STATE INDUSTRIAL CorporationS ACT

Arrangement of Sections

1. Short title.

2. Incorporation Order for establishment of a State industrial Corporation.

3. Objects of the Corporation.

4. Principal place of business of the Corporation.

5. Powers of the Corporation.

6. Liability of the Corporation limited to its capital.

7. Seal of the Corporation.

8. General control of the affairs, and the exercise of the powers of the Corporation.

9. Members of the Corporation.

10. Number of Directors.

11. Disqualification for being a Director.

12. Appointment of Directors.

13. Appointment of Chairman of the Board of Directors.

14. Managing Director of the Corporation.

15. Term of office of Directors other than Managing Director.

16. Appointment of acting Directors.

17. Resignation of Directors other than Managing Director.

18. Removal of Directors, other than Managing Director, from office.

19. Eligibility of Directors, other than Managing Director, for reappointment.

20. Remuneration of Directors, other than the Managing Director.

21. The first Directors.

22. The first Chairman of the Board of Directors.

23. Capital of the Corporation.

24. Quorum for meetings of Board of Directors.

25. Transfer of State property and certain contracts and liabilities to the Corporation.

26. Appointment of public officers to the staff of the Corporation.

27. Disposition of profits of the Corporation.

28. Accounts of the Corporation.

29. Audit.

30. Documents to be sent to the Minister and laid before Parliament.

31. Directions by and inquiries at the instance of the Minister.

32. Payment of tax on Income or profits of the Corporation.

33. Compulsory acquisition of any land or an interest in any land for the Corporation.

34. Application of company law to the Corporation.

35. Staff.

36. Pension scheme for staff.

37. Validity of acts and proceedings of the Board of Directors.

38. Power to exempt the Corporation from the provisions of certain Ordinances.

39. Regulations.

40. Interpretation.

49 of 1957.

AN ACT to enable the establishment of Corporations with capital provided by the Government for setting up and carrying on industrial undertakings, or taking over and carrying on industrial undertakings previously carried on by Corporations established under the Government sponsored Corporations Act to regulate the powers and duties of the Corporations established under this act; and to make provision for purposes consequential to the aforesaid matters.

[Date of Commencement: 1st November, 1957]

1. Short title.

This Act may be cited as the State Industrial Corporations Act.

2. Incorporation Order for establishment of a State industrial Corporation.

(1) Where the Government considers it necessary that a Corporation should be established for the purpose of—

(a) setting up and carrying on any industrial undertaking, or

(b) taking over and carrying on any industrial undertaking previously carried on by any Corporation which was established under the Government-Sponsored Corporations Act and was subsequently dissolved, the Minister, with the approval of the Government, may by Order (hereinafter referred to as the incorporation Order) published in the Gazette

(i) specify the industrial undertaking (hereinafter referred to as the 11 specified industrial undertaking”) to which the Order relates;

(ii) declare that a Corporation shall be established for the purpose of setting up and carrying on, or taking over and carrying on, as the case may be, the specified industrial undertaking;

(iii) assign a corporate name to the Corporation;

(iv) specify the initial capital of the Corporation which shall not exceed such amount as shall have been approved by Parliament;

(v) state the principal place of business of the Corporation;

(vi) fix the number of members of the Board of Directors of the Corporation, the number so fixed being not less than three and not more than seven;

(vii) appoint as the first members of such Board any persons who, under this Act, are qualified for being such members; and

(viii) appoint one of the members of such Board as the Chairman of such Board.

(2) Upon the publication of the incorporation Order in the Gazette, a Corporation (hereinafter referred to as the Corporation) consisting of the persons who are for the time being members thereof by virtue of section 9, with the corporate name specified in such Order, and with perpetual succession shall be deemed to have been established.

(3) The Corporation may sue and be sued in the corporate name.

3. Objects of the Corporation.

(1) The purposes constituting the specified industrial undertaking according to the description of that undertaking in the incorporation Order shall be the objects of the Corporation.

(2) The Minister may, with the approval of the Government, alter the objects of the Corporation by amending, by Order published in the Gazette, the description of the specified industrial undertaking contained in the incorporation Order.

4. Principal place of business of the Corporation.

The principal place of business of the Corporation shall be that specified in the incorporation Order.

5. Powers of the Corporation.

(1) The Corporation shall have the power to acquire and hold and to lake on hire or lease any movable or immovable property and to give on hire or lease or to sell or otherwise dispose of any of its properties:

Provided that no immovable property of the Corporation shall be sold without the prior approval of the Minister.

(2) The Corporation shall have the power to do anything necessary for, or conducive or incidental to, the carrying out of its objects, including the power to borrow money for carrying out its objects and to secure the payment of any sum of money by the mortgage of any of its properties:

Provided that the Corporation shall not borrow or secure the payment of any sum of money exceeding such amount as may be determined from time to time by the Minister with the concurrence of the Minister in charge of the subject of Finance.

6. Liability of the Corporation limited to its capital.

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PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


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