Title : Restrictions on Transfer of Shares
State : Central
Year : 1968
Save as otherwise provided in the second proviso to sub- section (5) of section 5, the shares of the Corporation shall not be transferable. View Complete Act List Judgments citing this sectionTitle : Management
State : Central
Year : 1968
(1) The general superintendence, direction and management of the affairs and business of the Corporation shall vest in a Board of directors who may be exercised all the powers and discharge all the functions which may be exercised or discharged by the Corporation other than those which are expressly directed or required by this Act to be done by the Corporation in general meeting. (2) The Board in discharging its functions shall act on business principles, regard being had to public interest. View Complete Act List Judgments citing this sectionTitle : Managing Director
State : Central
Year : 1968
(1). The managing director shall- (a) be a whole - time officer of the Corporation; (b) perform such duties as the Board may, by regulations or otherwise, assign to him; (c) hold office for such term, not exceeding three years, as the Central Government may specify at the time of the appointment and be eligible for re- appointment; (d) receive such salary and allowances and be governed by such terms and conditions of service as the Central Government may- (i) in the case of first appointment determine, or (ii) in the case of any subsequent appointment, determine after consultation with the Board. (2). The Central Government may, after consultation with the Board and for sufficient cause, remove the managing director from office. Provided that no managing director shall..... View Complete Act List Judgments citing this sectionTitle : Directors of Board or Members in a Committee Not to Vote in Certain Cases
State : Central
Year : 1968
Every director or member of a committee who has any direct or indirect pecuniary or other interest in any matter coming up for consideration at a meeting of the Board or a committee shall, as soon as possible, after the relevant facts or circumstances have come to his knowledge, disclose the nature of his interest at such meeting and the disclosure so made shall be recorded in the minutes of the meeting of the Board or of the Committee, as the case may be, and no such director or member shall thereafter take any part in any deliberation or decision of the Board or committee with respect to that matter nor shall his presence at such meeting be taken into account for the purpose of determining the quorum for the meeting at the time of such deliberation or voting and if be does vote , his..... View Complete Act List Judgments citing this sectionTitle : Investment of Surplus Funds
State : Central
Year : 1968
All moneys belonging to the Corporation which may not, for the time being be required by it shall be- (a) deposited with the Reserve Bank or in consultation with the Reserve Bank with a scheduled Bank, State Co- operative Bank ;or Central Co-operative Bank; or (b) invested in the securities of the Central Government or any State Government or ;in securities in which a trustee may invest money under clause (a), clause (b), clause(bb), clause (c) or clause (d) of section 20 of the Indian Trusts Act , 1882 (2 of 1882); or (c) utilised in such other manner as may be approved by the Reserve Bank. View Complete Act List Judgments citing this sectionTitle : Corporation to Be Deemed to Be a Co-operative Society for the Purposes of Income-tax Act, 1961
State : Central
Year : 1968
For the purpose of the Income-tax Act, 1961(43 of 1961), or any other enactment for the time being in force relating to any tax on income, profits or gains the Corporation shall be deemed to be a co-operative society. View Complete Act List Judgments citing this sectionTitle : Share Capital and Share Holders
State : Central
Year : 1968
(1) The authorised capital of each Corporation shall be such sum as the appropriate Government may initially fix but it shall, in no case, be less than one crore rupees or more than five crores of rupees; Provided that where the authorised capital initially fixed is less than five crores of rupees, the appropriate Government may, from time to time, increase the authorised capital to such sum not exceeding five crores of rupees. Provided further that where the appropriate Government is not the Central Government, the initial fixation of the authorised capital and any subsequent increase or reduction thereof, shall be made with the prior approval of the Central Government (2) The authorised capital of each Corporation shall be divided into such number of shares as the appropriate..... View Complete Act List Judgments citing this sectionTitle : Vacation of Seats of Directors
State : Central
Year : 1968
(1) If a director,- (a) becomes subject to any disqualification specified in section 12, or (b) is absent without leave of the Board for more than three consecutive meeting thereof, his seat shall thereupon become vacant, (2) The managing director or any other director may resign his office by giving notice thereof in writing to the authority by which he was appointed or nominated, or if he is a director elected under clause (d) of section 9, to the Board, and on such resignation being accepted, shall be deemed to have vacated his office. View Complete Act List Judgments citing this sectionTitle : Meetings of Board and Committees
State : Central
Year : 1968
(1) The Board or the Executive Committee or any other committee shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed. (2) Three directors personally present at any meeting of the Board and two members personally present at a meeting of a committee shall be the quorum for such meeting (3) If, for any reason, the Chairman of the Board or of any committee is unable to attend any meeting of the Board or the Committee, as the case may be, the members present at the meeting shall elect one of them to preside at the meeting. (4) If for any reason a director nominated under clause (a), clause (b) or clause (c) of section 9 is unable to attend any meeting of the Board or of any committee..... View Complete Act List Judgments citing this sectionTitle : Audit
State : Central
Year : 1968
(1) The accounts of the Corporation shall be audited by an auditor duly qualified to act as auditor under sub-section (1) of section 226 of the Companies Act, 1956 who shall be appointed by the Board with the previous approval of the Reserve Bank and shall receive such remuneration from the Corporation as the Board may, with the approval of the Reserve Bank, fix; Provided that the first auditor shall be appointed by the Central Government within one month from the establishment of the Corporation on such terms and conditions as the Central Government may determine; (2) The auditor so appointed shall held office from the conclusion of the annual general meeting of the Corporation until the conclusion of the next annual general meeting; Provided that the first auditor shall hold..... View Complete Act List Judgments citing this section