Formation of a company

(1) The State Government may take such steps are necessary or desirable to secure the formation of a limited company confirming to the prescribed conditions and have it registered under the Companies Act, 1956 (1 of 1956) withy they object or providing industrial credit. (2) The State Government may, with regard to industries generally or to any particular class or industries, and subject to such conditions or restriction as it may deem fit to impose delegate to the company with all or any of its powers under this Act other than the power to make rules under section 30. (3) Rules shall be made under this section regulating the conditions subject to which a company shall be formed under this section and such rules may provide that a breach of any such or conditions shall be punishable with fine which may extend to one hundred rupees.