Section 21 of The State Financial Corporations Act, 1951 in hindi
The Financial Corporation may appoint 1[one or more committee or committees consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons] for the purpose of assisting the Financial Corporation in the efficient discharge of its functions and, in particular, for the purpose of securing that those functions are exercised with due regard to the circumstances and conditions prevailing in, and the requirements of, particular areas or industries.
Summary
- The Financial Corporation has the power to set up one or more committees to help it do its job.
- These committees can be made up completely of directors of the Corporation, completely of outside people, or a mix of both.
- The main goal of these committees is to help the Corporation work efficiently.
- They also help make sure that the Corporation pays close attention to the specific business conditions, local needs, and requirements of different areas or industries.
Practical examples
FAQ
1. Who can be a member of a committee appointed under Section 21?
A committee can be made up entirely of directors of the Financial Corporation, entirely of other outside persons, or a combination of both directors and outside persons.
2. What is the main purpose of setting up these committees?
The committees are created to assist the Financial Corporation in performing its duties efficiently. They help ensure the Corporation understands the specific conditions, local environment, and needs of particular regions or industries.
3. Can a Financial Corporation appoint more than one committee under this Section?
Yes, the Financial Corporation has the authority to appoint one or more committees depending on its needs.
Test yourself
Q1.Under Section 21 of The State Financial Corporations Act, 1951, which of the following is correct regarding the membership of an appointed committee?
Q2.Under Section 21 of The State Financial Corporations Act, 1951, what is the primary legally defined purpose of appointing these committees?
Q3.Under Section 21 of The State Financial Corporations Act, 1951, how many committees can the Financial Corporation establish?
Q4.Under Section 21 of The State Financial Corporations Act, 1951, if a committee is formed to look at the fisheries industry, who is legally allowed to sit on this committee?