Negotiable instruments act, 1881 clause b of subsection 3 of section 27 of the state financial corporations act, 1951 provides that where any arrangement has been entered into by the financial corporation with an industrial concern providing for appointment of one or more directors of such. To provide for the regulation of the receipt, custody and banking of, the accounting for, and the control and disposal of state moneys, stamps, securities, forms having a face or potential value, equipment, stores and other movable goods owned or leased by the state. Osfc was established in 1956 under the state financial corporations act,1951 read more. State chartered credit unions under 501c14a introduction. Also, download the free pdf of list of banking sector acts and reforms. State financial corporations sfc the state financial corporations act, 1951 made the state governments build up state financial corporations in their particular areas for giving medium and shortterm funds to businesses which are outside the extent of the ifci. It plays a major role in the development and industrialization of gujarat by extending credit assistance to. At present there is a corpora tion in each of the fifteen slates of the indian union, including jammu and kashmir. Bihar state financial corporation was established in the year 1954 under sfcs act, 1951 to promote small and medium scale industries by way of providing financial assistance. Kerala financial corporation kfc incorporated under the state financial corporations act of 1951, is a trend setter and path breaker in the field of long term finance, playing a major role in the development and industrialization of kerala. The bilaspur commercial corporation repeal act, 1960. Nurse aide means any person who provides, for compensation, nursing care or healthrelated services to. State chartered credit unions under 501c14a introduction state chartered credit unions without capital stock, organized and operated for mutual purposes and without profit are exempt from federal income tax under irc 501c14a.
Information memorandumy incorporated under the state. At present there are 18 state finance corporations out of which 17 sfcs were established under sfc act 1951. State finance act 31 of 1991 namibia legal database. On march 6, 2017, densi filed a notice of intention to make a proposal the noi pursuant to section 50. State finance act 31 of 1991 financial regulations of the administration 17. Banking acts department of financial services ministry. The state financial corporations amendment act, 2000. Industrial infrastructure development corporation idco was established in the year 1981 with the specific objective of creating infrastructure facilities. Under the state financial corporation act, 1951 and includes any other corporation owned or controlled by the central government or the state government which the state government may, by notification, specify. Financial year 2014 and their report has been placed before state legislature as per provisions of state financial corporations act, 1951.
It plays a major role in the development and industrialization of gujarat by extending credit assistance to suit individual requirements. Banking acts department of financial services ministry of. Chap preliminary chapter i preliminary short title, extent and commencement. Nearly fifty years ago, the state financial corporations sfc act come into being on october 31, 1951.
Where any industrial concern, which is under a liability to the financial corporation under an agreement. About kfc the kerala financial corporation kfc is established under section 3 of sfcs act 1951 by the government of kerala in 1953. A corporation shall not, in the course of carrying on any business, advertise or hold out, by the use of the words registered under the financial corporations act 1974, the words registered with the reserve bank or words of like import, that the corporation is registered under this act or has any special status under or by virtue of this. Industrial credit and investment corporation of india icici. The main activity of the corporation was to sanctiondisburse loans and advances to small and medium. The state financial corporation act, 1951, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india.
It came on the statute book with the title the state financial corporation act, 1951 63 of 1951 list of amending acts. The state financial corporations act, 1951legislative. Section 29 in the state financial corporations act, 1951. The cor porations were formed under the state financial corporations act, 1951, the only exception being the madras industrial and investment corporation which was formed in 1949, long before the state financial corporations act, 1951, came into force. Rights of financial corporation in case of default. Abducted persons recovery and restoration continuance act, 1955 2. The odisha state financial corporation osfc was established in 1956 under the state financial corporations act, 1951 with the main object of providing loan assistance to the micro, small and medium enterprise.
Corporation or where the financial corporation requires an industrial. The state finance corporations management is vested in a board of ten. Apr, 2017 state financial corporation act 1951 pdf to jpg. The karnataka moneylenders act, 1961 arrangement of sections statement of objects and reasons sections. The state financial corporation extension to nagaland act, 2002 act no. Revenue act of 1951 contains an extensive discussion concerning the reasons for. Street vendors protection of livelihood and regulation of street vending act, 2014 321. The state financial corporation extension to nagaland act. This act may be called the state financial corporations amendment act, 2000. Welcome to andhra pradesh state financial corporation. Itjs herebyenactedin thefifty second yearof the republic of. The then legislators had wisely thought that the newly independent countryfull of hope and optimism urgently needed an accelerated pace of development. Odisha state financial corporation osfc was established in 1956 under the state financial corporations act,1951 and state financial corporations amendment act 2000 with the main object of providing loan assistance to the micro, small and medium enterprises msmes. It was established as the travancore cochin financial corporation on 01.
Assam financial corporation afc the assam financial corporation was established as a joint state financial corporation under section 3a of the sfcs act 1951 way back in 1954 covering the erstwhileundivided assam with two union territories of manipur and tripura and operating in this northeast region for more than last four decades. The odisha state financial corporation osfc formerly known as orissa state financial corporation is a state financial corporation of odisha. The state financial corporations act, 1951 the schedule see section 403 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. State financial corporations offering specialised ssi schemes. The state financial corporations act, 1951 was enacted to provide for the establishment of state financial corporations to create institutional framework for financing medium and small scale industries. Telecom regulatory authority of india act, 1997 328. Gujarat state financial corporation is a financial institution established by the government of the state of gujarat, india in 1961 under the state financial corporations act, 1951. Kerala financial corporation appointment of registrar 1. Kerala financial corporation incorporated under the state financial corporations act no. Kfc is engaged in providing finance mainly to msme segment in the state of kerala and functions as a state level development finance institution. Information on reforms in banking sector is important for candidates preparing for various competitive exams.
Introduction a central industrial finance corporation was set up under the industrial finance corporations act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside normal activities of commercial banks. This act may be called the state financial corporations amendment act, 2000 section 2. Be it enacted by the queen, the senate and the house of representatives of australia, as follows. This article provides the list of banking sector reforms and acts passed in india before and after independence. Gujarat state financial corporation established under state financial corporations act. State financial corporation act, 1951 hereinafter referred to as the sfc act had taken over the assets, namely, building, plant and machinery etc. Rural development state offices act on behalf of the rural businesscooperative service and the farm service agency as to loan and grant. Be it enacted by parliament in the fiftyfirst year of the republic of india as follows. The state financial corporations act, 19511 63 of 1951 31st october, 1951 an act to provide for the establishment of state financial corporations. Definitions criminal history background checks exemptions a. The state financial corporation bill was passed by both the houses of parliament and assent of the president was accorded on 31st october, 1951. Gujarat state financial corporation gsfc incorporated under the state financial corporations act of 1951, is a trend setter and path breaker in the field of industrial finance. The state financial corporation extension to nagaland. Use of administration moneys for unauthorised purposes prohibited.
An act to provide for the establishment of state financial corporations. Finance corporation of india act, 1948 central act 15 of 1948. Extraordlnary part ii section 1 published by authority no. This information memorandum has not been submitted to or approved. Be it enacted by parliament as follows 1 this act may be called the state financial corporations act, 1951. Section 31 in the state financial corporations act, 1951. The state governments expressed their desire that similar. Street vendors protection of livelihood and regulation of street vending act, 2014 326. Incorporated under the state financial corporations act. Andhra pradesh state financial corporation apsfc is a state level development financial institution established in 1956 for promoting small and medium scalesmes industries in andhra pradesh under the provisions of the state financial corporation sfc act, 1951. Andhra pradesh state financial corporation apsfc is a state level development financial institution established in 1956 for promoting small and medium scalesmes industries in andhra pradesh under the provisions of the state financial corporation sfc act,1951. State financial corporation act 1951 corporations loans.
The then legislators had wisely thought that the newly independent countryfull of hope and optimism urgently needed an accelerated pace of development to clear the backlog of centuries of under development and put the country on the path of self. Odisha state financial corporation osfc was established in 1956 under the state financial corporations act, 1951 and state financial corporations amendment act 2000 with the main object of providing loan assistance to the micro, small and medium. The state financial corporations act, 1951 the state financial corporations act, 1951 introduction a central industrial finance corporation was set up under the industrial finance corporations act, 1948 in order to provide medium and long term credit to industrial undertakings which fall outside the normal activities of commercial banks. Part 1951 servicing and collections subpart e servicing of community and direct business programs. Uttar pradesh financial corporation was established in 1954 by the government of uttar pradesh under sfcs act 1951 central act to provide support for industrial development in the state of uttar pradesh. Terrorist and disruptive activities prevention act, 1987 329. Home actsofparliamentfromtheyear the state financial corporations act, 1951. Intergovernmental contracts between municipal corporations act 35 of 1951 an act to authorize intergovernmental contracts between municipal corporations. The corporation has many entrepreneur friendly schemes to provide term loans,working capital term loans. State financial corporation act 1951 it enacted by parliament as follows. Signed by the president on 12 december 1991 be it enacted by the national assembly of the republic of namibia, as follows. Federal credit unions are considered to be instrumentalities of. Incorporated under the state financial corporations act no.