The State Financial Corporations Act

General duty of the Board

Business which Financial Corporation may transact

Power to acquire rights

Gifts, grants, etc

Limit of accommodation

Power to impose conditions for accommodation

Prohibited business

Rights of Financial Corporation in case of default

Power to call for repayment before agreed period

Special provisions for enforcement of claims by Financial Corporation

Procedure of district judge in respect of applications under section 31

Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over

Effect of notified order under section 32A

Powers and duties of directors and administrators

No right to compensation for termination of contract of managing agent, managing director, etc

Application of Act 1 of 1956

Restriction on tiling of  suite for dissolution, etc., of an industrial concern not being a company  when its management is taken over

Recovery of amounts due to the Financial Corporation as an arrear of land  revenue


POWERS AND DUTIES OF THE BOARD


The Board in discharging its functions under this Act shall act on
business principles due regard being had by it to the interests of industry, commerce and the general
public.

LAWGIST

# 24 General duty of the Board