Section 3
Establishment of State Financial Corporations.
The State Financial Corporations Act, 1951
About this Act
An Act to provide for the establishment of State Financial Corporations.
(1) The State Government may, by notification
in the Official Gazette, establish a Financial Corporation for the State under such name as may be
specified in the notification.
(2) The Financial Corporation shall be a body corporate by the name notified under sub-section (1), having perpetual succession and a common seal, with power, subject to the provisions of this Act, to 1[acquire, hold and dispose of] property and shall by the said name sue and be sued.
(2) The Financial Corporation shall be a body corporate by the name notified under sub-section (1), having perpetual succession and a common seal, with power, subject to the provisions of this Act, to 1[acquire, hold and dispose of] property and shall by the said name sue and be sued.
Notes
1. Subs. by Act 56 of 1956, s. 3, for "acquire and to hold" (w.e.f. 1-10-1956).