Title : Reserve Fund
State : Central
Year : 1968
(1) To the Reserve Fund shall be credited such sums not being more than fifteen percent as the Corporation may deem fit out of its not annual profits before declaring a dividend. (2) The amounts lying to the credit of the Reserve Fund shall be utilized solely for such purposes as the Board may by regulations specify. View Complete Act List Judgments citing this sectionTitle : Acquisition or Transfer by the Corporation of Business, Assets and Liabilities from or to Co-operative Societies
State : Central
Year : 1968
(1) Subject to the provisions of any law relating to co-operative societies for the time being in force, the corporation may-- (a) acquire the whole or any part of the business, including the assets and liabilities of a co-operative society; (b) transfer the whole or any part of its business, including its assets or liabilities to a co-operative society. (2) The terms and conditions relating to such acquisition or transfer, if agreed upon by the Board and the co-operative society concerned shall be submitted to the Reserve Bank for its approval and that Bank may by order in writing (hereafter in this section referred to as the order of approval) accord its approval thereto; Provided that where such acquisition or transfer involves the acquisition of the assets of the..... View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1968
(1) This Act may be called the State Agricultural Credit Corporations Act, 1968 (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different States or for different Union territories. View Complete Act List Judgments citing this sectionTitle : Corporation to Be Guided by Directions of Central Government
State : Central
Year : 1968
In the discharge of its functions, the Corporation shall be guided by such directions in matters of policy involving public interest as the Central Government may, in consultation with the Reserve Bank, give to it in writing and , if any question arises whether a direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final. View Complete Act List Judgments citing this sectionTitle : Deposits with the Corporation
State : Central
Year : 1968
The Corporation may, with the prior approval of the Reserve Bank, accept deposits from the appropriate Government, a local authority or any other person whether incorporated or not. View Complete Act List Judgments citing this sectionTitle : Limits on Borrowings and Deposits
State : Central
Year : 1968
The aggregate of the amounts borrowed and deposits accepted by the Corporation and outstanding shall not at any time exceed ten times the amount of paid- up share capital and the reserve fund of the Corporation or , with the prior approval of the Central Government , fifteen times the amount of such paid up share capital and reserve fund. View Complete Act List Judgments citing this sectionTitle : Accounts
State : Central
Year : 1968
(1) The balance-sheet and accounts including the profit and loss account of the Corporation shall be prepared and maintained in such form and manner as maybe prescribed. (2) The Board shall cause the books and accounts of the Corporation to be balanced and closed on the thirtieth day of June each year. View Complete Act List Judgments citing this sectionTitle : Constitution of Board
State : Central
Year : 1968
The Board of directors of the Corporation shall consist of the following, namely:- (a) one director to be nominated by the Central Government who shall be the Chairman of the Board; (b) two directors nominated by the appropriate Government, one of whom shall be a person who has special knowledge of co- operation and who is not an employee of the Central or State Government or of the Reserve Bank , State Bank, subsidiary bank , banking company, or Food Corporation; (c) one director to be nominated by the Reserve Bank; (d) two directors to be elected in such manner as may be prescribed by the parties subscribing for shares in pursuance of the provisions of clause (d0 of sub- section (3) , and sub- section (5) of section 5; (e) a managing director, to be appointed by the Central..... View Complete Act List Judgments citing this sectionTitle : Disqualifications
State : Central
Year : 1968
No person shall be director, who,- (a) except in the case of the managing director , is a salaried official of the Corporation, or (b) is, or at any time has been, adjudged insolvent or has suspended payment of his debts or has compounded with his creditors, or (c) is of unsound mind and stands so declared by a competent court or (d) is or has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude. View Complete Act List Judgments citing this sectionTitle : General Meetings
State : Central
Year : 1968
(1) A general meeting (in this Act to as an annual general meeting) of the Corporation shall be held at the Head Office of the Corporation within three months from the date on which the annual accounts of the Corporation are closed, and any other general meeting may be convened by the Board at any other time; Provided that the Central Government may extend the time within which any annual general meeting shall be held, by a period not exceeding one month. (2) The shareholders present at an annual general meeting shall be entitled to discuss the balance-sheet and profit and loss account of the Corporation, the report of the Board on the working of the Corporation for the period covered by the accounts and the auditor's report on the balance-sheet and account. View Complete Act List Judgments citing this section