The SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA ACT, 1989

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Small Industries Development Bank of India Act, 1989.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Act.

Browse all 71 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 3.Establishment and incorporation of Small Industries Development Bank of India.
  4. 4.Authorised capital.
  5. 4A.Conversion of equity shares into redeemable preference shares.
  6. 4B.Transfer of capital.
  7. 4C.Issued capital.
  8. 4D.Reduction of share capital.
  9. 4E.Restriction on exercising of voting right.
  10. 5.Management.
  11. 6.Constitution of Board.
  12. 7.[Omitted.]
  13. 8.Disqualification of directors.
  14. 9.Vacation and resignation of office by directors.
  15. 10.[Omitted.]
  16. 11.[Omitted.]
  17. 12.Executive Committee and other committees.
  18. 12A.Fees and allowances of directors and members of committees.
  19. 13.Business of Small Industries Bank.
  20. 14.Loans by Central Government.
  21. 15.Borrowings and acceptance of deposits by the Small Industries Bank.
  22. 16.Investment.
  23. 17.Power to transfer rights.
  24. 18.Power to acquire rights.
  25. 19.Loan in foreign currency.
  26. 20.Grants, donations, etc., to the Small Industries Bank.
  27. 20A.Free transferability of shares.
  28. 20B.Register of shareholders.
  29. 20C.Trust not to be entered on the register of shareholders.
  30. 20D.Board’s right to refuse registration of transfer of shares.
  31. 20E.Shares to be securities under the Indian Trusts Act, 1882.
  32. 20F.Annual general meeting.
  33. 20G.Matters to be discussed and procedure in annual general meeting.
  34. 21.Small Industries Development Assistance Fund.
  35. 22.Credits to Small Industries Development Assistance Fund.
  36. 23.Utilisation of Small Industries Development Assistance Fund.
  37. 24.Debits to Small Industries Development Assistance Fund.
  38. 25.Accounts and audit of Small Industries Development Assistance Fund.
  39. 26.Liquidation of Small Industries Development Assistance Fund.
  40. 27.Small Industries General Fund.
  41. 28.Preparation of accounts and balance-sheet.
  42. 29.Disposal of profits accruing to Small Industries General Fund.
  43. 30.Audit.
  44. 31.Saving.
  45. 32.Transfer of part of business of Development Bank.
  46. 33.Staff of Small Industries Bank.
  47. 34.Delegation of powers.
  48. 35.Returns.
  49. 36.Obligations as to fidelity and secrecy.
  50. 37.Defects in appointment not to invalidate acts, etc.
  51. 37A.Amounts and securities to be held in trust.
  52. 38.Rights of Small Industries Bank in case of default.
  53. 39.Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate.
  54. 40.Power to call for repayment before agreed period.
  55. 41.Special provisions for enforcement of claims by Small Industries Bank.
  56. 42.Small Industries Bank to have access to records.
  57. 43.Validity of loan or advance not to be questioned.
  58. 44.Indemnity of Directors.
  59. 45.Protection of action taken under this Act.
  60. 46.Nomination by depositors or holders of bonds or other securities.
  61. 47.Arrangement with Small Industries Bank on appointment of directors to prevail.
  62. 48.Act 18 of 1891 to apply in relation to Small Industries Bank.
  63. 49.Act 10 of 1949 not to apply to Small Industries Bank.
  64. 50.[Omitted.]
  65. 51.Liquidation of Small Industries Bank.
  66. 51A.Power to make rules by Central Government.
  67. 52.Power to make regulations.
  68. 53.[Repealed].
  69. 54.Power to remove difficulties.
  70. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  71. SCH-THE SECOND SCHEDULE. [Repealed.].THE SECOND SCHEDULE. [Repealed.]