Section 30(16) in The Industrial Finance Corporation Act, 1948
(16)Every suit or other proceedings which are disposed of in accordance with the provisions contained in sub-section (15) or in respect of which time for appeal has not expired at the commencement of the Industrial Finance Corporation (Amendment) Act, 1972 (74 of 1972), may, on such commencement, be appealed against as if this section had not been amended by the said Act. ] [ Inserted by Act 74 of 1972, Section 17.][30-A. Power of Corporation to appoint Directors of an industrial concern when management is taken over.-(1) When the management of an industrial concern is taken over the Corporation, the Corporation may, by order notified in the Official Gazette, appoint as many persons as it thinks fit to be the ][Directors, or, as the case may be, the Administrator of that industrial concern] [ Substituted by Act 50 of 1986, Section 15, for certain words (w.e.f. 2.2.1987).] [and nothing in the Companies Act, 1956 (1 of 1956), or in any such law or instrument relating to the industrial concern in so far as it makes, in relation to a Director, any provision for the holding of any share qualification, age limit, restrictions on the number of directorships, retirement by rotation or removal from office shall apply to any Director appointed by the Corporation under this section] [ Inserted by Act 43 of 1957, Section 11.].
