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In force

The Small Industries Development Bank of India Act, 1989

53 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title, extent and commencement
  3. 2Definitions
  4. VIII — MISCELLANEOUS
  5. 3The resources of this Bank will mainly comprise of contributions from the Industrial Development Ban
  6. II — ESTABLISHMENT OF THE SMALL INDUSTRIES DEVELOPMENT BANK OF
  7. 4AConversion of equity shares into redeemable preference shares
  8. 4BTransfer of capital
  9. 4CIssued capital
  10. 4DReduction of share capital
  11. 5Management
  12. 6Constitution of Board
  13. 9Vacation and resignation of office by directors
  14. 12Executive Committee and other committees
  15. 12AFees and allowances of directors and members of committees
  16. IV — BUSINESS OF THE SMALL INDUSTRIES BANK
  17. 13Business of Small Industries Bank
  18. 15Borrowings and acceptance of deposits by the Small Industries Bank
  19. 16Investment
  20. 17Power to transfer rights
  21. 19Loans in foreign currency
  22. 20AFree transferability of shares
  23. 20BRegister of shareholders
  24. 20DBoard's right to refuse registration of transfer of shares
  25. 20FAnnual general meeting
  26. 20GMatters to be discussed and procedure in annual general meeting
  27. V — SMALL INDUSTRIES DEVELOPMENT ASSISTANCE FUND
  28. 21Small Industries Development Assistance Fund
  29. 22Credits to Small Industries Development Assistance Fund
  30. 23Utilisation of Small Industries Development Assistance Fund
  31. 24Debits to Small Industries Development Assistance Fund
  32. 25Accounts and audit of Small Industries Development Assistance Fund
  33. 26Liquidation of Small Industries Development Assistance Fund
  34. VI — SMALL INDUSTRIES GENERAL FUND, ACCOUNTS AND AUDIT
  35. 27Small Industries General Fund
  36. 28Preparation of accounts and balance-sheet
  37. 29Disposal of profits accruing to Small Industries General Fund
  38. 30Audit
  39. 31Saving
  40. VII — TRANSFER OF PART OF BUSINESS OF DEVELOPMENT BANK
  41. 32Transfer of part of business of Development Bank
  42. VIII — MISCELLANEOUS
  43. 33Staff of Small Industries Bank
  44. 34Delegation of powers
  45. 35Returns
  46. 36Obligations as to fidelity and secrecy
  47. 37Defects in appointment not to invalidate acts, etc
  48. 37AAmounts and securities to be held in trust
  49. 38Rights of Small Industries Bank in case of default
  50. 39Power to seek assistance of Chief Metropolitan Magistrate or Magistrate
  51. 41Special provisions for enforcement of claims by Small Industries Bank
  52. 42Small Industries Bank to have access to records
  53. 43Validity of loan or advance not to be questioned
  54. 44Indemnity of Directors
  55. 45Protection of action taken under this Act
  56. 46Nomination by depositors or holders of bonds or other securities
  57. 47Arrangement with Small Industries Bank on appointment of directors to prevail
  58. 48Act 18 of 1891 to apply in relation to Small Industries Bank
  59. 51APower to make rules by Central Government
  60. 52Power to make regulations
  61. 54Power to remove difficulties