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Bar News Acts League

The Small Industries Development Bank of India Act, 1990

Act ID: 1990

The Small Industries Development Bank of India Act, 1990

"An Act to establish SIDBI for the promotion, financing and development of small-scale industries."

Table of Contents

69 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions.

Ch. 2

ESTABLISHMENT OF THE SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA AND CAPITAL THEREOF

S.3Establishment and incorporation of Small Industries Development Bank of India.S.4Authorised capital.S.4AConversion of equity shares into redeemable preference shares.S.4BTransfer of capital.S.4CIssued capital.S.4DReduction of share capital.S.4ERestriction on exercising of voting right.S.5Management.S.6Constitution of Board.S.7[Omitted.].S.8Disqualification of directors.S.9Vacation and resignation of office by directors.S.10[Omitted.].S.11[Omitted.].S.12Executive Committee and other committees.S.12AFees and allowances of directors and members of committees.

Ch. 3

BUSINESS OF THE SMALL INDUSTRIES BANK

S.13Business of Small Industries Bank.S.14Loans by Central Government.S.15Borrowings and acceptance of deposits by the Small Industries Bank.S.16Investment.S.17Power to transfer rights.S.18Power to acquire rights.S.19Loan in foreign currency.S.20Grants, donations, etc., to the Small Industries Bank.

Ch. 4

SHARES

S.20AFree transferability of shares.S.20BRegister of shareholders.S.20CTrust not to be entered on the register of shareholders.S.20DBoard's right to refuse registration of transfer of shares.S.20EShares to be securities under the Indian Trusts Act, 1882.

Ch. 5

MEETINGS AND PROCEEDINGS

S.20FAnnual general meeting.S.20GMatters to be discussed and procedure in annual general meeting.

Ch. 6

SMALL INDUTRIES DEVELOPMENT ASSISTANCE FUND

S.21Small Industries Development Assistance Fund.S.22Credits to Small Industries Development Assistance Fund.S.23Utilisation of Small Industries Development Assistance Fund.S.24Debits to Small Industries Development Assistance Fund.S.25Accounts and audit of Small Industries Development Assistance Fund.S.26Liquidation of Small Industries Development Assistance Fund.

Ch. 7

SMALL INDUSTRIES GENERAL, FUND, ACCOUNTS AND AUDIT

S.27Small Industries General Fund.S.28Preparation of accounts and balance-sheet.S.29Disposal of profits accruing to Small Industries General Fund.S.30Audit.S.31Saving.

Ch. 8

TRANSFER OF PART OF BUSINESS OF DEVELOPMENT BANK

S.32Transfer of part of business of Development Bank.

Ch. 9

MISCELLANEOUS

S.33Staff of Small Industries Bank.S.34Delegation of powers.S.35Returns.S.36Obligations as to fidelity and secrecy.S.37Defects in appointment not to invalidate acts, etc.S.37AAmounts and securities to be held in trust.S.38Rights of Small Industries Bank in case of default.S.39Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate.S.40Power to call for repayment before agreed period.S.41Special provisions for enforcement of claims by Small Industries Bank.S.42Small Industries Bank to have access to records.S.43Validity of loan or advance not to be questioned.S.44Indemnity of Directors.S.45Protection of action taken under this Act.S.46Nomination by depositors or holders of bonds or other securities.S.47Arrangement with Small Industries Bank on appointment of directors to prevail.S.48Act 18 of 1891 to apply in relation to Small Industries Bank.S.49Act 10 of 1949 not to apply to Small Industries Bank.S.50[Omitted.].S.51Liquidation of Small Industries Bank.S.51APower to make rules by Central Government.S.52Power to make regulations.S.53[Repealed].S.54Power to remove difficulties.