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The Small Industries Development Bank of India Act, 1989

Central

An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.

Act number
39 of 1989
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
25 Oct 1989

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

69 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Establishment and incorporation of Small Industries Development Bank of India.
  4. Section 4Authorised capital.
  5. Section 4AConversion of equity shares into redeemable preference shares.
  6. Section 4BTransfer of capital.
  7. Section 4CIssued capital.
  8. Section 4DReduction of share capital.
  9. Section 4ERestriction on exercising of voting right.
  10. Section 5Management.
  11. Section 6Constitution of Board.
  12. Section 7[Omitted.].
  13. Section 8Disqualification of directors.
  14. Section 9Vacation and resignation of office by directors.
  15. Section 10[Omitted.].
  16. Section 11[Omitted.].
  17. Section 12Executive Committee and other committees.
  18. Section 12AFees and allowances of directors and members of committees.
  19. Section 13Business of Small Industries Bank.
  20. Section 14Loans by Central Government.
  21. Section 15Borrowings and acceptance of deposits by the Small Industries Bank.
  22. Section 16Investment.
  23. Section 17Power to transfer rights.
  24. Section 18Power to acquire rights.
  25. Section 19Loan in foreign currency.
  26. Section 20Grants, donations, etc., to the Small Industries Bank.
  27. Section 20AFree transferability of shares.
  28. Section 20BRegister of shareholders.
  29. Section 20CTrust not to be entered on the register of shareholders.
  30. Section 20DBoard's right to refuse registration of transfer of shares.
  31. Section 20EShares to be securities under the Indian Trusts Act, 1882.
  32. Section 20FAnnual general meeting.
  33. Section 20GMatters to be discussed and procedure in annual general meeting.
  34. Section 21Small Industries Development Assistance Fund.
  35. Section 22Credits to Small Industries Development Assistance Fund.
  36. Section 23Utilisation of Small Industries Development Assistance Fund.
  37. Section 24Debits to Small Industries Development Assistance Fund.
  38. Section 25Accounts and audit of Small Industries Development Assistance Fund.
  39. Section 26Liquidation of Small Industries Development Assistance Fund.
  40. Section 27Small Industries General Fund.
  41. Section 28Preparation of accounts and balance-sheet.
  42. Section 29Disposal of profits accruing to Small Industries General Fund.
  43. Section 30Audit.
  44. Section 31Saving.
  45. Section 32Transfer of part of business of Development Bank.
  46. Section 33Staff of Small Industries Bank.
  47. Section 34Delegation of powers.
  48. Section 35Returns.
  49. Section 36Obligations as to fidelity and secrecy.
  50. Section 37Defects in appointment not to invalidate acts, etc.
  51. Section 37AAmounts and securities to be held in trust.
  52. Section 38Rights of Small Industries Bank in case of default.
  53. Section 39Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate.
  54. Section 40Power to call for repayment before agreed period.
  55. Section 41Special provisions for enforcement of claims by Small Industries Bank.
  56. Section 42Small Industries Bank to have access to records.
  57. Section 43Validity of loan or advance not to be questioned.
  58. Section 44Indemnity of Directors.
  59. Section 45Protection of action taken under this Act.
  60. Section 46Nomination by depositors or holders of bonds or other securities.
  61. Section 47Arrangement with Small Industries Bank on appointment of directors to prevail.
  62. Section 48Act 18 of 1891 to apply in relation to Small Industries Bank.
  63. Section 49Act 10 of 1949 not to apply to Small Industries Bank.
  64. Section 50[Omitted.].
  65. Section 51Liquidation of Small Industries Bank.
  66. Section 51APower to make rules by Central Government.
  67. Section 52Power to make regulations.
  68. Section 53[Repealed].
  69. Section 54Power to remove difficulties.