The State Financial Corporations Act, 1951 — Bare Act, All Sections & Free PDF
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Overview
An Act to provide for the establishment of State Financial Corporations.
Sections (Showing 1 to 10 of 78)
Section 1 to Section 4E (10 Sections)
Short title, extent and commencement.
(1) This Act may be called the State Financial Corporations Act, 1951. (2) It extends to the whole of India 1 ***. (3) It shall come into force in any State on such date 2 as the C...
Definitions.
In this Act unless the context otherwise requires,-- (a) "Board" means the Board of directors of the Financial Corporation; 1 [(aa) "Development Bank" means the Industrial Developm...
Establishment of State Financial Corporations.
(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) ...
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 with the 2 [Small Industrie...
Share capital and share-holders.
1 [(1) The authorised capital of the Financial Corporation shall be such sum as may be fixed by the State Government in this behalf, but it shall not be less than fifty lakhs of ru...
Special class of shares.
2 [4A. Special class of shares.-- 3 [(1) The State Government may, in consultation with the 1 [Small Industries Bank], specify from time to time such part of the unissued capital o...
Transfer of share capital to Development Bank.
1 [4B. Transfer of share capital to Development Bank .-- On such date as the Central Government may, by notification in the Official Gazette, specify (hereinafter referred to as th...
Payment of amount.
1 [4C. Payment of amount.-- The Reserve Bank shall be given by the Development Bank, in cash, for the transfer to, and vesting in, the Development Bank of the shares of every Finan...
Issue of redeemable preference shares.
1 [4D. Issue of redeemable preference shares.-- (1) On and after the commencement of the State Financial Corporations (Amendment) Act, 2000, the Financial Corporation may-- (a) iss...
Reduction of share capital.
1 [4E. Reduction of share capital.-- (1) The Financial Corporation, with the prior approval of the State Government and the Small Industries Bank, may, by resolution passed in a ge...
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Disclaimer: This bare act is reproduced for general informational and reference purposes only and does not constitute legal advice. Always verify provisions against the latest official gazette and consult a qualified advocate before relying on any section.