up share capital and reserve fund of the Financial Corporation: Provided that the Financial Corporation may, with the prior approval of the Small Industries Bank, exceed the aforesaid limit up to thirty time the amount of the paid-up share capital and reserve fund of the Financial Corporation.] ______________________ 1. Section 7 Substituted by Act 6 of 1962, section 5 (w.e.f. 16-4-1962) and again Substituted by Act. 39
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 25
Title : Business Which Financial Corporation May Transact
State : Central
Year : 1951
.....promissory notes and bills of exchange made, down, accepted or endorsed by industrial concerns or by any person selling capital goods manufactured by one industrial concern to another industrial concern; (j) undertaking research and surveys for evaluating or dealing with marketing or investments or undertaking and carrying on techno-economic studies or other activities in connection with the development of any industry; (k) providing technical and administrative assistance to any industrial concern or any person for the promotion, management or expansion of any industry; (l) planning and assisting in the promotion and development of industries; (m) providing consultancy and merchant banking services; (n) acting as the trustee for the holders of debentures or other securities; (o) leasing, sub-leasing or giving on hire or hire-purchase of industrial plant, equipment, machinery or any other asset; (p) factoring; (q) providing export related credit and services; (r) undertaking money market related activities; (s) setting up of mutual funds and undertaking asset management activity; (t) promoting, forming or conducting or assisting in the promotion,.....
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 29
Title : Rights of Financial Corporation in Case of Default
State : Central
Year : 1951
.....had been made by the owner of the property. (3) The Financial Corporation shall have the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of the security held by it as it had with respect to the original goods, 6[(4)7[Where any action has been taken against an industrial concern] under the provisions of Sub-section (1), all costs,8[charges and expenses which in the opinion of the Financial Corporation have been properly incurred] by it9[as incidental thereto] shall be recoverable from the industrial concern and the money which is received by it10[* * *] shall, in the absence of any contract to the contrary, be held by it in trust to be applied firstly, in payment of such costs, charges and expenses and, secondly, in discharge of the debt due to the Financial Corporation, and the residue of the money so received shall be paid to the person entitled thereto.] (5)7[Where the Financial Corporation has taken any action against an industrial concern] under the provisions of Sub-section (1), the Financial Corporation shall be deemed to be the owner of such concern, for the purposes of suits by or against the.....
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 3A
Title : Establishment of Joint Financial Corporations
State : Central
Year : 1951
.....the shares to be distributed under Clause (a) of Sub-section (3) of Section 4; (b) provide for the sharing of the liability for me guarantee under Section 6 or Section 73[or Section 8]; (c) provide for the number of directors to be nominated to the Board by each participating State Government; (d) provide for the apportionment among the participating States of expenditure in connection with the Joint Financial Corporation; 4[* **] (f) determine which of the participating State Governments shall exercise the several functions of the State Government under this Act, and references in this Act to the State Government, in relation to the Joint Financial Corporation, shall, save as otherwise expressly provided, be construed accordingly; (g) provide for consultation among the participating States either generally or with reference to particular matters arising under this Act; (h) make such incidental and consequential provisions, not inconsistent with this Act, as may be deemed necessary or expedient for giving effect to the agreement. (3) The Joint Financial Corporation shall be a body corporate by the name notified under Sub-section (1), having perpetual succession.....
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 31
Title : Special Provisions for Enforcement of Claims by Financial Corporation
State : Central
Year : 1951
.....advance under section 30 and the industrial concern fails to make such repayment,2[then, without prejudice to the provisions of Section 29 of this Act and of Section 69 of the Transfer of Property Act, 1882 (4 of 1882)] any officer of the Financial Corporation, generally or specially authorised by the Board in this behalf, may apply to the district judge within the limits of whose jurisdiction the industrial concern carries on the whole or a substantial part of its business for one or more of the following reliefs, namely:-- (a) for an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the3[Financial Corporation] as security for the loan or advance; or 4[(aa) for enforcing the liability of any surety; or] (b) for transferring the management of the industrial concern to the Financial Corporation; or (c) for an ad interim injunction restraining the industrial concern from transferring or removing its machinery or plant or equipment from the premises of the industrial concern without the permission of the Board, where such removal is apprehended. (2) An application under Sub-section (1) shall state the nature and extent of the liability of.....
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 46A
Title : Extension of Jurisdiction of the Financial Corporation to Other States by Agreement
State : Central
Year : 1951
.....to different areas of the States]. 5[(1A) Any agreement entered into under Sub-section (1) may be modified or rescinded by mutual agreement between the parties thereto and every such mutual agreement shall also provide for the apportionment of assets and liabilities]. (2) An inter-State agreement among the participating States may, as far as may be, make all such provisions as are referred to in Sub-section (2) of Section 3A. ______________________ 1. Inserted by Act 43 of 1985, section 29 (w.e.f 21-8-1985). 2. Inserted by Act 56 of 1956, section 24 (w.e.f. 1-10-1956). 3. Substituted by Act 77 of 1972, section 27, for "should serve its needs" (w.e.f. 30-12-1972). 4. Substituted by Act 52 of 1975, section 37, for "Reserve Bank" (w.e.f. 16-2-1976) and again Substituted by Act 39 of 2000, section 33, for "Development Bank" (w.e.f. 5-9-2000). 5. Inserted by Act 77 of 1972, section 27 (w.e.f. 30-12-1972).
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 8
Title : Deposits with the Financial Corporation
State : Central
Year : 1951
1[8. Deposits with the Financial Corporation (1) The Financial Corporation may accept from the State Government, or with the prior approval of the Reserve Bank, from a local authority or any other person deposits repayable after the expiry of a period which shall not be less than twelve months from the date of the making of the deposit and on such other terms as the Board thinks fit: Provided that the total amount of such deposits shall not exceed twice the paid-up share capital of the Financial Corporation: Provided further that the State Government may permit the Financial Corporation to accept deposits up to a higher limit not exceeding ten times the paid-up share capital of the Financial Corporation. (2) Any deposit accepted under Sub-section (1), other than a deposit from the State Government may, if so required by the Financial Corporation, be guaranteed by the State Government as to the repayment of the principal and payment of interest.] ______________________ 1. Section 8 Substituted by Act 6 of 1962, section 5 (w.e.f. 16-4-1962) and again Substituted by Act 39 of 2000, section 7 (w.e.f. 5-9-2000).
View Complete Act List Judgments citing this sectionState Financial Corporations Act, 1951 Section 32A
Title : Power of Financial Corporation to Appoint Directors or Administrators of an Industrial Concern when Management is Taken over
State : Central
Year : 1951
.....concern on such terms and conditions as the Financial Corporation may think fit.] 2[(3) Nothing in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in any instrument relating to the industrial concern shall, insofar as it makes in relation to a director, any provision for the holding of any share qualification, age limit, restriction on the number of directorships, retirement by rotation or removal from office, apply to any director appointed by the Financial Corporation under this section.] ______________________ 1. Inserted by Act 56 of 1956, section 17 (w.e.f. 1-10-1956). 2. Inserted by Act 6 of 1962, section 16 (w.e.f.16-4-1962).
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