WebIt was in 1951 that State Financial Corporations Act was passed. In accordance with the provisions of the Act, first Corporation by Punjab Government was set up in 1953. At present there are 18 such corporations. Capital of the State Corporations: Each corporation can have a maximum authorised capital of Rs. 5 crores. WebThe authorised Capital of a State Financial Corporation is fixed by the State government within the minimum and maximum limits of Rs. 50 lakh and Rs. 5 crore and is divided into shares of equal value which were taken by the respective State Governments, the Reserve Bank of India, scheduled banks, co-operative banks, other financial institutions …
State Financial Corporation Act 1951 PDF Corporations Loans
WebState Financial Corporations Act, 1951. State Financial Corporations (Appeal To The Central Government) Rules, 2003. 1. Short title and commencement; 2. Definitions; 3. Procedure … WebThe Indian government passed the State Financial Corporation Act in 1951. It is applicable to all the States. The authorized Capital of a State Financial Corporation should be within the … christian meetups glasgow
The State Financial Corporations Act, 1951 - Indian Kanoon
WebFeb 21, 2024 · Employees are covered by Section 3 or Section 3a of the State Financial Corporation Act (SFC) 1951. Employees of the IFCI, the Deposit Insurance Corporation, and the Agri-Resonance... WebFeb 28, 2012 · SFCs also act as the agent of the Central and State Governments, IDBI, IFCI, or any other financial institutions in matters concerned with the grant of loans or advances or subscription to... WebJul 8, 2024 · The main features of the Act are as follows:— (i) It provides that the State Government may, by notification in the Official Gazette, establish a Financial Corporation for the State. (ii) The share capital shall be fixed by the … christian meetup groups