The Industrial Finance Corporation Act, 1948

*[27th March, 1948.]

S. No	Contents
1	Short title, extent and commencement
2	Interpretation
3	Establishment and incorporation of Corporation
4	Share capital and share - holders
4A	Transfer of shares and increase of capital
5	Guarantee by Central Government
5A	Shares of the Corporation to be deemed to be securities for certain purposes
6	Management
7	Powers of Executive Committee
8	[Advisory Committee.] Rep., ibid
9	Managing Director
10	Board of Directors
10A	Chairman of the Board
11	Term of office and retirement of Directors
12	Disqualification
13	Removal of Director from office
13A	Casual vacancy of Chairman
14	Central Committee
15	Advisory Committees
16	Staff of Corporation
17	Meetings of the Board
18	Offices and agencies
19	Deposit Accounts
20	Investment of funds
21	Borrowing powers
21A	Bonds and debentures to be approved securities
21B	Power to transfer rights
21C	Power to acquire rights
22	Deposits with the Corporation
23	Business which the Corporation may transact
25	Power to impose conditions for accommodation
26	Prohibited business
27	Loans in foreign currency
28	Rights of Corporation in case of default
29	Power to call for repayment before agreed period
30	Special provisions for enforcement of claims by the Corporation
30A	Power of Corporation to appoint Directors of an industrial
30B	Effect of notified order appointing Directors
30C	Powers and duties of Directors
30D	No right to compensation for termination contract of managing agents
30E	Application of Act 1 of 1956
31	Act 18 of 1891 to apply to the books of the Corporation
32	Disposal of profits
32A	Special reserve fund
32B	Benevolent reserve fund
33	General meetings
34	Audit
34A	Appointment of local auditors
35	Returns
36	Acquisition of shares by the Central Government
37	Liquidation of Corporation
38	Indemnity of Directors
38A	Protection of action taken by Directors appointed under sections 25and 30A
39	Declaration of fidelity and secrecy
40	Provision relating to income-tax and super tax
40A	Delegation of powers
40B	Removal of difficulties
41	Offences
41A	Effect of Act on other laws
42	Power of Central Government to make rules
43	Power of Board to make regulations

where it is expedient to establish an Industrial Finance Corporation for the purpose of making medium and long-term credits more readily available to industrial concerns in India, particularly in circumstances where normal banking accommodation is inappropriate or recourse to capital issue methods is impracticable. It is hereby enacted as follows:--