Title : State Financial Corporations Act, 1951
State : Central
Year : 1951
THE STATE FINANCIAL CORPORATIONS ACT, 19511 [Act, No. 63 of 1951] [31st October, 1951] PREAMBLE An Act to provide for the establishment of State Financial Corporations. Be it enacted by Parliament as follows:-- ______________________ 1. This Act has been extended to Dadra and Nagar Naveli by Reg. 6 of 1963, section. 2 and Schedule I; to Pondicherry by Reg. 7 of1963, section. 3 and Sch. I; to Goa, Daman and Diu by Reg. 11 of 1963, section. 3 and Schedule And to the State of Sikkim on 24-10-1975, vide Notification No. S.O. 615 (E), dated 23rd October, 1975. View Complete Act List Judgments citing this sectionTitle : Insorporation of State Financial Corporations, their Capital and Management
State : Central
Year : 1951
(1) The State Government may, by notification in the Official Gazette, establish a Financial Corporation for the State under such name as may be specified in the notification. (2) The Financial Corporation shall be a body corporate by the name notified under Sub-section (1), having perpetual succession and a common seal, with power, subject to the provisions of this Act, to1[acquire, hold and dispose of] property and shall by the said name sue and be sued. ______________________ 1. Substituted by Act 56 of 1956, section 3, for "acquire and to hold" (w.e.f. 1-10-1956). Section 3A - Establishment of Joint Financial Corporations 1[3A. Establishment of Joint Financial Corporations (1) Notwithstanding anything contained in Section 3, two or more States may, after consultation..... View Complete Act List Judgments citing this sectionTitle : Powers and Duties of the Board
State : Central
Year : 1951
The Board in discharging its functions under this Act shall act on business principles due regard being had by it to the interests of industry, commerce and the general public. Section 25 - Business which Financial Corporation may transact 1[25. Business which Financial Corporation may transact.-- 2[(1) The Financial Corporation may, subject to the provisions of this Act, carry on and transact any of the following kinds of business, namely:-- (a) guaranteeing, on such terms and conditions as may be agreed upon,-- (i) loans raised by industrial concerns which are repayable within a period not exceeding twenty years, and are floated in the public market; (ii) loans raised by industrial concerns from scheduled banks or State cooperative banks or other financial..... View Complete Act List Judgments citing this sectionTitle : Investment of Funds, Accounts and Audit
State : Central
Year : 1951
(1) Every Financial Corporation shall have its own fund, and all receipts of the Financial Corporation shall be carried thereto and all payments by the Corporation shall be made therefrom. (2) All moneys belonging to the fund shall be deposited in the Reserve Bank 1 [or the State Bank of India or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959)]2 [or in any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) 3 [or any of the banks specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)]4 [or, in consultation with the Reserve Bank, in a scheduled bank or a State..... View Complete Act List Judgments citing this sectionTitle : Miscellaneous
State : Central
Year : 1951
(1) In the discharge of its functions, the Board shall be guidedby such instructions on questions of policy as may be given to it by the StateGovernment 1 [in consultation with 2 [and after obtainingthe advice of,] the 3 [Small Industries Bank]]. (2) If any dispute arises between the StateGovernment and the Board as to whether a question is or is not a question ofpolicy, the decision of the State Government shall be final. 4 [(2A) Nothingcontained in Sub-section (1) and Sub-section (2) shall apply in a case where aState Government holds less than fifty-one per cent, of the equity shares inthe Financial Corporation. (2B) Notwithstanding the equity share holdingof a Financial Corporation by a State Government, the State Government mayadvise the Financial Corporations on the matters..... View Complete Act List Judgments citing this sectionTitle : Preliminary
State : Central
Year : 1951
(1) This Act may be called the State Financial Corporations Act, 1951. (2) It extends to the whole of India1[* * *]. (3) It shall come into force in any State on such date2as the Central Government may, by notification in the Official Gazette, appoint. ______________________ 1.The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1956, section. 2 and Sch. (w.e.f. 1-11-1956). 2.Came into force on 1-8-1952 9in the whole of India Except the State of Jammu and Kashmir) see Notification No. S.R.O. 1317, dated the 28th July, 1952, Gazette of India, 1952, Part. II, Section. 3, p.1163. Section 2 - Definitions In this Act, unless the context otherwise requires,-- (a) "Board" means the Board of directors of the Financial Corporation; 1[(aa) "Development Bank"..... View Complete Act List Judgments citing this sectionTitle : Accounts and Audit
State : Central
Year : 1953
(1) The Corporations shall maintain proper accounts and other relevant records and prepare 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 the Corporations 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 Corporations 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 the Corporations shall have the same rights and privileges and authority in connection with..... View Complete Act List Judgments citing this sectionTitle : Effect of Suspension of Police Officer
State : Maharashtra
Year : 1951
The powers, functions and privileges vested in a police shall remain suspended whilst such Police Officer is under suspension from office: Provided that notwithstanding such suspension such person shall not cease to be a Police officer and shall continue to be subject to the control of the same authorities to which he would have been if he was not under suspension. View Complete Act List Judgments citing this sectionTitle : Salary and Other Conditions of Service of the Commissioner
State : Karnataka
Year : 1976
(1) The Commissioner shall be paid out of the corporation fund such monthly salary and allowances as the Government may, from time to time, by order determine. (2) The Commissioner shall be a whole time officer of the corporation and shall not engage in any other profession, trade or business whatsoever. (3) When a salaried servant of the Government is appointed as the Commissioner, there shall be paid to the Government out of the corporation funds such sum by way of contribution towards his pension, leave salary and other allowances as may be required to be paid by him or on his behalf under the conditions of service applicable to him. (4) The Commissioner shall be entitled to such leave as the Government may by order from time to time specify. The leave may be granted to the..... View Complete Act List Judgments citing this sectionTitle : Power of Revision of the Appellate Officer
State : Central
Year : 1951
The appellate officer may at any time call for the record of any proceeding in which the competent officer has passed an order for the purpose of satisfying himself as to the legality or propriety of any such order and may pass such order in relation thereto as he thinks fit: Provided that the appellate officer shall not pass an order under this section prejudicially to any person without giving him a reasonable opportunity of being heard. View Complete Act List Judgments citing this section