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Andhra Pradesh State Financial Corporation General Regulations, 2004
Andhra Pradesh State Financial Corporation General Regulations, 2004
Sections
CHAPTER I
CHAPTER I
Section 11. Short Title and Commencement.
Section 12. Definitions.
Section 23. Shares - Movable Property.
Section 34. Allotment of Shares.
Section 45. Control over Shares.
Section 56. Parties who may not be registered as Shareholders.
Section 67. Joint Holding of Shares.
Section 78. Share Register.
Section 89. Trust not to be recognised.
Section 910. Exercise of Right of Joint Holders.
Section 1011. Inspection of Share Register.
Section 1112. Closing of Share Register.
Section 1213. Share Certificates.
Section 1314. Issue of Share Certificate free of charge.
Section 1415. Issue of duplicate/sub-division of Share Certificates.
Section 1516. Transfer of Shares.
Section 1617. Power to suspend transfer.
Section 1718. Power to refuse recognition of instrument of Transfer.
Section 1819. Transmission of shares/debentures in the event of death, insolvency etc of a shareholder/debenture holder/security holder".
Section 1920. Calls on shares.
Section 2021. Calls on date from resolution.
Section 2122. Notice of call.
Section 2223. Extension of time for payment of call.
Section 2324. Liabilities of Joint Holders.
Section 2425. Amount payable at fixed time or by instalments as calls.
Section 2526. When interest on call or instalment payable.
Section 2627. Non-payment of calls by shareholder.
Section 2728. Notice to be given if call or installment not paid.
Section 2829. Form of notice.
Section 2930. In default of payment, shares to be forfeited.
Section 3031. Entry of forfeiture in the Register.
Section 3132. Forfeited shares to be property of the Corporation and may be sold.
Section 3233. Power to annul forfeiture.
Section 3334. Shareholder liable to pay money owing at the time of forfeiture and interest.
Section 3435. Partial payment not to preclude forfeiture.
Section 3536. Application of forfeiture provisions.
Section 3637. Corporation's lien on Shares.
Section 3738. Enforcing lien by sale of shares.
Section 3839. Application of proceeds of sale of shares.
Section 3940. Certificate of forfeiture.
Section 4041. Title of purchaser and allottee of forfeited share.
Section 4142. Shareholder ceasing to be qualified for registration.
Section 4243. Service of notice or document to share holders .
Section 43
chapter III
44. Chairman of Meeting - In chapter III and IV.
Section 4445. Annual General Meeting.
Section 4546. General Meetings (other than Annual General Meeting).
Section 4647. Notice convening a General Meeting.
Section 4748. Business at General Meetings.
Section 4849. Quorum at General Meetings.
Section 4950. Chairman of General Meetings.
Section 5051. Persons entitled to attend General meeting.
Section 5152. Voting at General Meetings.
Section 5253. Minutes of General Meetings.
Section 5354. Definition.
Section 5455. Shareholders entitled to vote and their voting rights.
Section 5556. Voting by Government.
Section 5657. Voting by duly authorised representative.
Section 5758. Voting by duly authorised representative precludes voting by proxy.
Section 5859. Proxies.
Section 5960. Election Disputes.
Section 6061. Issue of Notice of Election.
Section 6162. List of Shareholders.
Section 6263. Proposal of Candidates for Directorship.
Section 6364. Scrutiny of proposals and publication of list of candidates for Directorship.
Section 6465. Nomination of Directors.
Section 6566. Removal of Director from Office under sub-section (2) of section 13 of the Act.
Section 1367. Co-opted Directors.
Section 6768. Meetings of the Board.
Section 6869. Meetings of the Executive Committee.
Section 6970. Disclosure of Interest of Director in any Industrial concern.
Section 7071. Fee for Directors' Meetings.
Section 7172. Appointment of Committees.
Section 7273. Resolution without meeting valid.
Section 7374. Instruments evidencing the security to be in prescribed Form.
Section 7475. Instruments evidencing security to contain stipulation for requiring additional security in the event of fall in value of assets.
Section 7576. Board to inform the State Government regarding disqualifications.
Section 7677. Acts of Directors valid notwithstanding subsequent discovery of disqualifications.
Section 7778. Delegation of Powers.
Section 7879. Manner and form in which contracts binding on the Corporation may be executed.
Section 7980. Accounts, Receipts and Documents of Corporation by whom to be signed.
Section 8081. Plaints, etc., by whom to be signed.
Section 8182. Common Seal of the Corporation.
Section 8283. Issue of Bonds and Debentures.
Section 8384. Efficient conduct of the affairs of the Corporation.
Section 8485. Service of notice to the Corporation.
Section 8586. Accounts.
Section 8687. Annual Statements of Accounts.
Section 8788. Returns.
Section 8889. Dividends.
Section 8990. Dividend for the period ending on the 31st March, 1956.
Section 9091. Investment of Funds.
Section 9192. Nomination in respect of Deposits, Bonds, Shares,Debentures and other Securities.
Section 9293. General Provision.
Section 931. Unclaimed Dividents
Section 12. Earnest Money Deposit contractors
Section 23. Earnest Money Deposit (Sec. 23)
Section 234. Down payment (Inter-se Trl./Sec 23)
Section 235. Party's share of intial capital
Section 56. Sundry Deposits
Section 67. Dividend Subvention Fund
Section 78. Share Capital Assistance
Section 89. Book overdraft
Section 910. Other Liabilities-
Section 101. Bonds:
Section 12. Refinance in terms of Section 7(4) of
Section 73. Loan from the State Government to
Section 34. Fixed deposits.
Section 45. Development loan for computerisation from SIDBI
Section 5
andhra-pradesh-state-financial-corporation-general-regulations-2004.json
•
109 Sections
•
Andhra Pradesh
{
"id": 14796,
"slug": "andhra-pradesh-state-financial-corporation-general-regulations-2004",
"title": "Andhra Pradesh State Financial Corporation General Regulations, 2004",
"short_title": "Andhra Pradesh State Financial Corporation General Regulations, 2004",
"act_number": "Published vide Notification No. G.O.Ms. No. 232, d",
"act_year": 2004,
"act_type": "STATE",
"location": "Andhra Pradesh",
"law_status": "unknown",
"enactment_date": null,
"description": "Andhra Pradesh State Financial Corporation General Regulations, 2004",
"preamble": "",
"section_label": "Section",
"sections": [
{
"number": "1",
"title": "CHAPTER I",
"chapter": "CHAPTER I",
"content": "INTRODUCTORY",
"footnote": "",
"is_definition": false,
"sort_order": 0
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{
"number": "1",
"title": "1. Short Title and Commencement.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 1
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{
"number": "2",
"title": "2. Definitions.",
"chapter": null,
"content": "(a) \"The Act\" means the State Financial Corporations Act, 1951 (LXIII of 1951) as amended from time to time.\n(b) \"Corporation\" means the Andhra Pradesh State Financial Corporation.\n(c) \"Depository\" shall mean a depository as defined under clause (e) of sub section (1) of section 2 of the Depositories Act, 1996.\n(d) \"In Writing\" or \"Written\" mean and include printing, lithography and other modes of representing or reproducing words, information, instructions prepared in a formalised manner intended to be processed in a Computer system or Computer net work and may be in any form or stored internally in the memory of the Computer.\n(e) \"Member\" means a member of the Executive Committee constituted under sub-section (1) of section-18 or, as the case may be, any other Committee constituted under section-21.\n(f) \"Register\" means the register of shareholders kept in one or more books of the Corporation and includes the register of shareholders kept in computer floppies, diskettes, compact disk or any other electronic form under section 6 of the Act, \"as also the register of beneficial owners maintained by a depository under section 11 of the Depositories Act, 1996\".\n(g) \"Beneficial owner\" means the beneficial owners as defined under clause (a) of sub section (1) of Section 2 of the Depositories Act, 1996.\n(h) Words and expressions used herein and not defined in these Regulations but defined in the Act shall have the meanings respectively assigned to them in those Acts.\nCHAPTER-II\nShares Of The Corporation",
"footnote": "",
"is_definition": true,
"sort_order": 2
},
{
"number": "3",
"title": "3. Shares - Movable Property.",
"chapter": null,
"content": "(b) The shares of the Corporation shall be movable property.",
"footnote": "",
"is_definition": false,
"sort_order": 3
},
{
"number": "4",
"title": "4. Allotment of Shares.",
"chapter": null,
"content": "(ii) An application for allotment of shares may not be entertained unless an amount of at least 25 per cent of the full value has been paid with the application.\n(iii) The Board may make allotment to an applicant for shares either in full or in part, depending on the number of applicants from the class of shareholders to which he belongs. In so far as it is practicable, the Board shall make full allotment in respect of applications upto such number of shares as the Board may decide so that there may be as many shareholders of that class as possible and the allotment in respect of remaining applications shall be made in part, provided, however, that no allotment shall be made for a number of shares which is less than five, or which is not a multiple of five, and provided further that the number of shares that may be allotted to an applicant, shall in no case exceed such number of shares as may be allocated to the class of shareholders to which he belongs.\n(iv) The decision of the Board as to whether on a particular application for shares, there shall be full, partial or no allotment shall be final.\n(v) If a person to whom shares have been allotted fails to pay the balance of the full value of shares due on the shares allotted to him by the date mentioned in the letter of allotment for the payment of the same, the amount paid with the application may be forfeited and the allotment treated as cancelled and the Board may proceed to dispose of the said shares as if no allotment had been made in respect thereof.\n(vi) For the purpose of making the allotment, there shall be a Committee of the Board consisting of the Chairman, the Managing Director and one other Director who shall be appointed in this behalf by the Chairman. The Committee so constituted shall advise the Board in making allotments of shares.",
"footnote": "",
"is_definition": false,
"sort_order": 4
},
{
"number": "5",
"title": "5. Control over Shares.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 5
},
{
"number": "6",
"title": "6. Parties who may not be registered as Shareholders.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 6
},
{
"number": "7",
"title": "7. Joint Holding of Shares.",
"chapter": null,
"content": "(ii) In the case of firms, shares to be registered not in the name of firms but only in the names of the individual partners of the firms. The total number of joint holder shall not exceed three.",
"footnote": "",
"is_definition": false,
"sort_order": 7
},
{
"number": "8",
"title": "8. Share Register.",
"chapter": null,
"content": "(ii) Control over Shares and Registers. - Subject to the provisions of the Act and these Regulations and such directions as the Board may give from time to time, the register kept at the Head Office shall be maintained by and be under the control of the Board and the decision of the Board as to whether or not a person is entitled to be registered as a shareholder in respect of any share shall be final.\n(ii) Control over Shares and Registers.\n(iii) A separate ledger shall be maintained in the share register for each class of shareholders referred to in Section-4 and 4A of the Act.\n(iv) (a) In the case of joint holders of any shares, their names and the other particulars required by clause 1 shall be grouped under the name of the first of such joint holders.\n(b) Nothing contained herein above in these Regulations shall apply to shares held with the depository under the Depository Act, 1996.\n(c) The register of beneficial owners maintained by a depository under section 11 of the Depository Act, 1996 shall be deemed to be register of shareholders.\n(d) A separate register shall be maintained for debentures and debenture holders.\n(v) In case if it is directed by the Board to register the shareholders in computer floppies or compact disk or any other electronic form contained particulars mentioned in clause (i), then it shall be under the custody of the officer as may be authorised by the Board and such officer shall only have an access to the key number, password of the compact disk and diskette floppy.\n(vi) A shareholder resident outside India shall furnish to the Corporation an address in India and such address when entered in the register shall be deemed to be his registered address for the purpose of the Act and these Regulations.",
"footnote": "",
"is_definition": false,
"sort_order": 8
},
{
"number": "9",
"title": "9. Trust not to be recognised.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 9
},
{
"number": "10",
"title": "10. Exercise of Right of Joint Holders.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 10
},
{
"number": "11",
"title": "11. Inspection of Share Register.",
"chapter": null,
"content": "(ii) A shareholder shall not have the right himself to make a copy of any entry in any such register, but may, except when the register is closed, require a copy of any such register or any part thereof on prepayment therefor at such rate as may be decided by the Managing Director from time to time with the approval of the Board for every hundred words or fractional part thereof required to be copied.\n(iii) Notwithstanding anything contained in clause (ii), any officer of the Government or the Small Industries Development Bank authorised in this behalf, shall have the right to make a copy of any entry in the register or require a copy of the register or any part thereof free of charge.",
"footnote": "",
"is_definition": false,
"sort_order": 11
},
{
"number": "12",
"title": "12. Closing of Share Register.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 12
},
{
"number": "13",
"title": "13. Share Certificates.",
"chapter": null,
"content": "(ii) Every share certificate shall be signed on behalf of the Corporation by Managing Director besides one director duly authorised in this behalf by the Board and such signature may be printed, engraved, lithographed or impressed by such other process as the Board may direct.\n(iii) A signature so printed, engraved, lithographed or otherwise impressed shall be as valid as a signature in the proper handwriting of the signatory himself, provided that nothing contained in this regulation shall apply to the shares held with a depository.\n(iv) Every share certificate shall be issued under the Common Seal of the Corporation.",
"footnote": "",
"is_definition": false,
"sort_order": 13
},
{
"number": "14",
"title": "14. Issue of Share Certificate free of charge.",
"chapter": null,
"content": "(ii) Every other shareholder shall be entitled, free of charge, to one certificate, for each 50 shares registered in his name and one additional certificate for the number of shares in excess of a multiple of 50 shares registered in his name at each allotment. A shareholder holding less than 50 shares shall be entitled, free of charge, to one certificate for all the shares registered in his name at each allotment.\n(iii) If any shareholder requires more certificates than the number to which he is entitled free of charge under this Regulation, he shall pay for each additional certificate, such sum as may be decided by the Managing Director from time to time with the approval of the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 14
},
{
"number": "15",
"title": "15. Issue of duplicate/sub-division of Share Certificates.",
"chapter": null,
"content": "(ii) If any Share Certificate is alleged to be lost or destroyed, then after publication of such loss atleast once in any Newspaper circulating in the State of Andhra Pradesh and/ or upon production of such evidence of the loss or destruction thereof as the Board may consider satisfactory and upon such indemnity with or without security as the Board may require a new certificate in lieu thereof shall be given to the party entitled to such lost or destroyed certificate and the person availing himself of the provisions of all the expenses incidental to the advertisement and investigation of evidence of loss or destruction and the preparation of requisite form of indemnity as aforesaid.\n(iii) For every certificate issued under this Regulation, they shall be paid to the Corporation a sum of Rs.10/- or a sum as may be decided by the Managing Director from time to time with the approval of the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 15
},
{
"number": "16",
"title": "16. Transfer of Shares.",
"chapter": null,
"content": "(ii) The instrument of transfer of shares, duly stamped and signed by the transferor and transferee or by any persons duly authorised to do so on their behalf shall be submitted to the Board together with the relative share certificate(s), and the transferor shall be deemed to remain the holder of such shares until the name of the transferee is entered in the Share Register. Each signature to such transfer shall be duly attested by one witness who shall sign giving his address and occupation.\n(iii) The above provisions in clauses (i) and (ii) of Regulation-16 shall also apply to transfer of debentures/bonds.\n(iv) Upon receipt by the Board of an instrument of transfer with a request to register the transfer, the Board shall, unless it refuses to register the transfer under sub-section (3) of section 5 of the Act , cause the transfer to be registered, at the rate fixed by Managing Director from time to time with the approval of the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 16
},
{
"number": "17",
"title": "17. Power to suspend transfer.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 17
},
{
"number": "18",
"title": "18. Power to refuse recognition of instrument of Transfer.",
"chapter": null,
"content": "a. a sum of rupees 10/- or a sum as may be decided by the Managing Director from time to time with the approval of the Board is paid to the Corporation in respect thereof, which sum shall not, in any event, be refunded.\nb. the instrument of transfer is accompanied by the certificate of the shares/ debentures to which it relates; and\nc. the parties furnish such other evidence as the Corporation may reasonably require in connection with the transfer.\n(ii) Upon receipt by the Board of an instrument of Transfer with a request to register the transfer, the Board shall make such enquiry as it may consider necessary to satisfy itself that the transferee is qualified under the Act and these Regulations to be registered as a shareholder.",
"footnote": "",
"is_definition": false,
"sort_order": 18
},
{
"number": "19",
"title": "19. Transmission of shares/debentures in the event of death, insolvency etc of a shareholder/debenture holder/security holder\".",
"chapter": null,
"content": "(ii) Any such person becoming entitled to shares in consequence of the death of a shareholder/debenture holder / security holder and any person becoming entitled to shares/ debentures/ securities in consequence of the insolvency, bankruptcy, or liquidation of a shareholder/debenture holder / security holder shall, upon production of such evidence as the Board may require have the right:\n(a) to be registered as a shareholder/debentureholder / security holder in respect of the shares/debentures/ securities upon his satisfying the Board in the same manner as if he were the proposed transferee under clause (ii) of Regulation 18 that he is qualified to be a shareholder/debenture holder/ security holder , or\n(b) to make such transfer of the shares/debentures/ securities as the person from whom he derives his title could have made.",
"footnote": "",
"is_definition": false,
"sort_order": 19
},
{
"number": "20",
"title": "20. Calls on shares.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 20
},
{
"number": "21",
"title": "21. Calls on date from resolution.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 21
},
{
"number": "22",
"title": "22. Notice of call.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 22
},
{
"number": "23",
"title": "23. Extension of time for payment of call.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 23
},
{
"number": "24",
"title": "24. Liabilities of Joint Holders.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 24
},
{
"number": "25",
"title": "25. Amount payable at fixed time or by instalments as calls.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 25
},
{
"number": "26",
"title": "26. When interest on call or instalment payable.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 26
},
{
"number": "27",
"title": "27. Non-payment of calls by shareholder.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 27
},
{
"number": "28",
"title": "28. Notice to be given if call or installment not paid.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 28
},
{
"number": "29",
"title": "29. Form of notice.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 29
},
{
"number": "30",
"title": "30. In default of payment, shares to be forfeited.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 30
},
{
"number": "31",
"title": "31. Entry of forfeiture in the Register.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 31
},
{
"number": "32",
"title": "32. Forfeited shares to be property of the Corporation and may be sold.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 32
},
{
"number": "33",
"title": "33. Power to annul forfeiture.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 33
},
{
"number": "34",
"title": "34. Shareholder liable to pay money owing at the time of forfeiture and interest.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 34
},
{
"number": "35",
"title": "35. Partial payment not to preclude forfeiture.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 35
},
{
"number": "36",
"title": "36. Application of forfeiture provisions.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 36
},
{
"number": "37",
"title": "37. Corporation's lien on Shares.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 37
},
{
"number": "38",
"title": "38. Enforcing lien by sale of shares.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 38
},
{
"number": "39",
"title": "39. Application of proceeds of sale of shares.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 39
},
{
"number": "40",
"title": "40. Certificate of forfeiture.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 40
},
{
"number": "41",
"title": "41. Title of purchaser and allottee of forfeited share.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 41
},
{
"number": "42",
"title": "42. Shareholder ceasing to be qualified for registration.",
"chapter": null,
"content": "(ii) The Board may, at any time, cause such enquiry to be made as it may consider necessary for ascertaining whether any person registered as a shareholder has ceased to be so qualified and upon being satisfied that any such person has ceased to be so qualified, it shall inform him that he is not entitled to be a shareholder of the Corporation. He will not be further entitled to the payment of any dividend on any such shares nor to exercise any of the rights of a shareholder otherwise than for the purpose of the sale of such shares, and the corporation shall make an entry in the share register to that effect.\n(iii) If the Board shall ascertain that a person who is not qualified to be a shareholder of the Corporation is registered, by inadvertence or otherwise, as a shareholder of the Corporation, it shall inform the shareholder that such shareholder is not entitled to the payment of any dividend on any share nor to exercise any of the rights of a shareholder otherwise than for the purpose of the sale of such shares, and shall make an entry in the share register to that effect.\n(iv) A determination of the Board under this Regulation as to whether a person is qualified to be shareholder or not shall be conclusive.",
"footnote": "",
"is_definition": false,
"sort_order": 42
},
{
"number": "43",
"title": "43. Service of notice or document to share holders .",
"chapter": null,
"content": "(ii) A notice or a document advertised in a newspaper widely circulated in Andhra Pradesh shall be deemed to be duly served on the day on which the advertisement appears, on every shareholder of the Corporation who has no registered address in India and has not supplied to the Corporation an address within India for giving of notices to him.\n(iii) A notice or a document may be served by the Corporation on the joint holders of a share by serving it on the joint holder named first in the register in respect of the share.\n(iv) A Notice or a document may be served by the Corporation on the persons entitled to a share upon death or in consequence of the insolvency of a shareholder by sending it through post in a prepaid letter addressed to them by name, or by the title of representatives of the deceased, or assignees of the insolvent, or by any like description, at the address, if any, in India supplied for the purpose by the persons claiming to the so entitled, or until such an address has been so supplied, by serving the document in any manner in which it might have been served if the death or insolvency had not occurred.\n(v) The signature to any notice to be given by the Corporation may be written or printed or be affixed in any other manner.\nChapter III\nMeetings of Shareholders or Any Class of Shareholders",
"footnote": "",
"is_definition": false,
"sort_order": 43
},
{
"number": "44",
"title": "44. Chairman of Meeting - In chapter III and IV.",
"chapter": "chapter III",
"content": "(ii) the word \"Chairman\" means the \"Chairman\" of a meeting under Regulation 50.",
"footnote": "",
"is_definition": false,
"sort_order": 44
},
{
"number": "45",
"title": "45. Annual General Meeting.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 45
},
{
"number": "46",
"title": "46. General Meetings (other than Annual General Meeting).",
"chapter": null,
"content": "(ii) The Board may determine the business to be transacted in such General Meetings including appointment of auditors.\n(iii) The Board shall convene a general meeting if a requisition for such a meeting has been received from the share holders carrying in aggregate not less than 10% of the total voting rights of all the share holders or not less than 5 share holders not being share holders referred in clauses (a), (b) and (c) of Sub Section (3) of Section 4 of the Act, not later than 3 months from the receipt of the requisition.\n(iv) The requisition referred to in clause (ii) shall state the purpose for which the General Meeting is required to be convened but may consist of several documents in like form each signed by one or more of the requisitionists.\n(v) Where two or more persons hold any shares jointly a requisition or a notice calling a meeting, signed by one or some of them shall for the purposes of this regulation have the same force and effect as if it had been signed by all of them.\n(vi) The time, date and place of the General Meetings shall be decided by the Board\n(vii) If the Board does not convene the meeting as required by clause (iii) within the period of 3 months as stipulated, the meeting may be called by the requisitionist themselves within next 3 months. Provided that nothing in the sub-regulation shall be deemed to prevent a meeting duly commenced before the expiry of the period of 3 months aforesaid from adjourning to some day after the expiry of that period.\n(viii) The meeting called under sub clause (i) by the requisitionist shall be called in the same manner, as nearly as possible, as that in which the other General Meetings are called.\n(ix) Any reasonable expenses incurred by the requisitionists in calling a meeting under sub clause (v) shall be reimbursed to the requisitionists by the Corporation.",
"footnote": "",
"is_definition": false,
"sort_order": 46
},
{
"number": "47",
"title": "47. Notice convening a General Meeting.",
"chapter": null,
"content": "(ii) Every such notice shall state the time, date and place of such meeting, and also the business that shall be transacted at that meeting.",
"footnote": "",
"is_definition": false,
"sort_order": 47
},
{
"number": "48",
"title": "48. Business at General Meetings.",
"chapter": null,
"content": "(a) To discuss and if deemed fit, to adopt the annual accounts of the Corporation including the Profit & Loss Account and the Balance Sheet for the year ending the 31st March of the financial year to which the meeting relates, together with a report by the Board on the working of the Corporation throughout the year, the auditor's report(s) on the said Balance Sheet and accounts & proposals, if any, for declaration of dividend and capitalisation of reserves;\n(b) To discuss any other matter to be transacted at the Annual General Meeting in terms of sub-section (3) of Section 36 of the Act.\n(c) No business shall be transacted, or any matter discussed, other than that mentioned in the notice for the meeting, except with the consent of the Chairman or unless not less than two weeks' notice has been given of the same by the State Government, or the Small Industries Bank or atleast five share holders or a class of the shareholders as the case may be. Such notice shall take the form of a definite resolution to be put up to the meeting.",
"footnote": "",
"is_definition": false,
"sort_order": 48
},
{
"number": "49",
"title": "49. Quorum at General Meetings.",
"chapter": null,
"content": "(ii) If within fifteen minutes from the time appointed for the meeting a quorum is not present, in the case of meeting called by the requisition of shareholders other than the State Government or the Small Industries Bank, the Chairman may dissolve the meeting.\n(iii) In other case the meeting shall stand adjourned to the same day in the next week at the same time and place, or such other day and such other time and place as the Chairman of the meeting may determine. If at the adjourned meeting, a quorum is not present within 30 minutes from the time appointed for holding the meeting, the share holders who are present in person or by proxy or by duly authorized representative at such adjourned meeting shall be quorum and may transact the business for which the meeting was called.",
"footnote": "",
"is_definition": false,
"sort_order": 49
},
{
"number": "50",
"title": "50. Chairman of General Meetings.",
"chapter": null,
"content": "(ii) The Chairman shall regulate the procedure at all general meetings, and in particular, shall have full power to decide the order in which shareholders may address the meeting, to fix a time limit for speeches, to apply the closure when in his opinion any matter has been sufficiently discussed and to adjourn the meeting.",
"footnote": "",
"is_definition": false,
"sort_order": 50
},
{
"number": "51",
"title": "51. Persons entitled to attend General meeting.",
"chapter": null,
"content": "(ii) A share holder being one of the parties mentioned in clauses (c) or (d) of sub-section (3) of section 4 of the Act , attending a general meeting shall for the purpose of identification and to determine his voting rights, be required to sign and deliver to the Corporation a form containing the particulars relating to:\n(a) his full name, folio number and registered address\n(b) the distinctive numbers of his shares\n(c) the class of share holders to which he belongs\n(d) whether he is entitled to vote and the number of votes to which he is entitled in person or by proxy or as a duly authorised representative.",
"footnote": "",
"is_definition": false,
"sort_order": 51
},
{
"number": "52",
"title": "52. Voting at General Meetings.",
"chapter": null,
"content": "(ii) Save as otherwise provided in the Act, every matter submitted to a general meeting shall be decided by a majority of votes.\n(iii) Unless a poll is demanded under clause (i), a declaration by the Chairman of the meeting that a resolution on show of hands has or has not been carried, either unanimously or by a particular majority, and an entry to that effect in the books containing the minutes of the proceedings, shall be a conclusive evidence of the fact, without proof of the number or proportion of the votes cast in favour of or against such resolution.\n(iv) Before or on the declaration of the result of the voting on any resolution on a show of hands, a poll may be ordered to be taken by the chairman of the meeting of his own motion, or shall be ordered to be taken by him on a demand made in that behalf by any shareholder or shareholders present in person or by proxy or by duly authorised representative and holding shares in the Corporation which confer a power to vote on the resolution by at least five share holders.\n(v) The demand for a poll may be withdrawn at any time by the person or persons who made the demand.\n(vi) A poll demanded on a question of adjournment or election of Chairman of the meeting shall be taken forthwith.\n(vii) A poll demanded on any question other than those under sub-Regulation\n(v) above shall be taken at such place and time but not later than forty-eight hours from the time when the demand was made, as the Chairman may direct. The poll may be either by open voting or ballot as the Chairman may direct and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. At such poll a vote shall be given by a shareholder entitled to vote either personally or by proxy or by duly authorised representative and the shareholders shall exercise the voting rights in accordance with the Regulations made in that behalf.\n(viii) The decision of the Chairman, as to the qualification of any person to vote, and also in the case of a poll, as to the number of votes any person is competent to exercise, shall be final.",
"footnote": "",
"is_definition": false,
"sort_order": 52
},
{
"number": "53",
"title": "53. Minutes of General Meetings.",
"chapter": null,
"content": "(ii) Any such minutes, if purporting to be signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding meeting, shall be evidence of such proceedings concluded thereat.\n(iii) Until the contrary is proved, every general meeting in respect of the proceedings whereof minutes have been so recorded shall be deemed to have been duly called and held, and all proceedings stated to have taken place thereat, to have duly taken place.\nChapter-IV\nVoting",
"footnote": "",
"is_definition": false,
"sort_order": 53
},
{
"number": "54",
"title": "54. Definition.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": true,
"sort_order": 54
},
{
"number": "55",
"title": "55. Shareholders entitled to vote and their voting rights.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 55
},
{
"number": "56",
"title": "56. Voting by Government.",
"chapter": null,
"content": "(ii) A copy of any order made under sub-Regulation(i) shall be deposited at the Head Office of the Corporation before the time fixed for the meeting.\n(iii) An order made under sub-Regulation (i) may subsequently be revoked by the State Government and institutions covered under Clause (b) and (c) of sub section (3) of section 4 of the Act by depositing a notice of revocation at the Head Office of the Corporation before the time fixed for the meeting, and the due revocation of an order shall, in no way prohibit the issue of another order by the State Government and institutions covered under Clause (b) and (c) of sub section (3) of Section 4 of the Act and the deposit of a copy thereof at the Head Office of the Corporation within the time specified in clause (ii).",
"footnote": "",
"is_definition": false,
"sort_order": 56
},
{
"number": "57",
"title": "57. Voting by duly authorised representative.",
"chapter": null,
"content": "(ii) No person may attend or vote any meeting of the Corporation as a duly authorised representative of a company unless a copy of the resolution appointing him as a duly authorised representative certified to be a true copy by the Chairman of the meeting at which it was passed or by an authorised official/Director of the company shall have been deposited at the Head Office of the Corporation not less than 48 hours before the date fixed for the meeting. An appointment of a duly authorised representative shall, after the deposit of a certified copy of the resolution as aforesaid, be irrevocable for which it is made and shall revoke any proxy previously deposited for such meeting by the company.\n(iii) No person may be appointed a duly authorised representative or a proxy who is an officer or an employee of the Corporation.\n(iv) Nothing contained in this Regulation shall apply to the State Government and the State Government may appoint such persons as it thinks fit as provided in Regulation 56 to act as its representative at any general meeting of the Corporation. A person so appointed shall for the purpose of the meeting be deemed to be the shareholder of the Corporation.",
"footnote": "",
"is_definition": false,
"sort_order": 57
},
{
"number": "58",
"title": "58. Voting by duly authorised representative precludes voting by proxy.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 58
},
{
"number": "59",
"title": "59. Proxies.",
"chapter": null,
"content": "(ii) No instrument of proxy shall be valid unless in the case of an individual shareholder it is signed by him or by his attorney duly authorised in writing, or in the case of joint holders, it is signed by the shareholder first named in the register or his attorney duly authorised in writing or in the case of a company it is executed under its common seal, if any, or signed by its attorney duly authorised in writing.\n(iii) No proxy shall be valid unless it is made out specifically for the purpose of voting at the meeting at which it is to be used.\n(iv) No proxy shall be valid unless it is duly stamped and unless it, together with the power of attorney or other authority, if any, under which it is signed, or a copy of the power of authority certified by a Notary Public or a Magistrate, is deposited with the Head Office of the Corporation not less than 48 hours before the time fixed for the meeting or adjourned meeting or, in the case of poll, not less than 24 hours before the time fixed for the purpose of the poll.\n(v) No instrument of proxy shall be valid unless it is in the following form and date:\nA.P. State Financial Corporation\nA.P. State Financial Corporation\n(vi) An instrument of proxy so deposited shall be irrevocable\n(a) unless on or before the last day for the deposit of proxies there shall have been deposited at Head Office of the Corporation a notice in writing under the hand or common seal of the grantor specifically stating\n(i) The name of the person in whose favor the instrument was granted and\n(ii) That such instrument is revoked: In the case of instrument of proxy granted in favor of two or more grantees in the alternative it shall not be necessary to mention in the notice of revocation the name of the second or alternative grantee provided that the notice is otherwise sufficient to identify beyond doubt the instrument of proxy which it is intended to revoke or\n(b) unless the same is deemed to be invalid under any of clauses (i) to (iv).\n(vii) If two or more instruments of proxy in respect of the same shares shall be deposited and if on or before the last day for deposit of proxies all but one of such instruments of proxy shall not have been duly revoked in accordance with the procedure prescribed in clause(vi), all such instruments of proxy shall be deemed invalid.\n(viii) The due revocation of an instrument of proxy shall in no way prohibit the deposit of another valid instruments of proxy within the time limited by clause(iii) hereof.\n(ix) Notwithstanding anything to the contrary in the Regulation, the grantor of an instrument of proxy which has become irrevocable under this Regulation shall not be entitled to vote in person at the meeting to which such instrument relates.",
"footnote": "",
"is_definition": false,
"sort_order": 59
},
{
"number": "60",
"title": "60. Election Disputes.",
"chapter": null,
"content": "(ii) On receipt of an intimation under clause (i), the Chairman shall forthwith refer such doubt or dispute for the decision of a Committee consisting of himself and any two of the Directors nominated under clauses(b) and (c) of section 10 of the Act. The Committee shall make such enquiry as it deems necessary and if it finds that the election was a valid election, it shall confirm the declared result of the election, or, if it finds that the election was not a valid election, it shall, within 30 days of the commencement of the enquiry, make such order and give such directions including the holding of a fresh election as shall in the circumstances appear just to the Committee.\n(iii) Any order and direction of the Committee made in pursuance of this Regulation shall be conclusive.\nChapter V\nSpecial Provisions Regarding the Nominations Or Election Of Directors",
"footnote": "",
"is_definition": false,
"sort_order": 60
},
{
"number": "61",
"title": "61. Issue of Notice of Election.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 61
},
{
"number": "62",
"title": "62. List of Shareholders.",
"chapter": null,
"content": "(ii) Such a list shall contain the names of the shareholders, their registered addresses in India, the number and distinguishing numbers of shares held by them with the dates on which the shares were registered and the number of votes to which they will be entitled on the date fixed for the election and copies of such list shall be available for purchase atleast three weeks before the date fixed for the election at a price per copy to be decided by the Managing Director, on application at the Head Office of the Corporation.",
"footnote": "",
"is_definition": false,
"sort_order": 62
},
{
"number": "63",
"title": "63. Proposal of Candidates for Directorship.",
"chapter": null,
"content": "(a) he is, on the last date for receipt of proposals, not disqualified to be a Director under section 12 of the Act and who has not been removed earlier under section 13 of the Act;\n(b) he is proposed by or on behalf of at least two shareholders entitled to elect directors under clause (e) of section 10 of the Act;.\n(c) the proposal is in writing signed by the shareholders or by their duly constituted attorneys, provided that a proposal by a shareholder who is a body Corporate may be made by a resolution of the Directors of the said body corporate and where it is so made, a copy of the resolution certified to be a true copy by the Chairman of the meeting at which it was passed or by the Secretary, or the Chief/Vice Chief, Executive Officer of that body corporate shall be despatched to the Head Office of the Corporation and such copy shall be deemed to be a proposal on behalf of such body corporate;\n(d) the proposal contains a declaration signed by the candidate before a Judge, Magistrate, Registrar or Sub-Registrar of Assurances, or other Government Gazetted Officer or an officer of Nationalised Bank or of the Corporation not below the rank of Manager, that he accepts the proposal and is willing to stand for election, and that he is not disqualified for election under Section 12 or earlier removed under section 13 of the Act..\n(ii) No proposal shall be valid unless it is complete in all respects and received in the Head Office of the Corporation on a working day not less than 14 clear days before the date fixed for the election. If the last day of receipt of the proposal as aforesaid is not a working day the proposal shall be delivered at least on the last working day prior to the said last day and to that extent the time limit of 14 days shall stands reduced. In such an eventuality the last day of the receipt of proposal shall be specifically mentioned in the notice convening the General Meeting.",
"footnote": "",
"is_definition": false,
"sort_order": 63
},
{
"number": "64",
"title": "64. Scrutiny of proposals and publication of list of candidates for Directorship.",
"chapter": null,
"content": "(ii) A Director elected to fill an existing vacancy shall be deemed to have assumed office from the date of following that on which he is, or is deemed to be, elected.",
"footnote": "",
"is_definition": false,
"sort_order": 64
},
{
"number": "65",
"title": "65. Nomination of Directors.",
"chapter": null,
"content": "(a) Public sector banks are entitled to nominate a director by rotation in the sequence of the share holding arranged in descending order. The largest share holder will have the right to nominate the first director for a period of 3 years and in the fourth year, the second largest will have the opportunity and thereafter the third share holder and so on.\n(b) LIC, Insurance Companies and all other institutional shareholders covered under the above clause are entitled to nominate a director by rotation in the sequence of shareholding arranged in descending order.\n(ii.) The Corporation shall make a formal request to the above institutions accordingly as and when a vacancy arises in the post of the above two Directors.\nChapter VI",
"footnote": "",
"is_definition": false,
"sort_order": 65
},
{
"number": "13",
"title": "66. Removal of Director from Office under sub-section (2) of section 13 of the Act.",
"chapter": null,
"content": "(a) The intimation of the intention to remove a Director shall be given by such shareholders holding not less than 25% in the aggregate of the total issued equity share capital;\n(b) The shareholders shall have right to withdraw the intimation before a notice for holding general meeting for this purpose is issued;\n(c) If the intimation is not withdrawn by the shareholders, the Board of Directors shall fix up a date for holding a general meeting and business to be transacted thereat.\n(d) On receipt of such intimation from the shareholder for removal of a Director, the Managing Director shall cause a communication to be sent to the Director concerned about the proposed resolution for his removal asking him to make representation, if any, in the matter, within a period of 21 days from the date of receipt of such communication by him.\n(e) After the communication, as aforesaid is sent to the Director concerned, if the Director concerned makes any representation with respect thereto, in writing, to the Corporation and request for its notification to members of the Corporation, Corporation shall, unless the representation is received too late for it do so -\n(i) shall in the notice of the resolution given to the shareholders under clause (d) of the Corporation state the brief facts of the representation having been made or\n(ii) send a copy of the representation to shareholder under clause (d) of the Corporation and if a copy of the representation is not sent as aforesaid because they were received too late, the Director may require that a representation shall be read out at the meeting. The provision aforesaid will not prejudice the right of the Director to be heard orally in the meeting.\n(iii) The resolution for removal of the Director shall be placed before shareholders under clause (d) in General Meeting for its decision and the Director concerned if he so wishes shall be given an opportunity to represent his case before the meeting for such time as the Chairman of the meeting permits.\n(f) The vacancy created by the removal of Director under the above Regulation be filled in by the appointment of another Director in his place in the meeting at which he is removed provided a special notice of intended appointment has been given.\n(g) Procedure prescribed under these Regulations for nomination and election of Director shall apply to the election to be made for filling the vacancy caused by removal of Director.\n(i) The Director so elected shall hold the office until the date up to which his predecessor would have held the office if he had not been removed as aforesaid;\n(ii) While convening a special general meeting for the above purpose, the Board shall call for proposals for election of Directors to fill the casual vacancy in the event of resolution for removal of the Director being approved by the requisite number of shareholders as provided in Section 13(2) of the Act and in that event the provisions of Chapters IV and Chapter V of these Regulations shall mutatis mutandis apply to the special general meeting to be convened and to the election to be held as above.",
"footnote": "",
"is_definition": false,
"sort_order": 66
},
{
"number": "67",
"title": "67. Co-opted Directors.",
"chapter": null,
"content": "Chapter VII\nMeetings of the Board and the Executive Committee",
"footnote": "",
"is_definition": false,
"sort_order": 67
},
{
"number": "68",
"title": "68. Meetings of the Board.",
"chapter": null,
"content": "(ii) Any three Directors may require the Managing Director to convene a meeting of the Board at any time and the Managing Director shall, on receipt of the requisition, convene a meeting of the Board giving sufficient notice, provided that the date of the meeting so convened shall not be later than 21 days from the date of the receipt of the requisition.\n(iii) Meetings of the Board shall be held at the place where the Head Office of the Corporation is situate, or at such other place within the jurisdiction of the Corporation as the Board may decide.\n(iv) Ordinarily not less than 7 days notice shall be given of each meeting of the Board, and such notice shall be sent to every director to his usual address in India.\n(v) No business other than that for which the meeting was convened shall be discussed at a meeting of the Board except with the consent of the person presiding at the meeting and a majority of the Directors present, unless one clear week's notice has been given of the same in writing to the Chairman.\n(vi) Quorum for the transaction of business at a meeting of the Board shall be one-third of the total number of persons for the time being constituting the Board (any fraction contained in that one-third being rounded off as one), or not less than four Directors, whichever is less.\n(vii) If for any reason, the Chairman of the Board is unable to attend any meeting of the Board, a Director authorised by the Chairman of the Board in writing shall preside at such meeting, but if the Director so authorised is absent or if no such authorisation has been made, the Board may elect any of its members present to preside at that meeting.\n(viii) Minutes of meetings of the Board:\n(a) The Corporation shall cause proceedings to be maintained in the books kept for the purpose which may be in the form of binders containing loose leaves.\n(b) Any such minutes, if signed by the Chairman of the meeting at which the proceedings took place or by the Chairman of the next succeeding meeting shall be evidence of such proceedings.\n(c) Until the contrary is proved, every Board meeting in respect of the proceedings hereof minutes have been so recorded shall be deemed to have been duly called and held, and all proceedings taking place thereat, to have duly taken place.\n(d) If for any reason, the minutes of any meeting could not be signed in the manner specified in clause (c) above, such minutes shall be deemed to be in order if signed by the Managing Director on the authorisation of a meeting of the Board held thereafter.",
"footnote": "",
"is_definition": false,
"sort_order": 68
},
{
"number": "69",
"title": "69. Meetings of the Executive Committee.",
"chapter": null,
"content": "(ii) The Board may delegate to the Executive Committee powers to transact all the usual business of the Corporation except such matters as are specifically reserved to the Board under the Act or any Regulations made thereunder.\n(iii) In the exercise of its powers, the Executive Committee shall be bound by such general or special directions as the Board may give from time to time.\n(iv) Quorum for the transaction of business at a meeting of the Executive Committee shall be one-third of the total strength of the Executive Committee (any fraction contained in that one-third being rounded off as one) or not less than three members of the Committee, whichever is less.\n(v) The provisions of the Act and save as otherwise provided in these Regulations, these Regulations shall apply to the meetings of the Executive Committee as if they were meetings of the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 69
},
{
"number": "70",
"title": "70. Disclosure of Interest of Director in any Industrial concern.",
"chapter": null,
"content": "(ii) (a) In the case of proposed contract or arrangement , the disclosure required to be made by a Director of the Board or member of the Executive Committee under sub-clause (i) shall be made at the meeting of the Board or the Executive Committee, as the case may be, at which the question of entering into contract or arrangement is first taken into consideration, or if the Director or member was not, at the date of that meeting, concerned or interested in the proposed contract or arrangement, at the first meeting of the board or the Executive Committee, as the case may be, held after he becomes so concerned or interested.\n(b) In the case of any other contract or arrangement, the required disclosure shall be made at the first meeting of the Board or the Executive Committee, as the case may be, held after the Director or member becomes concerned or interested in the contract or arrangement.\n(iii) (a) For the purpose of clauses (i) and (ii), a general notice given by a Director or a member, to the Board or to the Executive Committee, as the case may be, to the effect that he is a Director or a member of a specified body corporate or is a member of a specified firm and is to be regarded as concerned or interested in any contract or arrangement which may after the date of notice, be entered into with that body corporate or firm, shall be deemed to be a sufficient disclosure of his concern or interest in relation to any contract or arrangement so made.\n(b) A Director or a member giving a general notice to the Board or the Executive Committee under clause (iii)(a) shall, as soon as possible, give notice of any change in the particulars contained therein.\n(iv) No such general notice, or no notice of any change therein shall be of effect unless either it is given at a meeting of the Board or the Executive Committee, as the case may be or the Director or member concerned takes reasonable steps to secure that it is brought upon and read at the first meeting of the Board or the Executive Committee, as the case may be, after it is given.\n(v) No Director of the Board and no member of the Executive Committee shall, as a Director or member, as the case may be, take any part in the discussion of, or vote on, any contract or arrangement entered into or to be entered into by or on behalf of the Corporation, if he is in any way, whether directly or indirectly, concerned or interested in such contract or arrangement, nor shall his presence count for the purpose of forming a quorum at the time of such discussion or vote; and if he does vote, his vote shall be void;",
"footnote": "",
"is_definition": false,
"sort_order": 70
},
{
"number": "71",
"title": "71. Fee for Directors' Meetings.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 71
},
{
"number": "72",
"title": "72. Appointment of Committees.",
"chapter": null,
"content": "(ii) Any Committee constituted under sub- section (3) of section18 or section 21 of the Act shall, in the exercise of the powers entrusted to it, be bound by such general or special directions as the Board or the Executive Committee may give from time to time.\n(iii) Meetings of any such Committee may be convened from time to time at the Head Office of the Corporation, or at such other place within the jurisdiction of the Corporation or at any other place as may be specified in the notice convening the meeting. Sufficient notice shall be given for such meetings.\n(iv) The Chairman of the Board, if he is elected to be a member of any Committee constituted under section 21 of the Act, shall be the Chairman of such Committee, otherwise Managing Director or any other member of such a Committee as may be decided by the Board or the Committee shall be the Chairman of that Committee. If the Chairman of any such Committee is, for any reason, unable to attend a meeting of the Committee, a person authorised by the said Chairman in writing shall preside at that meeting. In default of such authorisation or in absence of the person so authorised, the Committee may elect a Chairman to preside at that meeting.\n(v) Each member of any such Committee, who is not a Director, auditor, officer or other employee of the Corporation who has already made a declaration under section 40 of the Act shall, before entering upon his duties, be required to sign a declaration of Fidelity and Secrecy to the effect set out in the form given in the Schedule to the Act.\n(vi) The provisions of the Act and save as otherwise provided in these Regulations, these Regulations shall apply to the meetings of such Committee formed under Sec.21of the Act as if they were the meetings of the Executive Committee.",
"footnote": "",
"is_definition": false,
"sort_order": 72
},
{
"number": "73",
"title": "73. Resolution without meeting valid.",
"chapter": null,
"content": "(ii) Nothing in clause (i) shall apply to a resolution in respect of any matter relating to granting of any loan or financial assistance to any industrial concern under the Act.\nChapter VIII\nManner in Which the Accommodation Granted by the Corporation Will be Secured.",
"footnote": "",
"is_definition": false,
"sort_order": 73
},
{
"number": "74",
"title": "74. Instruments evidencing the security to be in prescribed Form.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 74
},
{
"number": "75",
"title": "75. Instruments evidencing security to contain stipulation for requiring additional security in the event of fall in value of assets.",
"chapter": null,
"content": "Chapter IX\nGeneral Provisions",
"footnote": "",
"is_definition": false,
"sort_order": 75
},
{
"number": "76",
"title": "76. Board to inform the State Government regarding disqualifications.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 76
},
{
"number": "77",
"title": "77. Acts of Directors valid notwithstanding subsequent discovery of disqualifications.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 77
},
{
"number": "78",
"title": "78. Delegation of Powers.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 78
},
{
"number": "79",
"title": "79. Manner and form in which contracts binding on the Corporation may be executed.",
"chapter": null,
"content": "(a) Any contract which is by law required to be in writing, may be made on behalf of the Corporation in writing signed by any person acting under its express authority and may in the same manner be varied or discharged;\n(b) Any contract which would be valid if made by parol only, may be made by parol on behalf of the Corporation by any person acting under its express authority and may in the same manner be varied or discharged.",
"footnote": "",
"is_definition": false,
"sort_order": 79
},
{
"number": "80",
"title": "80. Accounts, Receipts and Documents of Corporation by whom to be signed.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 80
},
{
"number": "81",
"title": "81. Plaints, etc., by whom to be signed.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 81
},
{
"number": "82",
"title": "82. Common Seal of the Corporation.",
"chapter": null,
"content": "(ii) The common seal of the Corporation shall be affixed to the share certificates issued by the Corporation, power of attorney made in favour of a person and may be used for such other purposes as may be approved by the Board/Executive Committee.\n(iii) The Common Seal of the Corporation shall not be affixed to any instrument except pursuant to a resolution of the Board or the Executive Committee as the case may be and except in the presence of at least two Directors including the Managing Director, who shall sign their names to the instrument in token of their presence, and such signing shall be independent of the signing of any person who may sign the instrument as a witness. Unless so signed as aforesaid, such instrument shall be of no validity.",
"footnote": "",
"is_definition": false,
"sort_order": 82
},
{
"number": "83",
"title": "83. Issue of Bonds and Debentures.",
"chapter": null,
"content": "(ii) A signature so printed, engraved, lithographed or otherwise impressed shall be as valid as a signature in the proper handwriting of the signatory himself.\n(iii) The Corporation may issue and sell the bonds and debentures on such terms & conditions as may be decided by the Board, for the purpose of increasing its working capital.\n(iv) Depending upon the conditions prevalent in the money market the Board may decide from time to time the manner and terms of issue and repayment of bonds and debentures by the Corporation with or without the guarantee of the State Government.\n(v) Such of the bonds and debentures issued by the Financial Corporation as are guaranteed by the State Government as to the repayment of the principal and payment of interest and receipts issued by it for such of deposits as are guaranteed by the State Government as to the repayment of principal and payment of interest shall be deemed to be included among the securities enumerated in section 20 of the Indian Trusts Act, 1882, also to be approved securities for the purpose of the Insurance Act, 1938 and the Banking Regulation Act, 1949.\n(vi) The form of bonds and debentures:",
"footnote": "",
"is_definition": false,
"sort_order": 83
},
{
"number": "84",
"title": "84. Efficient conduct of the affairs of the Corporation.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 84
},
{
"number": "85",
"title": "85. Service of notice to the Corporation.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 85
},
{
"number": "86",
"title": "86. Accounts.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 86
},
{
"number": "87",
"title": "87. Annual Statements of Accounts.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 87
},
{
"number": "88",
"title": "88. Returns.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 88
},
{
"number": "89",
"title": "89. Dividends.",
"chapter": null,
"content": "(ii) No interest shall be payable by the Corporation on any dividend.\n(iii) Any one of several persons who are registered as joint holders of any share may give effectual receipts for all dividends in respect of such share.\n(iv) A dividend shall be paid by cheque or warrant drawn on the Corporation's bankers at the place where its Head Office is situate, and shall be sent to the registered address in India of the shareholder entitled or in the case of joint holders to the registered address in India of the one whose name stands first on the register in respect of the joint holding, and every cheque or warrant so sent shall be made payable to the order of the shareholder to whom it is sent. In the event of dematted shares the dividend amounts may directly be credited to the Bank Account of the shareholder under ECS.\n(v) The Corporation shall not make payment of a dividend to any person not entitled thereto under the Act or these Regulations but shall retain the same and make payment thereof to the person who next becomes registered in respect of the shares on which such dividend is payable.\n(vi) No shareholder shall be entitled to receive payment of any dividend in respect of his shares until all amounts due or owing by him to the Corporation in respect of such shares have been paid.\n(vii) Dividend remaining unpaid or unclaimed for a period of three years from the date of declaration shall be transferred to the Unclaimed Dividend Reserve Account. In case of any claim in future the same shall be paid from this account.",
"footnote": "",
"is_definition": false,
"sort_order": 89
},
{
"number": "90",
"title": "90. Dividend for the period ending on the 31st March, 1956.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 90
},
{
"number": "91",
"title": "91. Investment of Funds.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 91
},
{
"number": "92",
"title": "92. Nomination in respect of Deposits, Bonds, Shares,Debentures and other Securities.",
"chapter": null,
"content": "(ii) If the person thus nominated is at the time of his/her nomination a minor or under legal disability to give a valid receipt or discharge to the Corporation, the subscriber/depositor/holder shall at the time of such nomination, as aforesaid, of the another person of full age who is capable of giving a valid receipt or discharge and to whom the amount payable is to be paid for and on behalf of the person/s, who nominated as aforesaid, so long as he shall be a minor or to be under legal disability and the receipt of the said person of full age shall during the minority or the legal disability of the person/s so nominated, as aforesaid, be a good discharge to the Corporation.\n(iii) If a subscriber/depositor/holder nominates more than one person under clause (i), he or she shall specify in the nomination the amount or share payable to each of the nominees in such manner as to cover the whole of the amount that may become payable to him or her.\n(b) Any payment by the Corporation in accordance with the above Regulation shall constitute a full discharge to the Financial Corporation of its liability in respect of such deposits, bonds or securities.",
"footnote": "",
"is_definition": false,
"sort_order": 92
},
{
"number": "93",
"title": "93. General Provision.",
"chapter": null,
"content": "Call\nCall\nAnnexure A\nAnnexure A\nShares Transferred\nBalance\nUnit\nDate\nTr.No\nFolio\nTo seen\nNo. of Shares\nDistinctive Numbers\nValue\nTransferee\nNo of Shares\nAmount\nAcctt.\nMd.\nFrom To\nOccupation\nAddress:\nRegister On:\nShares Acquired\nDate\nA/L or Tr.No.\nFoilo\nFrom Seen\nNo. of Shares\nDistinctive Numbers\nValue\nTransfer\nInstructions\nFrom To\nPo A.P. Money Rs. On A.L. Money Rs.\nAndhra Pradesh State Financial Corporation\n\t\t\t\tHyderabad.\nShare Certificate\nShare Certificate\nCertificate\n\t\t\t\tNo.\nClass ….............\nNo. of shares Cl................S.S\n\t\t\t\t…............S.\nShare Certificate\nNo.\nDate........................\nClass\n\t\t\t\t….........................................\nNo of Shares\n\t\t\t\t…........................................\nFrom\nTo\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\n….................................\nNames (s)\n\t\t\t\t….......................................................................................\nAndhra\n\t\t\t\tPradesh State Financial Corporation\nAndhra\n\t\t\t\tPradesh State Financial Corporation\nIncorporated\n\t\t\t\tUnder The State Financial Corporations Act (No. LXIII of 1951)\nIncorporated\n\t\t\t\tUnder The State Financial Corporations Act (No. LXIII of 1951)\nHead\n\t\t\t\tOffice : 5-9-194, Chirag Ali Lane, Abids, Hyderabad - 500 001\nAuthorised\n\t\t\t\tCapital Rs. 100,00,00.000\nDivided into 1,00,00,000 full Paid\n\t\t\t\tShares of Rs. 100 each\nThis\n\t\t\t\tis to certify that.........of............is/are the registered\n\t\t\t\tholder’s of..........fully paid shares of Rupees One\n\t\t\t\thundred each, numbered from........to........(both inclusion) in\n\t\t\t\tthe ANDHRA PRADESH STATE FINANCIAL CORPORATION subject to the\n\t\t\t\tprovisions of the State Financial Corporations Act, 1951 and the\n\t\t\t\tRules and Regulations made thereunder and that the sum of Rupees\n\t\t\t\tOne hundred has been paid up in respect of each share.\nGiven under the Common\n\t\t\t\tSeal of the Corporation\nThis.............day\n\t\t\t\t…....................................................of..........200\nDirector Managing\n\t\t\t\tDirector\nN.B.\n\t\t\t\t\tNo transfer of either the whole or any part of the shares\n\t\t\t\t\tcomprised on this Certificate will be registered by the\n\t\t\t\t\tCorporation without delivery of this Certificate to the\n\t\t\t\t\tCorporation.\nAl.No.\nT.D.No.\nS.L.F. Cl..................\n\t\t\t\tS.S....................... S.4\nA.G.M\nManaging Director\nAnnexure-C\nAnnexure-C\nSchedule-A\n[See Regulation 85]\nBalance Sheet As At 31st March____________________________\n(Rupees in lakhs)\nSchedule Reference\nCurrent\nPrevious Year Year\nCapital And Liabilities:\nShare Capital\nA\nLoan Pending Conversion to Share Capital\nB\nReserve Fund and Other Reserved\nC\nTers Borrowings\nD\nCurrent Liabilities and Provisions\nE\nTotal.............................)\nProperty and Assets\nCash and Bank Balance\nF\nInvestments\nG\nLoans and Advances\nH\nFixed Assets\nI\nCurrent Assets\nJ\nTotal.............................)\nAccounting policies\nNotes on Accounts\nNote - The Schedules referred to above form an integral part of the Balance sheet.\nNote\nSchedule-B\n[See Regulation 85]\nProfit and Loss Account for the year ended 31st Marcy_____________________\n(Rupees in lakhs)\nSchedule Reference\nCurrent Year\nPrevious Year\nIncome:\nInterest on loans and Advances\nOther Incc ne\nK\nTotal............)\nExpenditure:\nInterest and Other Financial Expenses\nL\nInterest Tax\nPersonnel Expenses\nM\nAdministrative Expenses\nN\nDepreciation\nBad Debts written off\nTotal............)\nProfit for the year\nNote. - The Schedules referred to above form an integral part of the Profit and Loss Account.\nNote.\nSchedule-B\nLoan Pending Conversion To Share Capital\n(Rupees in lakhs)\nCurrent Year\nPrevious year\nLoan Pending Conversion to share Capital Loan\n\t\t\t\t\tPending Conversion to Special Share Capital\nTotal.........)\nSchedule-C\nReserve Fund And Other Reserves\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\n(a) Reserve Fund under Section 35 of STC’s\n\t\t\t\t\tAct, 1951)\n(b) Special Reserve Fund U/s 350\n(c) Investment Reserve as per last Balance\n\t\t\t\t\tSheet\nAdd: Transfer from Profit and Loss\n\t\t\t\t\tAccount____________________________\n(d) Reserve for Bad and Doubtful Debts:\n(e) Profit and Loss appropriation Account\n[(See Schedule C(i))\nTotal...........)\nSchedules Forming Of The Balance Sheet\nSchedule-A\nShare Capital\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nAuthorised:\nShare of Rs. 100 each\nIssued, Subscribed and Paid Up:\n(a) Shares of Rs. 100/-each fully paid carrying\n\t\t\t\t\t3.5% P.M.\n(b) Share of Rs. 100 each fully paid carrying\n\t\t\t\t\t7.5% P.M.\n(c) Shares of Rs. 100/- each fully paid (Issued\n\t\t\t\t\tunder Section 45(1) of the SFC’s Act as Special Class of\n\t\t\t\t\tShares)\nTotal............)\nSchedule-E\nCurrent Liabilities And Provisions\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\n(A) Current Liabilities",
"footnote": "",
"is_definition": false,
"sort_order": 93
},
{
"number": "1",
"title": "1. Unclaimed Dividents",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 94
},
{
"number": "2",
"title": "2. Earnest Money Deposit contractors",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 95
},
{
"number": "23",
"title": "3. Earnest Money Deposit (Sec. 23)",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 96
},
{
"number": "23",
"title": "4. Down payment (Inter-se Trl./Sec 23)",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 97
},
{
"number": "5",
"title": "5. Party's share of intial capital",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 98
},
{
"number": "6",
"title": "6. Sundry Deposits",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 99
},
{
"number": "7",
"title": "7. Dividend Subvention Fund",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 100
},
{
"number": "8",
"title": "8. Share Capital Assistance",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 101
},
{
"number": "9",
"title": "9. Book overdraft",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 102
},
{
"number": "10",
"title": "10. Other Liabilities-",
"chapter": null,
"content": "(B) Provisions\nProvisions for Interst-tax\nTotal............)\nSchedule - D\nTeam Borrowings:\n(Rupees in lakhs)\nCurrent Year\nPrevious Year",
"footnote": "",
"is_definition": false,
"sort_order": 103
},
{
"number": "1",
"title": "1. Bonds:",
"chapter": null,
"content": "(Guaranteed by State Government under Section\n\t\t\t\t\t7(1) of the SFC's Act.",
"footnote": "",
"is_definition": false,
"sort_order": 104
},
{
"number": "7",
"title": "2. Refinance in terms of Section 7(4) of",
"chapter": null,
"content": "the SFCs Act, 1951.\n- Industrial Development Bank of India\n-Small Industries Development Bank of India.",
"footnote": "",
"is_definition": false,
"sort_order": 105
},
{
"number": "3",
"title": "3. Loan from the State Government to",
"chapter": null,
"content": "extend assistance to riot victims",
"footnote": "",
"is_definition": false,
"sort_order": 106
},
{
"number": "4",
"title": "4. Fixed deposits.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 107
},
{
"number": "5",
"title": "5. Development loan for computerisation from\n\t\t\t\t\tSIDBI",
"chapter": null,
"content": "Total...............)\nSchedule-II\nLoans and Advances\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nClassification Of Loans And Advances On\n\t\t\t\t\tPurpose-Wise Basis.\n(a) General Loans\n(b) Bridge Loans\n(c) Transport Loans\n(d) Mini Loans\n(e) Composite Loans\n(f) Fisheries Loans\n(g) Special Relief Fund for Cyclone Relief\n(h) Equipment Refinance Scheme\n(i) Special Capital Soft Loans\n(j) Financial Assistance to Good Entrepreneurs\n(k) Short Term Loans\n(l) Discounting of Bills\nTotal............)\nSchedule-J\nCurrent Assets\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nStock of Stationery\nInterest Suspense\nCommitment Charges Suspense\nOther Expenses - Loanee Accounts\nSeed Capital Assistance\nIncome tax paid\nInterest tax paid\nDeposits with Banks\nAdvances to Staff\nDeposits\nOther Assets\nTotal...........)\nSchedule-F\nCurrent Assets\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\n(a) Cash and Cheques on hand\n(b) Remittances in Transit\n(c) Balances with Banks\n(i) Reserve Bank of India\n(ii) SBI and other\nTotal..............................)\nSchedule-G\nInvestments (At Cost)\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\n(i) Shares acquired pursual to under writting\n\t\t\t\t\tagreements under Section 25(l)(c) of the SFC’s Act, 1951\n(a) Irredeable Preference Shares fully paid\n(b) Equity Shares fully paid\n(ii) Investment of Special Share Capital under\n\t\t\t\t\tSection 4-A(I) of the SFC’s Act, 1951 in redeable\n\t\t\t\t\tPreference Shares fully paid up.\nTotal.........)\nSchedule-K\nOther Income\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nContinent Charges\nService Charges\nUpfront Fee\nSale of Application Forms\nDividend on Shares\nInterest on Bank Deposits\nInterest on staff advances\nMiscellaneous Income\nProfit on sale of assets\nPrevious on pre-nature closure Accounts.\nTotal..................)\nSchedule-L\nInvest and Others Financial Expenses\n(Rupees In Lakhs)\nCurrent Year\nPrevious Year\nInterest on Borrowings from IDB1\nInterest on Borrowings from SIDBI\nInterest on Bonds\nInterest on NDI Borrowings\nInterest on borrowing from RBI and Banks\nInterest on Loan Pending Conversion to Share\n\t\t\t\t\tCapital\nInterest to State Govt, on Loan to reit victims\nInterest on Fixed Deposits\nInterest on other deposits\nGuarantee Commission to State Government\nService charges to IDBI (on Seed Capital)\nService Charges to SIDBI (on Seed Capital)\nUpfront fee to IDBI\nUpfront fee to SIDBI\nBrokerage on Bonds and Fixed Deposits\nStarp duty on Bonds Dividend Tax\nTotal..........)\nSchedule-I\nFixed Assets\n(Rupees in lakhs)\nCost\nDepreciation\nNet\nSI. No.\nParticulars\nGross Block As at\nAdditions During the Year\nDeductions Adjustments During the Year\nGross Upto Block As at\nAdjustment During the Year\nFor the Upto Year\nAst at\nAs at\nRs.\nRs.\nRs.\nRs.\nRs.\nRs.\nRs.\nRs.\nRs.\n1.\nLand (Freehold)\n2.\nBuildings\n3.\nLifts, Computer Equipment, Motor Vehicles\n4.\nFurniture and Fixtures, Electrical\n\t\t\t\t\tinstallations and Office Equipment\nTotal.\nBuildings under Construction.\nTotal.\n________________________\nSchedule-M\nPersonnel Expenses\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nSalaries and Allowances\n(a) Managing Director\n(b) Staff and Officers\nMedical Expenses\n(a) Managing Director\n(b) Staff and Officers Contribution of Provident Fund\n\t\t\t\t\tContribution to Pension\nGratuity (including contribution to Group\n\t\t\t\t\tGratuity) Leave Travel Concession Staff Training Expenses Staff\n\t\t\t\t\tWelfare Expenses\nTotal...........)\nSchedule-N\nAdministrative Expenses\n(Rupees in lakhs)\nCurrent Year\nPrevious Year\nTravelling Expenses:\n(i) Managing Director\n(ii) Directors\n(iii) Staff and Officers Sitting Fees to Directors Rent, taxes\n\t\t\t\t\tand Insurance Postage, Telegrams and Telephones Motor Car\n\t\t\t\t\tExpenses\nPrinting and Stationery Publicity and\n\t\t\t\t\tAdvertisement Books, Periodicals and Newspapers Repairs,\n\t\t\t\t\tRenewals and Maintenance Bank charges and Commission\n\t\t\t\t\tRemuneration to Auditors:\n(i) Audit Fees\n(ii) Tax Audit Fee\n(iii) Incidental Expenses Legal Charges\nProfessional and Consultancy charges Power\n\t\t\t\t\tcharges\nBoard Meetings/AGM expenses Membership\n\t\t\t\t\tfees/Subscriptions for Institutions Other Expenses\nTotal.............................)\nNomination Form\nNomination Form\nDetails of Deposit/Bond/Debenture\nDetails of Deposit/Bond/Debenture\nDeposit/Bond/Debenture\nDistinguishing Number\nAdditional Details, if any\nNominee\nNominee\nName and Address (Only one Nominee)\nRelationship with Depositor, if any\nAge\nIf nominee is a minor, Give Date of Birth\n*As the nominee is a minor on this date, I/We appoint..........................................................\n…...................................................\n…...................................................\nSignature (Name and Address of witness)\nSignature(s) of Depositor(s)\nPlace: Date:\nNote: Where deposit is made in the name\n\t\t\t\tof a minor, the nomination should be signed by a person lawfully\n\t\t\t\tentitled to act on behalf the minor.\nNote:\n* Strike out if nominee is not a minor:\n* Nomination without witness is not valid and cannot be registered.",
"footnote": "",
"is_definition": false,
"sort_order": 108
}
],
"metadata": {
"Act ID": "Last Updated 12th September, 2019 [ap574]",
"Act Number": "Published vide Notification No. G.O.Ms. No. 232, dated 15.10.2004",
"Enactment Date": "",
"Act Year": "2004",
"Short Title": "Andhra Pradesh State Financial Corporation General Regulations, 2004",
"Type": "STATE",
"Location": "Andhra Pradesh"
},
"updated_at": "2026-09-29 21:55:18"
}