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STATE FINANCIAL CORPORATIONS ACT, 1951

Title : STATE FINANCIAL CORPORATIONS ACT, 1951

Year : 1951



(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 dates the Central Government may, by notification in the Official Gazette, appoint.

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1. The words “except the State of Jammu and Kashmir ” omitted by Act 62 of 1956, sec. 2 and Sch. (w.e.f. 1-11-1956 ).

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In this Act, unless the context otherwise requires,-

(a) “Board” means the Board of directors of the Financial Corporation;

(aa)1* “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;

(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 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;

(viii) The setting up or development of an industrial area or industrial estate;

(ix) Fishing or providing shore facilities for fishing or maintenance thereof;[***]

(x) Providing weight bridge facilities;

(xi) Providing engineering, technical, financial, management, marketing or other services or facilities for industry;

(xii) Providing medical, health or other allied, services;

(xiii) Providing software or hardware services relating to information technology, telecommunications or electronics including satellite linkage and audio or visual cable communication;

(xiv) Setting up or development of tourism related facilities including amusement parks, convention centers, restaurants, travel and transport (including those at airports), tourist service agencies and guidance and counseling services to the tourists;

(xv) Construction;

(xvi) Development, maintenance and construction of roads;

(xvii) Providing commercial complex facilities and community centres including conference halls;

(xviii) Floriculture;

(xix) Tissue culture, fish culture, poultry farming, breeding and hatcheries;

(xx) Service industry, such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view to its use, sale, transport, delivery or disposal;

(xxi) Research and development of any concept, technology, design, process or product, whether in relation to any of the matters aforesaid, including any activities approved by the Small Industries Bank; or

(xxii) Such other activity as may be approved by the Small Industries Bank;

2*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.

Explanation 2.-If any doubt arises as to whether a concern is an industrial concern or not, the same shall be referred to the Small Industries Bank for its decision and the decision of the Small Industries Bank thereon shall be final;

(d) “Prescribed” means prescribed by rules or regulations made under this Act;

(da) The expression "public sector bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);

(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);

(fa) "Small Industries Bank" means the Small Industries Development Bank of India established under sub-section (l) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989);

(fb) “State Co-operative Bank” shall have the meaning as¬signed to it in clause (f) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934);

(fc) “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.

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1. Ins. by Act 77 of 1972, sec. 2 (w.e.f. 30-12-1972 ).

2. Explanation renumbered as Explanation 1 by Act 43 of 1985, sec. 2 (w.e.f. 21-8-1985 ).

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Last updated on August, 2016

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