Section 3(2) in The State Financial Corporations Act, 1951
(2)The Financial Corporation shall be a body corporate by the name notified under sub-section (1), having perpetual succession and a common seal, with power, subject to the provisions of this Act, to [acquire, hold and dispose of] property and shall by the said name sue and be sued.[3-A. Establishment of Joint Financial Corporations.-(1) Notwithstanding anything contained in section 3, two or more States may, after consultation with the ][Small Industries Bank] [ Substituted by Act 39 of 2000, Section 3, for " Development Bank" (w.e.f. 5-9-2000).][, enter into an agreement that there shall be one Financial Corporation for the group of States participating in the agreement and if the agreement is published in the Official Gazette of each of those States, the Central Government may, by notification in the Official Gazette, establish a Joint Financial Corporation to serve the needs of those States under such name as may be specified in the notification.
