Title : Chairman of Board
State : Central
Year : 1951
1 [15. Chairman ofBoard.-- (1) the Small IndustriesBank shall, in consultation with the StateGovernment nominate a director as a Chairman of the Board for such period not exceeding three yearsand on such terms and conditions as the Small Industries Bank may specify: Providedthat the Chairman shall not be a whole-time director unless he isalso appointed to function as the managing director: Provided furtherthat the Chairman shall so long as he remains a director beeligible for re-appointment as Chairman. (2) The Chairman shall preside over the meetings of theBoard and the general meetings of the Financial Corporation.] ______________________ 1.Substituted by Act 39 of 2000, section 12,for section 15 (w.e.f. 5-9-2000). View Complete Act List Judgments citing this sectionTitle : State Financial Corporations Act, 1951
State : Central
Year : 1951
Preamble1 - STATE FINANCIAL CORPORATIONS ACT, 1951 Chapter I Section1 - Short title, extent and commencement Section2 - Definitions Chapter II Section3 - Establishment of State Financial Corporations Section3A - Establishment of Joint Financial Corporations Section4 - Share capital and share-holders Section4A - Special class of shares Section4B - Transfer of share capital to Development Bank Section4C - Payment of amount Section4D - Issue of redeemable preference shares Section4E - Reduction of share capital Section4F - Restriction on exercising of voting right Section4G - Proxy voting Section4H - Transfer of share capital to Small Industries Bank Section5 - Transfer of shares Section6 - Conversion of shares guaranteed by State Government Section7 - Additional capital of..... List Judgments citing this sectionTitle : Power to Call for Repayment Before Agreed Period
State : Central
Year : 1951
Notwithstanding anything in any agreement to the contrary, the Financial Corporation may, by notice in writing, require any industrial concern to which it has granted any loan or advance to discharge forthwith in full its liabilities to the Financial Corporation,-- (a) if it appears to the Board that false or misleading information in any material particular was given by the industrial concern in its application for the loan or advance; or (b) if the industrial concern has failed to comply with the terms of its contract with the Financial Corporation in the matter of the loan or advance; or (c) if there is a reasonable apprehension that the industrial concern is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or (d) if the..... View Complete Act List Judgments citing this sectionTitle : Liquidation of Financial Corporation
State : Central
Year : 1951
No provision of law relating to the winding up of companies or corporations shall apply to the Financial Corporation, and the Financial Corporation shall not be placed in liquidation, save by order of the State Government and in such manner as it may direct. View Complete Act List Judgments citing this sectionTitle : Reduction of Share Capital
State : Central
Year : 1951
(1) The Financial Corporation, with the prior approval of the State Government and the Small Industries Bank, may, by resolution passed in a general meeting of the shareholders, reduce its share capital in any way. (2) Without prejudice to the generality of the foregoing power, the share capital may be reduced by-- (a) extinguishing or reducing the liability on any of its equity shares in respect of share capital not paid-up; or (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid-up share capital which is lost or is unrepresented by available assets; or (c) either with or without extinguishing or reducing liability on any of its equity shares, paying off any paid-up share capital which is in excess of the wants of the..... View Complete Act List Judgments citing this sectionTitle : Indemnity of Directors
State : Central
Year : 1951
(1) Every director shall be indemnified by the Financial 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 any other director or for any officer or other employee of the Financial Corporation or for any loss or expenses resulting to the Financial Corporation by the insufficiency or deficiency of value of or title to any property or security acquired or taken on behalf of the Financial 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 : Transfer of Share Capital to Small Industries Bank
State : Central
Year : 1951
On such date as the Central Government may, by notification in the Official Gazette, notify (hereinafter referred to as the notified date) all the shares of every Financial Corporation subscribed by the Development Bank and the amount outstanding in respect of loans in lieu of capital provided by the Development Bank as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Small Industries Bank, such transfer shall be at such rate and be paid in cash or such other manner as may be mutually agreed upon between the Development Bank and the Small Industries Bank.] View Complete Act List Judgments citing this sectionTitle : Recovery of Amounts Due to the Financial Corporation as an Arrear of Land Revenue
State : Central
Year : 1951
1[32G. Recovery of amounts due to the Financial Corporation as an arrear of land revenue Where any amount is due to the Financial Corporation in respect of any accommodation granted by it to any industrial concern, the Financial Corporation or any person authorised by it in writing in this behalf, may, without prejudice to any other mode of recovery, make an application to the State Government for the recovery of the amount due to it, and if the State Government or such authority, as that Government may specify in this behalf, is satisfied, after following such procedure as may be prescribed, that any amount is so due, it may issue a certificate for that amount to the Collector, and the Collector shall proceed to recover that amount in the same manner as an arrear of land revenue.] ..... View Complete Act List Judgments citing this sectionTitle : Offences
State : Central
Year : 1951
(1) Whoever, in any bill of lading, warehouse receipt or other document given to the Financial Corporation, whereby security is given or is purported to be given to the Financial Corporation for any accommodation granted by it under this Act, wilfully makes any false statement or knowingly permits any false statement to be made shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to two thousand rupees, or with both. (2) Whoever, without the consent in writing of the Financial Corporation, uses the name of the Financial Corporation in any prospectus or advertisement shall be punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both. (3) No court shall take..... View Complete Act List Judgments citing this sectionTitle : Restriction on Exercising of Voting Right
State : Central
Year : 1951
Every shareholder of the Financial Corporation holding equity shares shall have a right to vote in respect of such shares on every resolution and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Financial Corporation: Provided, however, that no shareholder, other than a shareholder referred to in Clauses (a), (b) and (c) of Sub-section (3) of Section 4, shall be entitled (o exercise voting rights in respect of any equity share held by him in excess of ten per cent, of the issued equity capital. View Complete Act List Judgments citing this section