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| Home > Indian Bare Acts > STATE FINANCIAL CORPORATIONS ACT, 1951 > CHAPTER I PRELIMINARY |
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| STATE FINANCIAL CORPORATIONS ACT, 1951 |
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Title : STATE FINANCIAL CORPORATIONS ACT, 1951
Year : 1951
Act : CHAPTER I
PRELIMINARY
1. 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.
(3) It shall come into force in any State on such date 1 as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions
In this Act unless the context otherwise requires-
(a) Board means the Board of Directors of the Financial Corporation;
(aa) Development Bank means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964)
(b) Financial Corporation means a Financial Corporation established under section 3 and includes a Joint Financial Corporation established under section 3A;
(c) industrial concern means any concern engaged or to be engaged in-
(i) the manufacture, preservation or processing of goods;
2[(ii) mining or development of mines;]
(iii) the hotel industry;
(iv) the transport of passengers or goods by road or by water or by air 3[or by ropeway or by lift];
(v) the generation or distribution of electricity or any other form of power;
(vi) the maintenance, repair, testing or servicing of machinery of any description or vehicles or vessels or motor boats or trailers or tractors;
(vii) assembling, repairing or packing any article with the aid of machinery or power;
2[(viii) the setting up or development of an industrial area or industrial estate;]
(ix) fishing or providing shore facilities for fishing or maintenance thereof; 4[***]
(x) providing special or technical knowledge or other services for the promotion of industrial growth;
3[(xi) providing weighbridge facilities;
(xii) the research and development of any process or product in relation to any of the matters aforesaid; or
(xiii) such other activity as may be approved by the Development Bank.]
5[Explanation 1]: The expression processing of goods includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation.]
3[Explanation 2: If any doubt arises as to whether a concern is an industrial concern or not, the same shall be referred to the Development Bank for its decision and the decision of the Development Bank thereon shall be final.]
(d) prescribed means prescribed by rules or regulations made under this Act;
(e) Reserve Bank means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934)
(f) scheduled bank means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934)
(ff) State Co-operative Bank shall have the meaning assigned to it in clause (f) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934)
(fff) State Government, in relation to a Union Territory, means the Administrator thereof;
(g) underwriting means contract, with or without conditions, to subscribe for stocks, shares, bonds or debentures of an industrial concern with a view to the resale of the whole or any part thereof.
Last updated on February, 2008
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