The Industrial Finance Corporation Act, 1948
6. Management.
- The general superintendence and direction of the affairs and
business of the Corporation shall be entrusted to a
Board of Directors which 3*** may exercise all powers and do all acts and
things which may be exercised or done by the Corporation.
- The Board in discharging its
functions shall act on business principles due regard being had by it to the
interests of industry, commerce and the general public.
- In the discharge of its said
functions, the Board shall be guided by such instructions on questions of
policy as may be given to it by 4*[the Development Bank].
- 5*[If any dispute arises between the Development Bank and the
Board as to whether a question is or is not a question of policy, the dispute
shall be referred to the Central Government whose decision thereon shall be
final.]
- If the Board fails to carry
out the instructions on the question of policy 6*[given by the Development
Bank], the Central Government shall have the power to supersede the Board and
appoint a new Board in its place to function until a properly constituted
Board is set up. The decision of the Central Government as to the grounds for
superseding the Board shall not be questioned in any Court of law.
- 1. Subs. by Act 2 of 1982, s. 4 (w.e.f. 12.3.1982)
- 2. Ins. by Act 45 of 1949, s. 2.3. The words "with the assistance of an
Executive Committee and a
Managing Director" omitted by Act 28 of 1955, s.5.4. Subs. by Act 18 of
1964, s. 38 and Sch. II, for "the Central
Government" (w.e.f. 1-8-1964).5. Subs. by 38 and Sch. II, ibid., for sub-section (4) (w.e.f. 1 - 8 -
1964).6. Subs. by s. 38 and Sch. II, ibid., for "laid down by the Central
Government" (w.e.f. 1-8-1964).
Back