3. Establishment of State Financial Corporations
(1)
The State Government may, by notification in the Official Gazette, establish a Financial Corporation for the State under such name as may be specified in the notification.
(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.
Amendment notes (1)
- Subs w.e.f. 1-10-1956 . Subs. by Act 56 of 1956, s. 3, for "acquire and to hold" (w.e.f. 1-10-1956).