Section 11 in The M.P. State Aid to Industries Act, 1958
11. Formation of a company.
(1)The State Government may take such steps as arc 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), with the object of providing industrial credit.(2)The State Government may, with regard to industry generally or to any particular class of industries, and subject to such conditions or restrictions, 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 rule or condition shall be punishable with line which may extend to one hundred rupees.
