At present there is a corpora tion in each of the fifteen slates of the indian union, including jammu and kashmir. The state financial corporations sfcs are statelevel financial institutions, operating as regional development banks playing a crucial role in the development of small and medium enterprises in the states concerned in tandem with national priorities. Kfc is engaged in providing finance mainly to msme segment in the state of kerala and functions as a state level development finance. This act may be called the state financial corporations amendment act, 2000 section 2. The industrial disputes banking companies decision act, 1955. 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. The first state financial corporation was set up in punjab in the year 1953.
However, in 1951, congress deleted from the code the language according tax exempt status to mutual savings banks and federal and state savings and loan associations. An act to provide for the establishment, development and management of the special economic. Section 31 in the state financial corporations act, 1951. Act 63 of 1951 the state financial corporation bill having been passed by both the houses of parliament received the assent of the president on 31st october, 1951. The act means the state financial corporations act, 1951 lxiii of. The odisha state financial corporationosfc 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. 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. Without prejudice to the above rights and powers conferred on the corporation by these presents and by sections 29 and 30 of the state financial corporations act, 1951 and as amended in 1956 and 1972 and the special remedies available to the corporation under the said act, it is hereby further agreed and declared that if the partners of the. I n order to meet the financial needs of small and medium scale industrial units which are not governed by industrial finance corporation, the government of india passed state finance corporation act in 1951, empowering the state governments to start financial corporations. Karnataka state financial corporation ksfc was incorporated in 1959, under the state finance corporations act, 1951 by government of karnataka gok, with a mandate for assisting small and medium enterprises in the state with special focus to the industrially backward areas. The state financial corporations act, 1951 4 the state financial corporations act, 19511 63 of 1951 31st october, 1951 an act to provide for the establishment of state financial corporations. Rights of financial corporation in case of default. Download free sample and get upto 75% off on mrprental.
A scheme for the advancement of official language and state languages in the field of law. 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. Download the state financial corporations act 1951 by panel. 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. B e i t e n a ct e d b y p a rl i a me n t a s f o l l o w s.
The state finance corporations management is vested in a board of ten. The state governments expressed their desire that similar. In order to meet the financial needs of small and medium scale industrial units which are not governed by industrial finance corporation, the government of india passed state finance corporation act in 1951, empowering the state governments to start financial corporations. State financial corporations development banks, indian. Section 29 in the state financial corporations act, 1951. This act may be called the state financial corporations amendment act, 2000. In india, the first dfi was operationalised in 1948 with the setting up of the industrial finance corporation ifci. The corporation has many entrepreneur friendly schemes to provide term loans,working capital term loans. With this view, the central government passed the state financial corporation act of 28th september, 1951 which empowered the state government to establish financial corporation to operate within the state. All about state financial corporations sfcs governmentadda. State financial corporations publish your articles.
An act further to amend the state financial corporations act, 1951. An act to authorize intergovernmental contracts between municipal corporations. Buy the state financial corporations act 1951 by panel of experts pdf online from faculty notes. Representativesrothman,bernstine, irvinandothers june 25, 2019 by rep.
Apr, 2017 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. Be it enacted by the queen, the senate and the house of representatives of australia, as follows. The first state financial corporation was set up in punjab in the year. General regulations andhra pradesh state financial corporation. Feb 04, 20 with this view, the central government passed the state financial corporation act on 28th september, 1951 which empowered the state government to establish financial corporation to operate within the state. Chapter ii performance audit relating to statutory corporation 19 2. The state financial corporations amendment act, 2000. Banking acts department of financial services ministry. 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. Kfc is engaged in providing finance mainly to msme segment in the state of kerala and functions as a state level development finance institution. Kerala financial corporation appointment of registrar 1.
O vellayambalam, thiruvananthapuram, kerala695033 phone. In order to meet the financial requirements of small scale and mediumsized industries, there was a need of special financial institutions. The orissa state financial corporation osfc is the primary state level financing institution incorporated in the year 1956 under the state financial corporations act, 1951. Defin chapter n incorporation of state financial corporations, their capital and management 3 establishment of state financial. Incorporated under the state financial corporations act. While the legislative history of the revenue act of 1951 contains an extensive discussion concerning the reasons for. Welcome to andhra pradesh state financial corporation. 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. Gujarat state fmanclal corporation established under state financial corporations act, 1951 secretarial cell ist floor, udyog bhavan, sector11. Website content managed by legislative department, ministry of law and justice, government of india designed, developed. Chap preliminary chapter i preliminary short title, extent and commencement. Andhra pradesh state financial corporation apsfc is a term lending institution established in 1956 by merger of andhra state financial corporation and hyderabad state financial corporation for promoting small and medium scale industries smes in andhra pradesh under the provisions of the sate financial corporations act, 1951. It came on the statute book as the state financial corporations act, 1951 63 of 1951. Cellc2 september 15, 2018 the corporate relations department bse ltd 25th floor, phiroz jeejeebhoy towers dalal.
The state financial corporations act1951 the reserve bank of india amendment and misc. The odisha state financial corporation osfc formerly known as orissa state financial corporation is a state financial corporation of odisha. Full text containing the act, state financial corporation act, 1951, with all the. State financial corporation act 1951 it enacted by parliament as follows. The corporation extends term loan upto a maximum of rs. The state financial corporations act, 1951legislative department. Operational and financial performance of andhra pradesh state. 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. Aug 26, 2014 i n order to meet the financial needs of small and medium scale industrial units which are not governed by industrial finance corporation, the government of india passed state finance corporation act in 1951, empowering the state governments to start financial corporations. State financial corporations, play an important role in the development of small and medium enterprises. The state financial corporations acr, 1951 contents amendments to the state financial corporations act, 1951 by the credit information companies regulation act, 2005 chapter 1 preliminary i short title, extent arid 2. Banking acts department of financial services ministry of. Lxiii of 1951 31st october, 1951 an act to provide for the establishment of state financial corporations. Topics the state financial corporations act, 1951 collection opensource language.
Other than section 273b of the financial corporations act, 1951, the second proviso appended to section 141 of the negotiable instruments act, 1881 provides where a person is nominated as a director of a company by virtue of his holding any. Kerala financial corporation appointment of merchant bankers as arrangers 1. About kfc the kerala financial corporation kfc is established under section 3 of sfcs act 1951 by the government of kerala in 1953. Press release karnataka state financial corporation. The main activity of the corporation was to sanctiondisburse loans and advances to small and. Provisions act 1953 the industrial disputes banking companies decision act 1955. 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 odisha state financial corporationosfc 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. In india, there are 19 state financial corporations sfcs.
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. 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. Incorporated under the state financial corporations act no. The state financial corporations act, 1951legislative. The state financial corporations sfcs are state level financial institutions, operating as regional development banks playing a crucial role in the development of small and medium enterprises in the states concerned in tandem with national priorities. Nearly fifty years ago, the state financial corporations sfc act come into being on october 31, 1951. After the passage of state financial corporations sfcs act, 1951, state level small and mediumsized financial corporations were established. At present in india, there are 18 state finance corporations out of which 17 sfcs were established under the sfc act 1951. There are 18 sfcs in the country, of which 17 were set up under the sfcs act 1951. Defin chapter n incorporation of state financial corporations, their capital and management 3 establishment of. State financial corporation act, 1951 bare acts law library. 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.
State finance corporations sfc functions and problems toppr. An act to provide for the establishment of state financial corporations. With this view, the central government passed the state. Download the state financial corporations act 1951 by. Information memorandumy incorporated under the state.