Title : Returns
State : Central
Year : 1968
(1) The Corporation shall furnish, from time to time, to the appropriate Government and to the Reserve Bank such returns as the appropriate Government or the Reserve Bank may require. (2)The Corporation shall furnish to all its shareholders, within three months from the date on which the annual accounts of the Corporation are closed, or within such further time not exceeding one month as the Central Government may specify, a copy of the balance-sheet as at the close of that year and a profit and loss account for the year, the auditor's report and a report of the Board on the working of the Corporation during the year, and copies of the said balance-sheet, profit and loss account and reports shall be published in the Official Gazette. (3) The Corporation shall furnish a statement in..... 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 : Term of Office of Directors Other Than Managing Director
State : Central
Year : 1968
(1) A nominated director, other than the managing director , shall hold office during the pleasure of the authority nominating him and the period of such office, unless terminated earlier, shall be two years. Provided that a nominated director shall be eligible for renomination. (2) An elected director shall hold office for a period of two years from the date of his election; Provided that an elected director shall continue in office until the election of his successor. View Complete Act List Judgments citing this sectionTitle : Fees and Allowances of Directors and Members of Committees
State : Central
Year : 1968
Every director and every member of a committee shall be paid such fees and allowances as the Board may, by regulations, determine, for attending the meetings of the Board or, as the case may be, any of its committees, or attending to any other work of the Corporation: Provided that no fees shall be paid to the Chairman, managing director or any other director , if he is an officer of the Government , Reserve Bank, State Bank, subsidiary bank,1[corresponding new bank], banking company or Food Corporation. ________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 (5 of 1970) w.e.f. 19-07-1969. View Complete Act List Judgments citing this sectionTitle : Staff of the Corporation and Delegation of Powers
State : Central
Year : 1968
(1) The Corporation may appoint such officers, advisers and employees as it considers necessary for the efficient performances of its function and determine, by regulations or otherwise, their conditions of appointment and service and the remuneration payable to them. (2) The Board may, by general or special order, delegate to the Managing Director or to any other officer of the Corporation, subject to such conditions and limitations, if any, as may be specified, such of its powers and duties under this Act, as it may deem necessary View Complete Act List Judgments citing this sectionTitle : Executive Committee and Other Committees of the Corporation
State : Central
Year : 1968
(1) The Board may constitute an Executive Committee consisting of the Chairman of the Board, who shall be the Chairman thereof , the managing director and two other directors, one of whom shall be a person nominated by the appropriate Government under clause (b) of section 9. (2) The Executive Committee such other committees, whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons, as it may think fit for such purposes as it may decide. View Complete Act List Judgments citing this sectionTitle : Declaration of Fidelity and Secrecy
State : Central
Year : 1968
Every director, member of a committee, auditor, officer or other employee of the Corporation shall before entering upon duties, make a declaration of fidelity and secrecy in the form set out in the Schedule. 1Provided that nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005 ___________________________ 1. Inserted vide Credit Information (Regulation) Act, 2005. View Complete Act List Judgments citing this sectionTitle : Indemnity of Director
State : Central
Year : 1968
(1) Every director shall be identified 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 director shall not be responsible for anything done or committed to be done by any other director or officer or other employee of the Corporation or for any loss or expenses resulting to the Corporation by 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 wrongful act of any auditor or any person under obligation to the Corporation, or by anything done in good faith in the execution of the duties of his office or in relation thereto. View Complete Act List Judgments citing this sectionTitle : Protection of Action Taken in Good Faith
State : Central
Year : 1968
No suit or other legal proceeding shall lie against the Corporation or the Central or State Government or the Reserve Bank or any director or officer of the Corporation or of the Central or State Government or of the Reserve Bank or any other person authorised by the Corporation to discharge any functions under this Act, for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act. View Complete Act List Judgments citing this sectionTitle : Liquidation of the Corporation
State : Central
Year : 1968
(1) No provision of law relating to the winding up of companies or corporations shall apply to the Corporation and the Corporation shall not be placed in liquidation save by order of the Central Government made in consultation with the State Government and in such manner as it may direct. (2) Without prejudice to the provisions of sub-section (1), any order made by the Central Government for the liquidation of a Corporation may provide for all matters for effectively winding up the affairs of the Corporation, including the repayment of capital disposal of any fund established under this Act, the transfer of the business, property, assets and liabilities, rights, interests, privileges and obligations of whatever nature of the Corporation to such institution or institutions as the..... View Complete Act List Judgments citing this section