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In force

The State Financial Corporations Act, 1951

50 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. I — PRELIMINARY
  3. 1Short title, extent and commencement
  4. 2Explanation renumbered as Explanation 1 by Act 43 of 1985, s. 2 (w.e.f. 21-8-1985)
  5. 3The word "or" omitted by s. 20, ibid. (w.e.f. 21-8-1985)
  6. II — INCORPORATION OF STATE FINANCIAL CORPORATIONS, THEIR CAPITAL AND MANAGEMENT
  7. 4Share capital and share holders
  8. 4CPayment of amount
  9. 4EReduction of share capital
  10. 4FRestriction on exercising of voting right
  11. 4GProxy voting
  12. 4HTransfer of share capital to Small Industries Bank
  13. 5Transfer of shares
  14. 6Conversion of shares guaranteed by State Government
  15. 7Additional capital of Financial Corporation and its borrowing powers
  16. V — MISCELLANEOUS
  17. 8S.40 re-numbered as sub-section (3) thereof by Act 48 of 1983, s. 6 (w.e.f. 30-12-1983)
  18. II — INCORPORATION OF STATE FINANCIAL CORPORATIONS, THEIR CAPITAL AND MANAGEMENT
  19. 9Management
  20. 10Board of directors
  21. 12Disqualifications for being a director
  22. 13Removal of director from office
  23. 14Resignation of office by director and filling up of casual vacancies
  24. 17Managing director
  25. 19Meetings of the Board and Committee
  26. 20Powers of Executive Committee
  27. 23Officers and other employees of the Financial Corporation
  28. III — POWERS AND DUTIES OF THE BOARD
  29. 27Power to impose conditions for accommodation
  30. 28Prohibited business
  31. 29Rights of Financial Corporation in case of default
  32. 31Special provisions for enforcement of claims by Financial Corporation
  33. 32Procedure of district judge in respect of applications under section 31
  34. 32BEffect of notified order under section 32A
  35. 32CPowers and duties of directors and administrators
  36. 32DNo right to compensation for termination of contract of managing agent, managing director, etc
  37. 32EApplication of Act 1 of 1956
  38. 32FRestriction on filing of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
  39. IV — INVESTMENT OF FUNDS, ACCOUNTS AND AUDIT
  40. 33Funds of the Financial Corporation
  41. 36General meetings
  42. 37Audit
  43. 37AInspection
  44. 38Returns
  45. V — MISCELLANEOUS
  46. 39Power to give instructions to Financial Corporation on questions of policy
  47. 40Declaration of fidelity and secrecy
  48. 41Indemnity of directors
  49. 42Offences
  50. 43Provisions relating to income-tax and super-tax
  51. 44Act 18 of 1891 to apply to the books of the Financial Corporation
  52. 45Liquidation of Financial Corporation
  53. 46Power to apply Act to certain financial institutions in existence at commencement of Act
  54. 46AExtension of jurisdiction of the Financial Corporation to other States by agreement
  55. 46BEffect of Act on other laws
  56. 48Power of Board to make regulations
  57. 49Power to remove difficulty