Section 46 in The State Financial Corporations Act, 1951
46. Power to apply Act to certain financial institutions in existence at commencement of Act .-
(1)The Central Government may by notification in the Official Gazette, direct that all or any of the provisions of this Act shall, subject to such exceptions and restrictions as may be specified, apply to [any institution established by a State Government] which has for its object the financing of industrial concerns, and on the issue of such notification, the institution shall be deemed to be a Financial Corporation established by the State Government for the State within the meaning of this Act, and the provisions of this Act shall become applicable thereto according to the tenor of the notification:[Provided that no notification shall be issued under this sub-section in respect of any institution unless a request is made in that behalf by the State Government concerned.] [ Inserted by Act 43 of 1985, Section 29 (w.e.f. 21.8.1985).](2)Any notification issued under sub-section (1) may suspend the operation of any enactment applicable to any such institution immediately before the issue of the notification.[46-A. Extension of jurisdiction of the Financial Corporation to other States by agreement.-(1)Where a Financial Corporation has been established for any State ][and one or more other States not served in whole or in part by a Financial Corporation] [ Substituted by Act 77 of 1972, Section 27, for " and any other State" (w.e.f. 30-12-1972).][desires that the Financial Corporation ] [Inserted by Act 56 of 1956, Section 24 (w.e.f. 1.10.1956). ] [should serve the needs of those States or of any area therein] [ Substituted by Act 77 of 1972, Section 27, for " should serve its needs" (w.e.f. 30-12-1972).][, and the States, after consultation with the ] [Inserted by Act 56 of 1956, Section 24 (w.e.f. 1.10.1956). ][Small Industries Bank] [ Substituted by Act 39 of 2000, Section 33, for " Development Bank" (w.e.f. 5-9-2000).][, enter into an agreement which is published in the Official Gazettes of each of those States, then the Financial Corporation shall, on the issue of a notification in the Official Gazette by the Central Government, serve the needs of those States ] [Inserted by Act 56 of 1956, Section 24 (w.e.f. 1.10.1956). ][or, as the case may be, of the area therein] [ Inserted by Act 77 of 1972, Section 27 (w.e.f. 30-12-1972).][in terms of the agreement ] [Inserted by Act 56 of 1956, Section 24 (w.e.f. 1.10.1956). ][and any Financial Corporation or any State may enter into separate or successive agreements as aforesaid with one another or with other Financial Corporations of States and in relation to different areas of the States.] [Inserted by Act 77 of 1972, Section 27 (w.e.f. 30-12-1972). ][(1-A) Any agreement entered into under sub-section (1) may be modified or rescinded by mutual agreement between the parties thereto and every such mutual agreement shall also provide for the apportionment of assets and liabilities.] [Inserted by Act 77 of 1972, Section 27 (w.e.f. 30-12-1972). ](2)[ An inter-State agreement among the participating States may, as far as may be, make all such provisions as are referred to in sub-section (2) of section 3-A.] [Inserted by Act 56 of 1956, Section 24 (w.e.f. 1.10.1956). ][46-B. Effect of Act on other laws.-The provision of this Act and of any rules or orders made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in the memorandum or articles of association of an industrial concern or in any other instrument having effect by virtue of any law other than this Act, but save as aforesaid, the provisions of this Act shall be in addition to, and not in derogation of, any other law for the time being applicable to an industrial concern.]
