THE SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA ACT, 1989

ACT NO. 39 OF 1989 · Enacted [25th October, 1989.] · 69 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

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

Section 3.Establishment and incorporation of Small Industries Development Bank of India.

Section 4.Authorised capital.

Section 4A.Conversion of equity shares into redeemable preference shares.

Section 4B.Transfer of capital.

Section 4C.Issued capital.

Section 4D.Reduction of share capital.

Section 4E.Restriction on exercising of voting right.

Section 5.Management.

Section 6.Constitution of Board.

Section 7.[Omitted.]

Section 8.Disqualification of directors.

Section 9.Vacation and resignation of office by directors.

Section 10.[Omitted.]

Section 11.[Omitted.]

Section 12.Executive Committee and other committees.

Section 12A.Fees and allowances of directors and members of committees.

BUSINESS OF THE SMALL INDUSTRIES BANK

Section 13.Business of Small Industries Bank.

Section 14.Loans by Central Government.

Section 15.Borrowings and acceptance of deposits by the Small Industries Bank.

Section 16.Investment.

Section 17.Power to transfer rights.

Section 18.Power to acquire rights.

Section 19.Loan in foreign currency.

Section 20.Grants, donations, etc., to the Small Industries Bank.

SHARES

Section 20A.Free transferability of shares.

Section 20B.Register of shareholders.

Section 20C.Trust not to be entered on the register of shareholders.

Section 20D.Board’s right to refuse registration of transfer of shares.

Section 20E.Shares to be securities under the Indian Trusts Act, 1882.

MEETINGS AND PROCEEDINGS

Section 20F.Annual general meeting.

Section 20G.Matters to be discussed and procedure in annual general meeting.

SMALL INDUTRIES DEVELOPMENT ASSISTANCE FUND

Section 21.Small Industries Development Assistance Fund.

Section 22.Credits to Small Industries Development Assistance Fund.

Section 23.Utilisation of Small Industries Development Assistance Fund.

Section 24.Debits to Small Industries Development Assistance Fund.

Section 25.Accounts and audit of Small Industries Development Assistance Fund.

Section 26.Liquidation of Small Industries Development Assistance Fund.

SMALL INDUSTRIES GENERAL, FUND, ACCOUNTS AND AUDIT

Section 27.Small Industries General Fund.

Section 28.Preparation of accounts and balance-sheet.

Section 29.Disposal of profits accruing to Small Industries General Fund.

Section 30.Audit.

Section 31.Saving.

TRANSFER OF PART OF BUSINESS OF DEVELOPMENT BANK

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

MISCELLANEOUS

Section 33.Staff of Small Industries Bank.

Section 34.Delegation of powers.

Section 35.Returns.

Section 36.Obligations as to fidelity and secrecy.

Section 37.Defects in appointment not to invalidate acts, etc.

Section 37A.Amounts and securities to be held in trust.

Section 38.Rights of Small Industries Bank in case of default.

Section 39.Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate.

Section 40.Power to call for repayment before agreed period.

Section 41.Special provisions for enforcement of claims by Small Industries Bank.

Section 42.Small Industries Bank to have access to records.

Section 43.Validity of loan or advance not to be questioned.

Section 44.Indemnity of Directors.

Section 45.Protection of action taken under this Act.

Section 46.Nomination by depositors or holders of bonds or other securities.

Section 47.Arrangement with Small Industries Bank on appointment of directors to prevail.

Section 48.Act 18 of 1891 to apply in relation to Small Industries Bank.

Section 49.Act 10 of 1949 not to apply to Small Industries Bank.

Section 50.[Omitted.]

Section 51.Liquidation of Small Industries Bank.

Section 51A.Power to make rules by Central Government.

Section 52.Power to make regulations.

Section 53.[Repealed].

Section 54.Power to remove difficulties.