Title : Winding Up of Food Corporation
State : Central
Year : 1964
No provision of law relating to the winding up of companies or corporations shall apply to a Food corporation and it shall not be placed in liquidation save by order of the Central Government and in such manner as that Government may direct. View Complete Act List Judgments citing this sectionTitle : Establishment of Food Corporation of India
State : Central
Year : 1964
(1) With effect from such date 1 as the Central Government may, by notification in the Official Gazette, specify in this behalf, the Central Government shall establish for the purposes of this Act a Corporation known as the Food Corporation of India. (2) The Corporation shall be body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. _______________________________ 1. The Food Corporation was established w.e.f. 01.01.1965 vide Notification No. G.S.R. IK09, Gazette of India dated 17.12.1964. View Complete Act List Judgments citing this sectionTitle : Funds of Food Corporation
State : Central
Year : 1964
(1) A Food Corporation shall have its own fund and all receipts of the Corporation shall be credited thereto and all payments of the Corporation shall be met there from. (2) Such fund shall be applied for meeting all administrative expenses of the Food Corporation and for carrying out the purposes of this Act. View Complete Act List Judgments citing this sectionTitle : Power to Enter into Agreement for Purchase of Food Grains After Harvest
State : Central
Year : 1964
(1) A Food Corporation may enter into agreement with any grower of food crops for the purchase of food grains after the harvest of such crops and any such agreement may provide that any sum payable by the Corporation to the grower under such agreement shall be payable to any scheduled bank or other financing agency nominated by the grower in this behalf to such extent as may be specified in the agreement. (2) The scheduled bank or other financing agency referred to in sub-section (1), may, on the basis of any agreement referred to in that sub-section, lend money to a grower of food crops who has entered into such agreement. View Complete Act List Judgments citing this sectionTitle : Accounts and Audit
State : Central
Year : 1964
1 [(1) A Food Corporation shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the profit and loss account and the balance-sheet in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of a Food Corporation shall be audited annually by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Food Corporation to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of a Food Corporation shall have the same rights, privileges and authority in..... View Complete Act List Judgments citing this sectionTitle : Indemnity of Directors
State : Central
Year : 1964
(1) Every member of the board of directors of a Food Corporation and of a Board of Management shall be indemnified by the Corporation against all losses and expenses incurred by him in the discharge of his duties except such as are caused by his own wilful act or default. (2) A member of the board of directors of a Food Corporation or a Board of Management shall not be responsible for any other member or for any officer or other employee of the Corporation or Board of Management or for any loss or expense resulting to the Corporation from the insufficiency or deficiency of value of, or title to, any property or security acquired or taken on behalf of the Corporation in good faith, or by the insolvency or wrongful act of any person under obligation to the Corporation or by anything..... View Complete Act List Judgments citing this sectionTitle : Functions of Corporation
State : Central
Year : 1964
(1) Subject to the provisions of this Act, it shall be the primary duty of the Corporation to undertake the purchase, storage, movement, transport distribution and sale of food grains and other foodstuffs. (2) Subject as aforesaid, the Corporation may also, with the previous approval of the Central Government, - (a) promote by such means as it thinks fit the production of food grains and other foodstuffs; (b) set up, or assist in the setting up of, rice mills,flour-mills and other undertakings for the processing of food grains and other foodstuffs, and (c) discharge such other functions as may be prescribed or as are supplemental, incidental or consequential o any of the functions conferred on it under this Act. View Complete Act List Judgments citing this sectionTitle : Establishment of State Food Corporation
State : Central
Year : 1964
(1) The Central Government may, by notification in the Official Gazette and after consultation with the Government of a State, establish a Food Corporation for that State under such name as may be specified in the notification. (2) A State Food Corporation established under sub-section (1) shall be a body corporate by the name notified under that sub-section, having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by the said name sue and be sued. (3) The head office of a State Food Corporation shall be at such place within the State as may notified by the Central Government in the Official Gazette. (4) Subject to the provisions of this Act a State Food Corporation may..... View Complete Act List Judgments citing this sectionTitle : Guarantee by Food Corporation
State : Central
Year : 1964
A Food Corporation may, upon such terms and conditions as it may think fit. guarantee any loan referred to in sub-section (2) of section 29, and also any other loan raised by a grower of food crops, which is repayable within a period not exceeding five years. View Complete Act List Judgments citing this sectionTitle : Offences
State : Central
Year : 1964
(1) Whoever, without the consent in writing of a Food Corporation, uses its name in any prospectus or advertisement, shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both. (2) No Court shall take cognizance of any offence under sub-section (1) except on a complaint in writing by an officer authorised in this behalf by the Food Corporation concerned. View Complete Act List Judgments citing this section