How many sections are in The Industrial Finance Corporation of India Act, 1948 (TIFCIA)?

The The Industrial Finance Corporation of India Act, 1948 (TIFCIA) contains a total of 43 sections organized across 1 chapters. The chapters are: Chapter I — Full Text — 43 sections.

Where can I read the complete TIFCIA bare act online for free?

You can read the complete, updated text of The Industrial Finance Corporation of India Act, 1948 (TIFCIA) with all 43 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does TIFCIA deal with?

The Industrial Finance Corporation of India Act, 1948 (TIFCIA) is an Indian legislation enacted in 1948 passed by the Parliament of India. An Act to provide for the establishment of an Industrial Finance Corporation for making medium and long-term credits available to industrial concerns. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of TIFCIA?

TIFCIA stands for "The Industrial Finance Corporation of India Act, 1948". It is an Indian legislation containing 43 sections across 1 chapters. You can read the complete TIFCIA bare act with all sections at Law on Tips.

The Industrial Finance Corporation of India Act, 1948 (TIFCIA) - Complete Bare Act with All 43 Sections | Law on Tips

S.1Short title, extent and commencement .-(1) This Act may be called the Industrial Finance Corporation Act, 1948

S.2Interpretation .-In this Act, unless there is anything repugnant in the subject or context,

S.3Establishment and incorporation of Corporation .-(1) A Corporation to be called the Industrial Finance Corporation of India shall be established for the purposes of this Act

S.4Share capital and share-holders .-(1) The authorised capital of the Corporation shall be ten crores of rupees divided into twenty thousand fully paid-up shares of five thousand rupees each of which ten thousand shares of the total value of five crores of rupees shall be issued in the first instance, and the remaining shares may be issued with the sanction of the Central Government from time to time as and when the Corporation may deem fit

S.5Guarantee by Central Government .-The shares of the Corporation shall be guaranteed by the Central Government as to the repayment of the principal and the payment of the annual dividend at such minimum rate as may be fixed by the Central Government by notification published in the Official Gazette at the time of issuing the shares

S.6Management .-(1) The general superintendence and direction of the affairs and business of the Corporation shall be entrusted to a Board of Directors which [* * *] may exercise all powers and do all acts and things which may be exercised or done by the Corporation

S.7Share capital

S.8Advisory Committee

S.9Managing Director

S.10Board of Directors

S.11Term of office and retirement of Directors .-(1) A nominated Director shall hold office during the pleasure of [the authority appointing him]

S.12Disqualification .-No person shall be a Director who

S.13/626 [27th March, 1948] An Act to establish the Industrial Finance Corporation of India

S.14Power to grant loans

S.15[ Advisory Committees

S.16Security for loans

S.17Meetings of the Board .-(1) Meetings of Board [* * *]shall be held at such times and at such places as may be prescribed:

S.18[Omitted]

S.19Power to acquire property

S.20[ Investment of funds

S.21Borrowing powers .-(1) The Corporation may issue and sell bonds and debentures carrying interest for the purpose of raising its working capital:

S.22Accounts and audit

S.23Business which the Corporation may transact .- [[*] [The Corporation shall, subject to the provisions of this Act, be authorised to carry on and transact the following kinds of business, namely:-] [ Substituted by Act 66 of 1960, Section 5, for sub-S. (1).]

S.24Annual report

S.25Power to impose conditions for accommodation

S.26Prohibited business .- [(1)] The Corporation shall not

S.27[ Loans in foreign currency .-(1) Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1947 (7 of 1947), or in any other enactment for the time being in force relating to foreign exchange, the Corporation may, for the purpose of granting loans or advances to industrial concerns, borrow, with the previous consent of the Central Government, foreign currency from the International Bank for Reconstruction and Development ][or any bank or financial institution in India or in any foreign country ] [ Inserted by Act 43 of 1957, Section 8 (w.e.f. 21.12.1957).][or otherwise

S.28Right of Corporation in case of default .-(1) Where any industrial concern which is under a liability to the Corporation under an agreement makes any default in repayment [of any loan or advance or any instalment thereof][or in meeting its obligations in relation to any guarantee given by the Corporation] [ Inserted by Act 74 of 1972, Section 16.] or otherwise fails to comply with the terms of its agreement with the Corporation, the Corporation shall have the [right to take over the management, or possession, or both, of the concern] [ Substituted by Act 74 of 1972, Section 16, for certain words.], as well as the [right to transfer by way of lease or sale] [ Substituted by Act 28 of 1955, Section 19, for " right to sell" (w.e.f. 18.9.1955).] and realise the property pledged, mortgaged, hypothecated or assigned to the Corporation

S.29Power to call for repayment before agreed period .- [Notwithstanding anything in any agreement to the contrary, the Corporation may, by notice in writing, require any industrial concern to which it has granted any loan or advance to discharge forthwith in full its liabilities to the Corporation,- ]

S.30Special provisions for enforcement of claims by the Corporation .-(1) [Where an industrial concern, in breach of any agreement, makes any default in repayment of any loan or advance or any instalment thereof ] [or in meeting its obligations in relation to the guarantee given by the Corporation] [ Inserted by Act 74 of 1972, Section 17.][or otherwise fails to comply with the terms of its agreement with the Corporation or where the Corporation requires an industrial concern to make immediate repayment of any loan or advance under section 29 and the industrial concern fails to make such repayment, then, without prejudice to the provisions ] [Substituted by Act 78 of 1952, Section 19, for certain words. ] [of section 28 of this Act and] [ Inserted by Act 28 of 1955, Section 20 (w.e.f. 18.9.1955).][of section 69 of the Transfer of Property Act, 1882 (4 of 1882),] [Substituted by Act 78 of 1952, Section 19, for certain words. ] any officer of the Corporation generally or especially authorised by the Board in this behalf may apply to [the Court] [ Substituted by Act 74 of 1972, Section 17, for " District Judge" .] for one or more of the following reliefs, namely:

S.31Penalties

S.32Disposal of profits .-(1) The Corporation shall establish a reserve fund

S.33General meetings .-(1) A general meeting (hereinafter referred to as the annual general meeting) shall be held annually at a place in India where there is an office of the Corporation within [four months] from the date on which the annual accounts of the Corporation are closed; and a general meeting may be convened by the Board at any other time

S.34Audit .- [(1) The affairs of the Corporation shall be audited by not less than two auditors duly qualified to act as auditors of companies under sub-section (1) of ][section 226 of the Companies Act, 1956 (1 of 1956)] [ Substituted by Act 43 of 1957, Section 13, for " section 144 of the Indian Companies Act, 1913" ][, one of whom shall be appointed by ] [Inserted by Act 78 of 1952, Section 24, for sub-S. (1). ][the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government" (w.e.f. 1.8.1964).][and ] [Inserted by Act 78 of 1952, Section 24, for sub-S. (1). ] [the other auditor or auditors] [ Substituted by Act 43 of 1957, Section 13, for " the other" . ][elected in the prescribed manner by the parties mentioned in sub-section (3) of section 4, and such remunerations as ] [Inserted by Act 78 of 1952, Section 24, for sub-S. (1). ] [the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for " the Central Government" (w.e.f. 1.8.1964).][may fix shall be paid to the auditors by the Corporation. ] [Inserted by Act 78 of 1952, Section 24, for sub-S. (1). ]

S.35Returns .-(1) The Corporation shall furnish a statement in the prescribed form of its assets and liabilities as at the close of business on the last Friday of each month, or if that day is a public holiday under the Negotiable Instruments Act 1881 (26 of 1881), as at the close of business on the preceding working day, to the Development Bank within ten days from the date to which the statement relates

S.36Acquisition of shares by the Central Government .- [(1)] In the event of the Central Government at any time deciding to acquire the shares held by shareholders [other than the Development Bank] [ Substituted by Act 18 of 1964, Section 38 and Sch. II, for certain words (w.e.f. 1.8.1964).] the shareholders shall be paid for the shares so acquired an amount equal to the paid-up value of the shares together with a premium calculated at the rate of one per cent. of the paid-up value for every year from the date of issue to the date of acquisition, subject to a maximum of ten per cent

S.37Power to make rules

S.38Indemnity of Directors

S.39Declaration of fidelity and secrecy .- [(1) The Corporation shall not, except as otherwise required by this Act or any other law for the time being in force, divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is, in accordance with the law or practice and usage, customary among bankers, necessary or appropriate for the Corporation to divulge such information

S.40Provision relating to income-tax and super-tax .-For the purposes of the Indian Income-tax Act, 1922 (11 of 1922), the Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains:

S.41Offences .-(1) Whoever in any bill of lading, warehouse receipt or other instrument given to the Corporation where by security is given or is purported to be given to the Corporation for any accommodation granted by it under this Act wilfully makes any false statement, or knowingly permits any false statement to be made, shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to two thousand rupees or with both

S.42Power of Central Government to make rules .- [(1)][The Central Government may, in consultation with the Development Bank and by notification in the Official Gazette,] [ Substituted by Act 52 of 1975, Section 23, for certain words (w.e.f. 16.2.1976).] make rules not inconsistent with the provisions of this Act, to give effect to the provisions of this Act, and where there is any inconsistency between the rules and the regulations made under this Act the rules shall prevail

S.43Power of Board to make regulations .-(1) The Board may, [with the previous approval of the Development Bank, ][and by notification in the Official Gazette] [ Inserted by Act 50 of 1986, Section 21 (w.e.f. 2.2.1987).] make regulations not inconsistent with this Act [and the rules made thereunder] [ Inserted by Act 78 of 1952, Section 30.] to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act

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The Industrial Finance Corporation of India Act, 1948