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State Financial Corporations Act, 1951 Chapter II

Title: Insorporation of State Financial Corporations, their Capital and Management

State: Central

Year: 1951

..... 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 and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property and shall by the said name sue and be sued. (4) Any reference in this Act to "State" in relation to a Joint Financial Corporation established for two or more States, shall be construed as a reference to each such State.] ______________________ 1. Inserted by Act 56 of 1956, section 4 (w.e.f. 1-10-1956). 2......

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter II

Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions

State: Central

Year: 2002

.....2004 2. Substituted for "such order of rejection or cancellation" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5 - Acquisition of rights or interest in financial assets (1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any securitisation company or reconstruction company may acquire financial assets of any bank or financial institution-- (a) by issuing a debenture or bond or any other security in the nature of debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or (b) . by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them. (2) If the bank or financial institution is a lender in relation to any financial assets acquired under sub-section (1) by the securitisation company or the reconstruction company, such securitisation company or reconstruction company shall, on such acquisition, be deemed to be.....

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 5

Title: Acquisition of Rights or Interest in Financial Assets

State: Central

Year: 2002

.....bank or financial institution shall vest in such company in relation to such financial assets. (3) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation, permissions, approvals, consents or no-objections under any law or otherwise and other instruments of whatever nature which relate to the said financial asset and which are subsisting or having effect immediately before the acquisition of financial asset under sub-section (1) and to which the concerned bank or financial institution is a party or which are in favour of such bank or financial institution shall, after the acquisition of the financial assets, be of as full force and effect against or in favour of the securitisation company or reconstruction company, as the case may be, and may be enforced or acted upon as fully and effectually as if, in the place of the said bank or financial institution, securitisation company or reconstruction company, as the case may be, had been a party thereto or as if they had been issued in favour of securitisation company or reconstruction company, as the case may be. (4) If, on the date of.....

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State 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.....

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State 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

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State 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,.....

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State 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.....

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State 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.....

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State 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).

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State 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).

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