How many sections are in The Small Industries Development Bank of India Act, 1989 (SIDBI Act)?

The The Small Industries Development Bank of India Act, 1989 (SIDBI Act) contains a total of 54 sections organized across 8 chapters. The chapters are: Chapter IP — reliminary — 18 sections; Chapter IIE — stablishment Of The Small Industries Development Bank Of India And Capital Thereof — 2 sections; Chapter IIIMA — nagement Of The Small Industries Bank — 5 sections; Chapter IVB — usiness Of The Small Industries Bank — 6 sections; Chapter VS — mall Industries Development Assistance Fund — 4 sections; Chapter VIS — mall Industries General Fund, Accounts And Audit — 3 sections; Chapter VIIT — ransfer Of Part Of Business Of Development Bank — 1 sections; Chapter VIIIMIS — cellaneous — 15 sections.

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

You can read the complete, updated text of The Small Industries Development Bank of India Act, 1989 (SIDBI Act) with all 54 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does SIDBI Act deal with?

The Small Industries Development Bank of India Act, 1989 (SIDBI Act) is an Indian legislation enacted in 1989 passed by the Parliament of India. An Act to establish the Small Industries Development Bank of India. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of SIDBI Act?

SIDBI Act stands for "The Small Industries Development Bank of India Act, 1989". It is an Indian legislation containing 54 sections across 8 chapters. You can read the complete SIDBI Act bare act with all sections at Law on Tips.

The Small Industries Development Bank of India Act, 1989 (SIDBI Act) - Complete Bare Act with All 54 Sections | Law on Tips

S.33Staff of Small Industries Bank .-(1) The Small Industries Bank may appoint such number of officers and other employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service

S.36Obligations as to fidelity and secrecy .-(1) The Small Industries Bank shall not, except as otherwise required by this Act or any other law, 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 Small Industries Bank to divulge such information

S.37Defects in appointment not to invalidate acts, etc .-(1) No act or proceeding of the Board or of any Committee of the Small Industries Bank shall be questioned on the ground merely of the existence of any vacancy in, or defect in the constitution of, the Board or the committee, as the case may be

S.38Rights of Small Industries Bank in case of default .-(1) Where any industrial concern in the small-scale sector, which is under a liability to the Small Industries Bank 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 Small Industries Bank or otherwise fails to comply with the terms of its agreement, with the Small Industries Bank, the Small Industries Bank shall have the right to take over the management, or possession, or both of such industrial concern in the small-scale sector, as well as the right to transfer by way of lease or sale and realise the property pledged, mortgaged, hypothecated or assigned to the Small Industries Bank

S.39Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate .-(1) Where any property, effects or actionable claims are sold or leased in pursuance of any power conferred by section 38, the Small Industries Bank or any other person authorised by it may, for the purpose of taking into custody or under control any such property, effects or actionable claims, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such property, effects, actionable claims, books of account or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or the District Magistrate shall, on such request being made to him,

S.40Power to call for repayment before agreed period .-Notwithstanding anything in any agreement to the contrary, the Small Industries Bank may, by notice in writing, require any industrial concern in the small-scale sector to which it has granted any loan or advance to discharge forthwith in full its liabilities to the Small Industries Bank,

S.41Special provisions for enforcement of claims by Small Industries Bank .-(1) Where an industrial concern in the small-scale sector, 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 any guarantee given by the Small Industries Bank or otherwise fails to comply with the terms of its agreement with that Bank, or where the Small Industries Bank requires any industrial concern in the small-scale sector to make repayment of any loan or advance under section 40 and such industrial concern fails to make such repayment, then, without prejudice to the provisions of section 38 of this Act and section 69 of the Transfer of Property Act, 1882 (4 of 1882), any officer of that Bank, generally or specially authorised by that Bank in this behalf, may apply to the Court for one or more of the following reliefs, namely:

S.42Small Industries Bank to have access to records .-(1) The Small Industries Bank shall have free access to all such records of any institution which seeks to avail of any credit facilities from the Small Industries Bank and to all such records of any such person who seeks to avail of any credit facilities from such institution, perusal whereof may appear to the Small Industries Bank to be necessary in connection with the providing of finance or other assistance to such institution or the refinancing of any loan or advance made to such person by the borrowing institution

S.43Validity of loan or advance not to be questioned .-Notwithstanding anything to the contrary contained in any other law for the time being in force, the validity of any loan or advance granted by the Small Industries Bank in pursuance of the provisions of this Act shall not be called in question merely on the ground of non-compliance with the requirements of such other law as aforesaid or of any resolution, contract, memorandum, articles of association or other instrument:

S.44Indemnity of directors .-(1) Every Director shall be indemnified by the Small Industries Bank against all losses and expenses incurred by him in, or in relation to, the discharge of his duties, except such as are caused by his own wilful act or default

S.46Nomination by depositors or holders of bonds or other securities .-(1) Notwithstanding anything contained in any other law, where a nomination in respect of any deposits, bonds or other securities kept with or issued by the Small Industries Bank is made in the prescribed manner, the amount due on such deposits, bonds or other securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title, interest or claim of any other person, in relation to such deposits, bonds or other securities

S.47Arrangement with Small Industries Bank on appointment of directors to prevail .-(1) Where any arrangement entered into by the Small Industries Bank with an industrial concern in the small-scale sector provides for the appointment by the Small Industries Bank of one or more directors of such industrial concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to that industrial concern, and any provision regarding share qualification, age-limit, number of Directorship, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the Small Industries Bank in pursuance of the arrangement as aforesaid

S.51Liquidation of Small Industries Bank .-No provision of law relating to the winding up of companies or corporations shall apply to the Small Industries Bank and that Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct

S.52Power to make regulations .-(1) The Board may, [* * *] by notification, make regulations not inconsistent with the provisions of this Act to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act

S.54Power to remove difficulties .-If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, in consultation with the Development Bank, by order, do anything, not inconsistent with such provisions, for the purpose of removing the difficulty:

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The Small Industries Development Bank of India Act, 1989