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Full text of "Government Gazette Of Uttar Pradesh"

[PABT vm                               or: JAR PRADESH GAZETTE. .TUN^ 2-.. 1953

TJTTAP, ritAPTCSH I? JLVJtfC TAL, ''ORPoR ATTG?:
General Regulations

In exercise 01 the po^reis confined Ijy :'^eu:'n 4S oi' tJir State
Financial Corporations Act, 1951, ,L,he Board, t iHr f-.ij'iiftotion with
the ReRcrvo Bank of India :mcl with Ihe pic-vicv.^ Fnuclini of Ihi*
State Government, has made the following regulations :

CHAPTER T — I

1.    Short title — These reguteuions mpy te railed llu- "DltLi1 Pradf-sh
Financial Corporation General Kf^n^itinii^.

2.    Commencement — These shall CCELP in'o fojce .it. once.

3.    Definitions — In these refciiktiCBP, LI^US? tleic is pvjtfarg ie-
pugnant to the subject or context —

(a) "The Act" means the Si ,1+0 Finnic* i? 3 Corpnrat icca Act,
1 951.
(&) "Section" means a section of the Act.

(c)  (< Corporation " means   Łttho  Utlar    Fiodesh     Pironcial
Corporation ".

(d)  Words   and   expressions — "Beard,     Industricl concern,
Prescribed, Eeserve Bank, Scheduled Bank nnd Undcmrriting" —
shall have the same meaning assigned to them in the Act.

CHAPTER II — SHARES OP THE CORPORATION

4.    Shares : Movable property— The slcics uf the Coipciaticn sLall
be in ovable property.

5.    Control over shares — (i) Subject io the provisions of the Act
and these Eeguiations, the transfer of end the right to hold sLaics
of the Corporation shall be under the control of the Board.

(ii) The decision of the Board as to -vrhether or not a person is
entitled to be registered as a shareholder under clauses (c) and (J)
of sub-section (3) of section 4 of the Act, shall be final.

G. Parties who may not be registered as share-holders— Excejt
as otherwise provided by these regulations, no miner cr person trio
has been declared by competent authority to be cf unscunel mind,
shftll be entitled to be registered as shareholder.

7. First allotment of shares— (i) Snbju-t to tie perkier a of
section 4 of the Act, the first allotment of shares shall be me do to
applicants who are qualified to be registered as shareholders
of the Corporation in accordance with the prcvi&iccs- cf this legulaticn.
(ii) An application for allotment of shares may not be entertained
unless an amount equal to the fell value of tLe shares applied for
has been tendered with the application.

(iii) (a) The Executive Cemmittee shall consider r.11 the applica-
tions for shares and shall advise the Eoaid in niŁ.l:Jrg tllcimtnt cf
the shares.

(b) The Board shall thereupon mr.ko Eilloimeut cf shares either
in full or in part or make no allotment ; and its decision in this
regard shall be final.

(iv) (a) In making the allotment of shores the Bccrcl ehpll try to
have as large a number of shareholders in erch c]n&s ss may be
possible.

(6) The number of shares that nicy be allotted to an
applicant shall, in no case, exceed the number cf shares aj-plied for or
allocated to the class of shareholders to which Be belongs, whichever
may Tbe smaller.

(v) For the purpose of this Regulation nricl the fclkwing Regula-
tions, there shall be the following clapscp of &hnrcLc!Ccis, namely :

(a)  the  State  Government,

(b)  the Reserve Bank,

(c)  Scheduled Bank,