State : Central
Year : 1964
FOOD CORPORATIONS ACT, 1964 FOOD CORPORATIONS ACT, 1964 37 of 1964 STATEMENT OF OBJECTS AND REASONS It is considered desirable, in the interests of increased agricultural production as well as in the interests of the common consumer, to set up a State Agency for the purpose of undertaking trading in food grains in a commercial manner but within the framework of an over-all Government policy. Only by such a measure it will be possible to effectively implement any policy of ensuring that the primary producer obtains the minimum price that may be announced from time to time and to protect the consumer from the vagaries of speculative trade. 2. The setting up of the Food Corporation of India, as provided for in this Bill, will, therefore, he one of the essential and important..... List Judgments citing this sectionTitle : Capital of State Food Corporation
State : Central
Year : 1964
(1) The Capital of a State Food Corporation shall be such sum not exceeding ten crores of rupees as the Central Government may, after consultation with the Food Corporation of India, fix. (2) The Central Government may, after such consultation, from time to time, increase the capital of the State Food Corporation to such extent and in such manner as that Government may determine. (3) Such capital shall be provided- (a) by the Central Government after due appropriation made by Parliament by law for the purpose, and (b) by the Food Corporation of India, in such proportion and subject to such terms and conditions as may be determined by the Central Government. View Complete Act List Judgments citing this sectionTitle : Food Corporations Act, 1964
State : Central
Year : 1964
Preamble1 - FOOD CORPORATIONS ACT, 1964 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Chapter II Section3 - Establishment of Food Corporation of India Section4 - Offices and agencies Section5 - Capital of Corporation Section6 - Management Section7 - Board of Directors Section8 - Disqualification for office of director Section9 - Removal and resignation of directors Section10 - Meetings Section11 - Advisory Committees Section12 - Officers and other employees of Corporation Section12A - Special provisions for transfer of Government employees to the Corporation in certain cases Section13 - Functions of Corporation Section14 - Executive Committee and other committees Section15 - Member of board or committee thereof not to vote in certain..... List Judgments citing this sectionTitle : Submission of Programme of Activities and Financial Estimates
State : Central
Year : 1964
(1) A Food Corporation shall, before the commencement of each year, prepare a statement of programme of its activities during the forthcoming year as well as a financial estimate in respect thereof. (2) The statement prepared under sub-section (1) shall not less than three months before the commencement of each year, be submitted for approval- (a) in the case of Food Corporation of India, to the Central Government; (b) in the case of a State Food Corporation, to the Food Corporation of India. (3) The statement and the financial estimate of a Food Corporation referred to in sub-section (1) may, with the approval of the Central Government, in the case of the Food Corporation of India, or with the approval of the Food Corporation of India in the case of a State Food Corporation, be..... View Complete Act List Judgments citing this sectionTitle : Disqualification for Office of Member of Board of Directors
State : Central
Year : 1964
A person shall be disqualified for being appointed as, and for being, a member of the board of directors of a State Food Corporation, - (a) if he is, or at any time has been adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or (b) if he is of unsound mind and stands so declared by a competent court; or (c) if he is or has been convicted of any offence which in the opinion of the Central Government involves moral turpitude; or (d) if he has been removed or dismissed from the service of the Government or a Corporation owned or controlled by the Government; or (e) except in the case of the chairman or the General Manager, if he is a salaried official of the Food Corporation of India or a State Food Corporation. View Complete Act List Judgments citing this sectionTitle : Disqualification for Office of Director
State : Central
Year : 1964
A person shall be disqualified for being appointed as and for being, a director of the Corporation-- (a) if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or (b) if he is of unsound mind and stands so declared by a competent Court; or (c) if he is or has been convicted of any offence which in the opinion of the Central Government involves moral turpitude; or (d) if he has been removed or dismissed from the service of the Government or a corporation owned or controlled by the Government; or (e) except in the case of the Chairman or the managing director, if he is a salaried official of the Food Corporation of India or a State Food Corporation. View Complete Act List Judgments citing this sectionTitle : Lending by Food Corporation on Security of Food Grains
State : Central
Year : 1964
A Food Corporation may lend or advance money to any person engaged in the production of food grains upon the security of food grains or such other security as may be prescribed, for any purpose connected with such production. View Complete Act List Judgments citing this sectionTitle : Management of State Food Corporation
State : Central
Year : 1964
(1) the general superintendence, direction and management of the affairs and business of a State Food Corporation shall vest in a board of directors which shall consist of a Chairman, a General Manager and not more than ten other members, all of whom shall be appointed by the Food Corporation of India after consultation with the Central Government and the State Government. (2) The General Manager shall- (a) exercise such powers and perform such duties as the board of directors may entrust or delegate to him; and (b) receive such salary and allowances and be governed by such terms and conditions of service as the board of directors may, in consultation with the Food Corporation of India, fix. (3) The board of directors, in discharging its functions, shall act on business..... View Complete Act List Judgments citing this sectionTitle : Removal and Resignation of Members of Board of Directors
State : Central
Year : 1964
(1) The Food Corporation of India may, at any time, after consultation with the State Food Corporation, remove the General Manager from office after giving him a reasonable opportunity of showing cause against the proposed removal. (2) The board of directors of a State Food Corporation may remove from office any member of that board who- (a) is or has become subject to any of the disqualifications mentioned in section 20, or (b) is absent without leave of the board of directors from more than three consecutive meetings thereof without cause sufficient, in the opinion of the board, to exonerate his absence. (3) a member of such board may resign his office by giving notice thereof in writing to the Food Corporation of India and on such resignation being accepted, he shall be..... View Complete Act List Judgments citing this sectionTitle : Allocation of Surplus Profits
State : Central
Year : 1964
(1) A Food Corporation shall establish a reserve fund to which shall be credited every year such portion of its annual net profits as that Corporation thinks fit. (2) After making provision for such reserve fund and for bad and doubtful debts, depreciation in assets and all other matters which are usually provided for by companies registered and incorporated under the Companies Act, 1956, the balance of its annual net profits shall be paid-- (a) in the case of the Food Corporation of India, to the Central Government, and (b) in the case of a State Food Corporation, to the Central Government and the Food Corporation of India in the same proportion as the capital provided by them. View Complete Act List Judgments citing this section