State Financial Corporations Act,1951

Act No : 63

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Section : Establishment of State Financial Corporations.

3. 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 2*[acquire, hold and dispose of] property and shall by the said name sue and be sued.

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