Section 49. Power to remove difficulty

49. Power to remove difficulty. —If any difficulty arises in giving effect to the provisions of this Act, as amended by the Public Financial Institutions Laws (Amendment) Act, 1975 (52 of 1975), the Central Government may, by order, do anything, not inconsistent with such provisions, for the purpose of removing the difficulty: Provided that no such order shall be made after the expiration of three years from the commencement of the said Amendment Act.] 1. Omitted by Act 43 of 1985, s. 30 (w.e.f. 21-8-1985). 2. Subs. by s. 30, ibid ., for "advisory committees for technical and other advice" (w.e.f. 21-8-1985) 3. Ins. by Act 56 of 1956, s. 25 (w.e.f. 1-10-1956). 4. Ins. by Act 39 of 2000, s. 35 (w.e.f. 5-9-2000). 5. Subs. by Act 77 of 1972, s. 28, for sub-section (3) (w.e.f. 30-12-1972). 6. Ins. by Act 4 of 1986, s. 2 and Schedule (w.e.f. 15-5-1986). 7. The words and figures "Every rule made under section 47 and" omitted by Act 39 of 2000, s. 36 (w.e.f. 5-9-2000). 8. Ins. by s. 37, ibid . (w.e.f. 5-9-2000). THE SCHEDULE 1[ See section 40 (3)] DECLARATION OF FIDELITY AND SECRECY I, .............................................................................. do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as a director, officer, employee or auditor (as the case may be) of the Financial Corporation and which properly relate to any office or position in the said Financial Corporation held by me. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the Financial Corporation, nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the Financial Corporation and relating to the business of the Financial Corporation. Signature. Signed before me: In order to provide medium and long-term credit to industrial undertakings, which falls outside the normal activities of commercial banks, a Central Industrial Finance Corporation was set up under the Industrial Finance Corporation Act, 1948 (XV of 1948). The State Governments wish that similar Corporations should also be set up in the States to supplement the work of the Industrial Finance Corporation. The intention is that the State Corporations will confine their activities to financing medium and small scale industries and will, as far as possible, consider only such cases as are outside the scope of the Industrial Finance Corporation. The State Governments also consider that the State Corporations should be established under a special Statute in order to make it possible to incorporate in the consitution necessary provisions in regard to majority control by Government, guarantee by the State Government in regard to the repayment of principal, and payment of a minimum rate of dividend on the shares restriction on distribution of profits and special powers for the enforcement of its claims and recovery of dues. Since the incorporation, regulation and winding up of such corporations fall within the purview of Parliament- vide Entry No. 43 of the Union List the State Governments have requested the Government of India to enact the necessary enabling legislation, which is sought to be effected by this Bill.