Vidhi Codex

Bare Act

The Punjab Backward Classes Land Development and Finance Corporation Act, 1976

General197637 sections

This Act establishes the Punjab Backward Classes Land Development and Finance Corporation to promote the economic well-being of backward classes in the state. It provides financial aid to various sectors including agriculture, dairy, and small-scale processing, helping members access necessary inputs and market the produce effectively. The legislation outlines how the corporation operates, manages funds, and supports members who meet specific income or caste criteria. Ultimately, the act facilitates integrated development of backward classes by funding infrastructure, creating jobs, and enabling entrepreneurial activities for these disadvantaged communities in Punjab.

Start reading →Read full ActSections
  1. 1. Short title
  2. 2. Definitions
  3. 3. Establishment of Punjab Backward Classes Land Development and Finance Corporation
  4. 4. Head Office of Corporation
  5. 5. Capital of Corporation
  6. 6. Management
  7. 7. Board of Directors
  8. 8. Term of office
  9. 9. Disqualifications of Director
  10. 10. Directors not to participate in certain cases
  11. 11. Removal and Resignation
  12. 12. Meetings
  13. 13. Executive Director
  14. 14. Defect in appointment not to invalidate acts, etc.
  15. 15. Officers and other employees of the Corporation
  16. 15A. Validation
  17. 16. Functions of Corporation
  18. 17. The Corporation shall establish and maintain four separate funds namely
  19. 18. Save as otherwise provided in sections 19 and 20
  20. 19. Guarantee Fund.
  21. 20. Bad Debts Fund.
  22. 21. Relief and Common Good Fund.
  23. 22. Power to impose conditions for loans.
  24. 23. Power to call repayment before agreed period.
  25. 24. Recovery of money due to the Corporation.
  26. 25. First charge of Corporation's loans on debtor's property.
  27. 26. Accounts.
  28. 27. Audit.
  29. 28. Dissolution of Board.
  30. 29. Consequences of dissolution of Board.
  31. 30. Bar of jurisdiction.
  32. 31. Protection of action taken in good faith.
  33. 32. Indemnity of Directors.
  34. 33. Exemption from registration fee and stamp duty.
  35. 33A. Power of State Government to give directions.
  36. 34. Power to make regulations.
  37. 35. Power to make rules.

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