LexThe Punjab Schedule Castes Land Reforms and Finance Corporation Act, 1970
Punjab · state statute
Open in Lexace · Ask the AI about this actGOVERNMENT OF PUNJAB
DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS
THE PUNJAB SCHEDULED CASTES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1970
(PUNJAB ACT 9 OF 1970)
(As amended upto the 15th August, 2025)
2025
THE PUNJAB SCHEDULED CASTES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1970
CONTENTS
Preamble
Sections
CHAPTER I
PRELIMINARY
1. Short title
2. Definitions
CHAPTER II
INCORPORATION OF PUNJAB SCHEDULED CASTES LAND
DEVELOPMENT AND FINANCE CORPORATION AND ITS
CAPITAL
3. Establishment of Punjab Scheduled Castes Land Development and
Finance Corporation
4. Head office of Corporation
5. Capital of Corporation
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. Management
7. Board of Directors
8. Term of office
9. Disqualifications of office of director
10. Directors not to participate in certain cases
11. Removal and Resignation
12. Meetings
13. Executive Director
14. Defect in appointment not to invalidate acts, etc.
15. Officers and other employees of the Corporation
15-A. Validation
CHAPTER IV
FUNCTIONS AND FUNDS OF THE CORPORATION
16. Functions of Corporation
16-A. Capital of the Corporation
17. Corporation to maintain four funds
18. Land Development and Finance Fund
19. Guarantee Fund
20. Bad debts Fund
21. Relief and Common Good Fund
CHAPTER V
LOANS
22. Power to impose conditions for loans
23. Power to call repayment before agreed period
24. Recovery of money due to the Corporation
25. First charge of Corporation’s loans on debtor’s property
CHAPTERVI
ACCOUNTS AND AUDIT
26. Accounts
27. Audit
CHAPTER VII
MISCELLANOEOUS
28. Dissolution of Board
29. Consequences of dissolution of Board
30. Bar of jurisdiction
31. Protection of action taken in good faith
32. Indemnity of Directors
33. Exemption from registration fee and stamp duty
33-A. Power of State Government to give directions
34. Power to make regulations
35. Power to make rules
1THE PUNJAB SCHEDULED CASTES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1970
(Punjab Act No. 9 of 1970)
[Received the assent of the Governor of Punjab on the 1 6th day of
September, 1970 and was first published for general information in the
Punjab Government Gazette (Extraordinary), Legislative Supplement,
dated the 16th September, 1970.]
1 2 3 4
Year No. Short Title Whether repealed or otherwise
affected by the legislation
1970 9 The Punjab Scheduled
Castes Land
Development and
Finance Corporation
Act, 1970
2Amended by Punjab Act No. 30 of
1975
3Amended by Punjab Act No. 16 of
1979
4Amended by Punjab Act No. 9 of
1983
5Amended by Punjab Act No. 6 of
2001
Amended by Punjab Act No. 20 of
2013
An Act to provide for the establishment of the Punjab ScheduledCastes
Land Development and Finance Corporation.
BE it enacted by the Legislature of the State of Punjab in the
Twenty-First Year of the Republic of India as follows:-
1For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), 1970, Page 782
2For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 25th July,
1975, Page 1708
3For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 13th
October, 1979, Page 1478
4For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 3rd March,
1983, Page 270
5For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 21st March,
2001, Page 583
CHAPTER I
PRELIMINARY
1. This Act may be called the Punjab Scheduled Castes Land
Development and Finance Corporation Act, 1970.
2. In this Act, unless there is anything repugnant in the subject or
context,-
(a) "agricultural development" includes development of
dairy, poultry, piggery, sheep and cattle breeding,
pisciculture and sericulture;
(b) "Board" means the Board of directors of the
Corporation;
(c) "Chairman" means the Chairman of the Corporation;
(d) "Corporation" means the Punjab Scheduled Castes
Land Development and Finance Corporation;
1[(e) "director" means a director of the Board and includes
the Chairman and the Vice-Chairman;]
(f) "Governor" means the Governor of the State of
Punjab;
(g) "marketing" means all activities relating to the
transport, grading, pooling, marketing and sale of
agricultural or industrial produce, whether in the
primary form or in semi-processed or processed form;
1Substituted by Punjab Act No. 20 of 2013, Section 2, on and with effect from the 19th day of September, 2011.
Short title
Definitions.
(h) "prescribed" means prescribed by rules made under
this Act;
(i) "processing" means all activities relating to the
processing of agricultural produce so as to make it
marketable or fit for consumption and includes
purchase and storage of raw -material, purchase of
equipment, and purchase, installation and running of
machinery, required forprocessing andstorage of
finished produce;
(j) "Scheduled Castes" means such castes, races or tribes
or parts of or groups within such cas tes, races or tribes
as are deemed under Article 341 of the Constitution of
India to be Scheduled Castes;
(k) "Scheduled Castes Organisation" means a firm
registered under the Partnership Act, 1932, an
association registered under the Societies Registration
Act, 1860, or a co -operative society registered under
the Punjab Co -operative Societies Act, 1961, all the
partners or members, whereof, as the case may be,
belong to Scheduled Castes;
(l) "small-scale industry" means all cottage and small -
scale industry including industry engaged in
fabrication, repairs and maintenance of agricultural
machinery and equipment, in which capital investment
does not exceed five lacs of rupees;
(m) "supply and storage" means supply and storage of
agricultural inputs and establishment, maintenance
and running of storage, cold storages and
warehouses1[; and]
2[(n) “Vice-Chairman” means the Vice -Chairman of the
Corporation.]
CHAPTER II
INCORPORATION OF PUNJAB SCHEDULED CASTES LAND
DEVELOPMENT AND FINANCE CORPORATION AND ITS
CAPITAL
3. (1) With effect from such date as the State Government may, by
notification, specify in this behalf, the State Government may establish for
the purposes of this Act a Corporation known as the Punjab Scheduled
Castes Land Development and Finance Corporation.
(2) The Corporation shall be a body corporate with the name
aforesaid having perpetual succession and a common seal with powers,
subject to the provisions of this Act, to acquire, hold and dispose of
property and to contract, and may, by that name, sue or be sued.
4. (1) The Head Office of the Corporation shall be at Chandigarh
or at such other place as the State Government may, by notification,
specify.
(2) The Corporation may establish offices or agencies at such
places within or outside the State as it may think fit.
1Substituted by Punjab Act No. 20 of 2013, Section 2, on and with effect from the 19th day of September, 2011.
2Added by Punjab Act No. 20 of 2013, Section 2, on and with effect from the 19th day of September, 2011.
Establishment
of Punjab
Scheduled
Castes Land
Development
and Finance
Corporation.
Head Office of
Corporation.
1[5. (1) The authorised capital of the Corporation shall be such sum
not less than ten crores of rupees as the State Government may fix.]
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. (1) The general superintendence, direction and management of
the affairs and business of the Corporation shall vest in a Board which may
exercise all such powers and do all such acts and things as may be
exercised or done by the Corporation under this Act.
(2) The Board of directors in discharging its functions shall act
on sound business principles having regard to public interest, welfare of
Scheduled Castes and solvency of the Corporation and shall be guided by
such instructions on questions of policy as may be given to it by the Stat e
Government.
(3) If any doubt arises as to whether a question is or is not a
question of policythe decision of the State Government thereon shall b e
final.
7. 2[(1) The Board shall consist of an Executive Director and the
following other directors, namely:-
(a) The Secretary to Government of Punjab in the
Department of Welfare or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(b) The Secretary to Government of Punjab in the
Department of Finance or an officer of that
1Substituted by Punjab Act No. 16 of 1979, Section 2, on and with effect from the 17th day of September, 1979.
2Substituted by Punjab Act No. 16 of 1979, Section 3, on and with effect from the 17th day of September, 1979.
Authorised
capital.
Management.
Board of
Directors.
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(c) The Secretary to Government of Punjab in the
Department of Agriculture or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(d) The Secretary to Government of Punjab in the
Department of Industries or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
1[(dd) The Director, Welfare of Schedule d Castes and
Backward Classes, Punjab, ex officio;]
2[(e) Two officers of the Government of India nominated
by that Government, ex-officio;]
(f) 3[Six] other directors, belonging to the Scheduled
Castes, to be nominated by the State Government
from amongst persons who have knowledge of
agriculture, agro -industries, water development
projects, finance co -operation or who are social
workers.]
4[(2) The Governor shall appoint the Chairman and the Vice -
Chairman from amongst the directors.]
1Inserted by Punjab Act No. 6 of 2001, Section 2
2Substituted by Punjab Act No. 9 of 1983, Section 2
3Substituted for word “five” by Punjab Act No. 20 of 2013, Section 3, on and with effect from the 19th day of
September, 2011.
4Substituted by Punjab Act No. 20 of 2013, Section 3, on and with effect from the 19th day of September, 2011.
(3) On the occurrence of any vacancy in the office of a director
due to death, resignation or otherwise the same shall be filled up by the
Governor in the manner provided in sub-section (1).
(4) Subject to the provisions of this Act, the terms and
conditions of appointment of the directors and the fees and allowances
payable to them, shall be such as may be prescribed.
1[8. The term of office of the directors other than the Executive
Director and the ex officio directors shall be one year and they shall be
eligible for re-appointment:
Provided that the Executive Director may be removed by the
Government at any time notwithstanding anything contained in section
11.]
9. A person shall be disqualified for being nominate d as, and for
being, a director of the Corporation-
(a) if he is or at any time has been adjudicated insolvent or has
suspended payment of his debts or has compounded with his
creditors;
(b) if he is of unsound mind and stands so declared by a
competent court.
1Substituted by Punjab Act No. 16 of 1979, Section 4, on and with effect from the 17th day of September, 1979.
Also see section 10 of the Amending Act which is reproduced below:
10. For the removal of doubt, it is hereby declared that the term of office of directors laid down in
the principal Act as amended by this Act shall also apply to each director, other than the ex-officio
director and the Executive Director, holding office on the date of commencement of this Act and
accordingly any director holding office as such, on the date of commencement of this Act shall, -
(i) if the term of office of one year in his case expires or has expired on or before such
commencement, cease to hold his office on such commencement; and
(ii) if the term of office of one year in his case expires after such commencement, cease to hold his
office on the expiry of the aforesaid term of one year.
New
term of
office to
apply to
existing
directors
also.
Disqualification
of office of
Director.
Term of office.
(c) if he is or has been convicted of any offence which in the
opinion of the State Government involves moral turpitude; or
(d) if he has been r emoved or dismissed from the service of any
State Government or Central Government or a Corporation
owned or controlled by any State Government or Central
Government.
10. A director who has any direct or indirect pecuniary interest in any
matter coming up for consideration at a meeting of the Board or a
Committee thereof shall, as soon as possible, after the relevant
circumstances have come to his knowledge disclose the nature of his
interest at such meeting and the disclosure shall be recorded in the minutes
of the Board or the Committee, as the case may be, and the director shall
not take any part in any deliberation or decision of the Board or the
Committee with respect to that matter.
11. (1) The Governor may at any time remove any director from
office, if in his opinion
such director-
(a) is or has become subject to any disqualification
mentioned in section 9;
(b) is absent without leave of the Board from more than
three consecutive meetings thereof without a cause
sufficient in the opinion of the Board to exonerate his
absence;
(c) has acted in contravention of the provisions of
section 10; or
Director not to
participate in
certain cases.
Removal and
Resignation.
(d) has been guilty of misconduct in the discharge of his
duties:
Provided that no order of removal shall be passed without giving
the director a reasonable opportunity of showing cause against the
proposed order.
1[(1-A)If the Board fails to carry out its functions or refuses or fails
to follow the instructions given to it by the State Government for the
purpose of giving effect to the provisions of this Act, the State Government
may, remove the non -official directors inclu ding the 2[Chairman or the
Vice-Chairman] and appoint other directors and the 17[Chairman or the
Vice-Chairman] in their places.]
(2) A director may resign his office by giving notice thereof in
writing to the State Government and on such resignation being accepted he
shall be deemed to have vacated his office.
12. (1) The Board shall meet at such times and places and shall
observe such rules of procedure in regard to the transaction of business at
its meetings (including the quorum at meetings) as may be provided by
regulations made by the Corporation under this Act.
3[(2) If for any reason , the Chairman is unable to attend a ny
meeting, the Vice-Chairman, and in his absence, any other director, elected
from amongst the directors present at the meeting , shall preside at the
meeting.]
1Inserted by Punjab Act No. 16 of 1979, Section 5, on and with effect from the 17th day of September, 1979.
2Substituted for word “Chairman” by Punjab Act No. 20 of 2013, Section 4, on and with effect from the 19th
day of September, 2011.
3Substitutedby Punjab Act No. 20 of 2013, Section 5, on and with effect from the 19th day of September, 2011.
Meetings.
1[(3) All questions , which come up before any meeting , shall be
decided by a majority of the votes of directors present and voting, and, in
the event ofequality of votes, the Chairman, or in his absence, the Vice-
Chairman, or in his absence, the director presiding over the meeting , shall
have and exercise a second or casting vote.]
13. 2[(1) The Governor shall appoint an officer of the State
Government, as Executive Director who shall hold that office during its
pleasure.]
(2) The Executive Director who shall be a whole -time officer of
the Corporation shall-
(a) be its Chief Executive Officer;
(b) be responsible for the operational management of the
Corporation and implementation of the general
policies approved by theBoard;
(c) perform such duties as the Board may by regulations
or otherwise assign to him;
(d) receive such salary and allowances and be governed
by suchterms and conditions of service as may be
determined by the Board and approved by the State
Government.
(3) If the Executive Director is by infirmity or otherwise
rendered incapable of carrying out his duties or is absent, on leave or
otherwise in circumstances not involving the vacation of his appointment,
1Substitutedby Punjab Act No. 20 of 2013, Section 5, on and with effect from the 19th day of September, 2011.
2Substituted by Punjab Act No. 16 of 1979, Section 6, on and with effect from the 17th day of September, 1979.
Executive
Director.
the Governor may appoint another personto act in his place during his
absence.
14. (1) No act or proceeding of the Board or any of its Committees
shall be questioned or be invalid on the ground merely of the existence of
any vacancy in, or any defect in the constitution of, the Board or the
Committee as the case may be.
(2) No act done by any person acting in good faith as a director
or member of any Committee shall be deemed to be invalid merely on the
ground that he was di squalified to be a director or member or there was
any other defect in his nomination.
15. (1) The Board may appoint such officers and employees as it
considers necessary for the efficient performance of the functions of the
Corporation and determine by regulations or otherwise their conditions of
appointment and service and the remuneration payable to them.
(2) The Board may, by general or special order, delegate to the
Executive Director or to any other officer or employee of the Corporation,
subject to such conditions and limitations, if any, as may be specified, such
of its powers and duties under this Act, except the power to make
regulations, as it may deem necessary.
1[15-A. Notwithstanding the Punjab Scheduled Castes Land Development
and Finance Corporation (Amendment) Ordinance, 2011 (Punjab
Ordinance No. 12 of 2011), ceased to operate, the appointment of the Vice -
Chairman made under the provisions of this Act, as amended by the said
Ordinance, shall be deemed to be validly continued as if the appointment
of the Vice -Chairman was made under the provisions of this Act, as
1Inserted by Punjab Act No. 20 of 2013, Section 6, on and with effect from the 19th day of September, 2011.
Defect in
appointment not
to invalidate
acts, etc.
Officers and
other employees
of the
Corporation.
Validation.
amended by the Punjab Scheduled Castes Land Development and Finance
Corporation (Amendment and Validation) Act, 2012.]
CHAPTER IV
FUNCTIONS AND FUNDS OF THE CORPORATION
16. (1) Subject to the provisions of this Act, it shall be the primary
duty of the Corporation to undertake the task of economic uplift of the
members of the Scheduled Castes in the State.
(2) Without prejudice to the generality of the foregoing
provision, such power shall include the power-
(i) to plan, promote and undertake, on its own or in
collaboration with or through such Scheduled Castes
Organisations or other agencies as may be approved by the
Board, programmes of agricultural development, marketing,
processing, supply and storage of agricultural produce,
small-scale industry, building construction, transport and
such other business, tra de or activity as may be approved in
this behalf by the State Government;
(ii) to provide financial assistance to members of Scheduled
Castesor Scheduled Castes Organisations by advancing to
them in cash or in-kind loans including loans under hire -
purchase system for any of the purposes specified in clause
(i) either directly or through such agency, organisation or
institution as may be approved by the Board;
(iii) to give on hire agricultural or industrial machiner y or
equipment to the members of Scheduled Castes or Scheduled
CastesOrganisations;
Functions of
Corporation.
(iv) to give grants and subsidies to, and to guarantee loans taken
by the members of Scheduled Castes orScheduled
CastesOrganisations;
(v) to borrow money subject to such conditions as the Board
may specify;
(vi) to receive gifts, grants and donations;
(vii) to issue bonds and debentures;
(viii) to draw, make, accept, endorse, discount, execute and issue
promissory notes, bills of exchange, hundies, bills, warrants,
debentures and other negotiable instruments;
(ix) to invest or deposit surplus funds of the Corporation in
Government securities or in such other manner as the Board
may decide;
(x) to enter into contracts; and
(xi) to discharge such other functions as may be prescribed or as
are supplemental, incidental or consequential to any of the
functions conferred on it under this Act.
1[16-A. For the purpose of carrying out its functions under this Act, the
Corporation may-
(a) be provided with capital by the State Government on such
terms and conditionsconsistent with the provisions of this
Act as the State Government may specify; and
1Inserted by Punjab Act No. 16 of 1979, Section 7, on and with effect from the 17th day of September, 1979.
Capital of the
Corporation.
(b) be provided with capital by the Central Government on such
terms and condition s consistent with the provisions of this
Act as that Government may specify.]
17. The Corporation shall establish and main tain four separate Funds
namely:-
(a) Land Development and Finance Fund;
(b) Guarantee Fund;
(c) Bad Debts Fund; and
(d) Relief and Common Good Fund.
18. (1) To the Land Development and Finance Fund shall be
creditedall amounts that are received by the Corporation from any source
whatsoever;
(2) All amounts that are ex pended by the Corporation shall be
debited to this Fund.
19. (1) To the Guarantee Fund shall be credited every year such sum
as may be placed at the disposal of the Corporation for that purpose by the
State Government and the interest accrued from time to time on such sum
shall also be added every year to this Fund.
(2) The Corporation may also contribute to this Fund such
portion of its net profits as may be decided by the Board.
20. (1) To the Bad Debts Fund shall be credited every year-
(a) by the Corporation ten per centum of its net profits; and
(b) by the State Government such amount as grant as may be
equivalent to the amount credited under clause (a):
Corporation
to maintain
four funds.
Land
Development
and Finance
Fund.
Guarantee
Fund.
Bad Debts
Fund.
Provided that nothing herein shall be deemed to debar the
State Government from giving such amount by way of additional grant for
being credited to this Fund as it may think fit.
21. To the Relief and Common Good Fund shall be credited every year
such amount not exceeding seven and a half per centum of the net profits
of the Corporation as the Board may decide.
CHAPTER V
LOANS
22. In making any loan authorised by this Act, the Corporation may
impose such conditions as it may think necessary or expedient for
protecting the interests of the Corporation;
Provided that the rate of interest chargeable on such loans shall in
no case exceed the rate of interest chargeable on the loans advanced under
the Punjab State Aid to Industries Act, 1935.
23. Notwithstanding anything to the contrary contained in any
agreement, the Corporation may, by notice in writing, require any debtor to
discharge forthwith in full his liabilities to the Corporation -
(a) if it appears to the Board that any false or misleading
information or particular was given in the application
for loan;
(b) if the debtor has failed to comply with any of the terms
of the agreement entered into by him with the
Corporation;
(c) if there is a reasonable apprehension that the debtor is
unable to pay the money due from him; or
Relief and
Common
Good Fund.
Power to impose
conditions for
loans.
Power to call
repayment before
agreed period.
(d) if for any other reason it is necessary to do so to
protect the interests of the Corporation.
24. (1) Where any amount is due to the Corporation from any
person, including the surety of a debtor, in respect of loans or advances or
other financial accommodation granted by it, such amount shall, on a
certificate being granted by the Executive Director in the prescribed form,
be recoverable as arrears of land revenue by the Collector of the district in
which the person from whom the amount is due resides or carries on
business or owns any property.
(2) Before issuing the certificate referred to in sub -section (1)
the Executive Director shall make an application to such officer,
unconnected with the business of the Corporation, as may be empowered
by the State Government in this behalf and that officer shall by an order
determine the amount due to the Corporat ion after giving an opportunity of
being heard to the person concerned and communicate the same to the
Executive Director.
(3) An appeal against an order passed by the officer empowered
by the State Government under sub -section (2) shall lie within such period
and to such authority as may be prescribed.
(4) The officer empowered under sub -section (2) and the
appellate authority shall follow such procedure as may be prescribed.
(5) The certificate issued by the Executive Director under sub -
section (1) shall be final and conclusive and shall not be called in question
before any authority or court.
Recovery of
money due to
the Corporation.
(6) For the purpose of recovering any amount due to the
Corporation in respect of a loan it shall not be necessary to proceed against
the principal before proceeding against his surety.
25. Notwithstanding anything contain ed in any law for the time being
in force, but subject to the provisions relating to priority of charges in any
law made by Parliament and to any prior claimof the Government in
respect of land revenue or any money recoverable by it as arrear s of land
revenue, a loan advanced by the Corporation under this Act together with
interest accrued thereon and costs of its recovery , shall be first charge on
the property of the debtor.
CHAPTER VI
ACCOUNTS AND AUDIT
26. (1) The balance-sheet and accounts including the profit and loss
account of the Corporation shall be prepared and maintained in such form
and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the
Corporation to be balanced and closed on the thirty -first day of March each
year.
1[27. (1) The accounts of the Corporation shall be audited by the
Accountant General, Punjab, or by such person as may be authorized by
him in this behalf and the expenditure incurred by him in connection with
such audit and preparation of the audit report shall be payable by the
Corporation to the Accountant General, Punjab.
(2) The Ac countant General, Punjab, shall be supplied with a
copy of the annual balance -sheet and the profit and loss account of the
1Substituted by Punjab Act No. 16 of 1979, Section 8, on and with effect from the 17th day of September, 1979.
First charge of
Corporation's
loans on debtor's
property.
Accounts.
Audit.
Corporation and it shall be his duty to examine them together with the
accounts and vouchers relating thereto, and he shall have a li st delivered to
him all books kept by the Corporation and he and any person authorised by
him in connection with the audit of the accounts of the Corporation shall
have the same rights, privileges and authority on connection with such
audit as he has in co nnection with the audit of the accounts of the State
Government and shall at all reasonable times have access to the books,
accounts and other documents of the Corporation and may require from
any director or officer of the Corporation such information as the
Accountant General, Punjab, may think necessary for the performance of
his duties.
(3) The Accountant General, Punjab, shall make a report to the
Corporation upon the annual balance -sheet and accounts examined by him
and in every such report he shall state whether, in his opinion, the balance -
sheet is a full and fair balance -sheet containing all necessary particulars
and properly drawn up so as to exhibit a true and fair view of the state of
affairs of the Corporation.
(4) The Corporation shall fur nish to the State Government
within four months from the date on which its accounts are closed and
balanced, a copy of its balance -sheet and accounts together with a copy of
the report of the Accountant General, Punjab and a report on the working
of the Corporation during the relevant year.
(5) Copies of the reports referred to in sub -section (4) shall be
laid by the State Government, as soon as may be, before the House of the
State Legislature.]
CHAPTER VII
MISCELLANEOUS
28. (1) No provision of law other than this Act, relating to the
winding up, dissolution or liquidation of the companies or corporations
shall apply to the Corporation.
(2) The Governor may, if the Corporation exceeds its powers, or
upon receipt of a report under section 27, call upon the Board to show
cause why it should not be dissolved, and if no explanation is offered
within the specified period, or if the Governor is not satisfied with the
explanation, he may dissolve the Board from such date as may be
specified.
29. (1) When the Board is dissolved under section 28-
(i) all directors shall, from the date of dissolution, vacate
their offices;
(ii) all powers and duties of the Board shall, during the
period of dissolution, be exercised and performed by
such person or persons as the State Government may
appoint in this behalf;
(iii) all funds and other property vested in the Corporation
shall during the period of dissolution, vest in the State
Government.
(2) The Governor may, in his discretion, reconstitute the Board
after such period as he may think fit.
30. Save as otherwise expressly provided in this Act, no civil court
shall have jurisdiction to entertain any suit or proceeding in respect of any
Dissolution of
Board.
Consequences of
dissolution of
Board.
Bar of
jurisdiction.
matter which the Corporation or any officer or authority appointed under
this Act is empowered by or under this A ct to determine and no injunction
shall be granted by any court or other authority in respect of any action
taken or to be taken in pursuance of any power conferred by or under this
Act.
31. No suit or other legal proceedings shall lie against the Corporation
or any director including the Executive Director , or any officer or
employee or any other person authorised by the Corporationtodischarge
any functions under this Act for any loss or damage cause d or likely to be
caused by any thing which is in good faith done or intended to be done in
pursuance of this Act.
32. (1) Every director shall be indemnified by the Corporation
against all losses and expenses incurred by him in the di scharge of his
duties, except such as are caused by his own wilful act or default.
(2) A director shall not be responsible for any other director, or
for any officer or other employee of the Corporation or for any loss or
expenses resulting to the Corporation from the insufficiency or deficiency
of value of, or title to, any property or security acquired or taken on behalf
of the Corporation in good faith, or by the insolvency or wrongful act of
any debtor or any person under obligation to the Corpo ration, or anything
done in good faith, in the execution of the duties of his office or in relation
thereto.
33. All instruments executed by or on behalf of the Corporation in
relation to its business shall be exempt from payment of stamp duty and
registration fee:
Protection of
action taken in
good faith.
Indemnity of
Directors.
Exemption from
registration fee
and stamp duty.
Provided that exemption from payment of stamp duty shall apply
in the case of such instruments only as are specified in Schedule 1 -A to the
Indian Stamp Act, 1899.
1[33-A. The Corporation shall carry out such directions as may, from
time to time, be issued to it by the State Government for the efficient
administration of this Act.]
34. 2[(1) The Board may, from time to time, with the previous
sanction of the State Government, make regulations not inconsistent with
this Act and the rules made thereunder for the purpose of giving effect to
the provisions of this Act.]
(2) In particular and without prejudice to the generality of the
foregoing power, such regulations may provide for-
(a) the time and places of meetings of the Board and the
procedure to be followed in relatio n to such meetings
including the quorum necessary for the transaction of
business;
(b) the conditions which the Corporation may impose in
granting loans or entering into other arrangements;
(c) the rate of interest on loans;
(d) duties which the Executive Director shall perform;
(e) the duties, conduct, salary, allowances and conditions
of service of officers and other employees of the
Corporation;
1Inserted by Punjab Act No. 6 of 2001, Section 3
2Substituted by Punjab Act No. 16 of 1979, Section 9, on and with effect from the 17th day of September, 1979.
Power to make
regulations.
Power of State
Government to
give directions.
(f) the delegation of powers and functions to the officers
and employees of the Corporation;
(g) the establishment and maintenance of providentand
other benefit fund s for the officers and employees of
the Corporation;
(h) generally, the efficient conduct of the affairs of the
Corporation.
35. (1) The State Government may, by notification, make rules to
carry out all or any of the purposes of this Act.
(2) In particular and without prejudice to the generality of the
foregoing power, such rules may provide for all or any o f the following
matters, namely:-
(a) the terms and conditions of appointment of directors
and the fees and allowances payable to them;
(b) the form in which certificate shall be issued by the
Executive Director, the period within which an appeal
shall be filed and the procedure that shall be observed
in determining the amount and in appeal under section
24;
(c) the form and manner in whichaccounts shall be
maintained, and the balance sheet and profit and loss
account shall be prepared;
(d) any other matter which is required to be or may be
prescribed.
Power to make
rules.
(3) Every rule made under this section shall be laid as soon as
may be after it is made before the House of the State Legislature while it is
in session for a total period of ten days which may be comprised in one
session or in two or more successive sessions, and if, before the expiry of
the session in which it is so laid or the successive session s aforesaid, the
House agrees in making any modification in the rule or the House agrees
that the rule should not be made, the rule s shall thereafter have effect only
in such modified form or be of no effect, as the case may be; so however,
that any such modification or annulment shall be without prejudice to the
validity of anything previously done under that rule.