Section 16 in The Punjab Backward Classes Land Development and Finance Corporation Act, 1976
16. Functions of Corporation.
(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 Backward Classes 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 Backward Classes 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, trade or activity as may be approved in this behalf by the State Government;(ii)to provide financial assistance to members of Backward Classes or Backward Classes 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 machinery or equipment to the members of Backward Classes or to Backward Classes Organisations;(iv)to give grants and subsidies to, and to guarantee loans taken by the members of Backward Classes or by Backward Classes Organisations;(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.
