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GOVERNMENT OF PUNJAB
DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS
THE PUNJAB BACKWARD CLASSES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1976
(PUNJAB ACT 27 OF 1976)
(As amended upto the 15th August, 2025)
2025
THE PUNJAB BACKWARD CLASSES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1976
CONTENTS
Preamble
Sections
CHAPTER I
PRELIMINARY
1. Short title
2. Definitions
CHAPTER II
INCORPORATION OF PUNJAB BACKWARD CLASSES LAND
DEVELOPMENT AND FINANCE CORPORATION AND ITS
CAPITAL
3. Establishment of Punjab Backward Classes Land Development and
Finance Corporation
4. Head office of Corporation
5. Capital of Corporation
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. Management
7. Board of Directors
8. Term of office
9. Disqualifications of office of director
10. Directors not to participate in certain cases
11. Removal and Resignation
12. Meetings
13. Executive Director
14. Defect in appointment not to invalidate acts, etc.
15. Officers and other employees of the Corporation
15-A. Validation
CHAPTER IV
FUNCTIONS AND FUNDS OF THE CORPORATION
16. Functions of Corporation
17. Corporation to maintain four funds
18. Land Development and Finance Fund
19. Guarantee Fund
20. Bad debts Fund
21. Relief and Common Good Fund
CHAPTER V
LOANS
22. Power to impose conditions for loans
23. Power to call repayment before agreed period
24. Recovery of money due to the Corporation
25. First charge of Corporation’s loans on debtor’s property
CHAPTERVI
ACCOUNTS AND AUDIT
26. Accounts
27. Audit
CHAPTER VII
MISCELLANOEOUS
28. Dissolution of Board
29. Consequences of dissolution of Board
30. Bar of jurisdiction
31. Protection of action taken in good faith
32. Indemnity of Directors
33. Exemption from registration fee and stamp duty
33-A. Power of State Government to give directions
34. Power to make regulations
35. Power to make rules
1THE PUNJAB BACKWARD CLASSES LAND DEVELOPMENT
AND FINANCE CORPORATION ACT, 1976
(Punjab Act No. 27 of 1976)
[Received the assent of the President of India on the 11th June, 1976
and was first published for general information in the Punjab
Government Gazette (Extraordinary), Legislative Supplement, dated the
18th June, 1976.]
1 2 3 4
Year No. Short Title Whether repealed or otherwise
affected by the legislation
1976 27 The Punjab Backward
Classes Land
Development and
Finance Corporation
Act, 1976
2Amended by Punjab Act No. 20 of
1981
3Amended by Punjab Act No. 20 of
1983
4Amended by Punjab Act No. 12 of
1995
5Amended by Punjab Act No. 5 of
2001
Amended by Punjab Act No. 19 of
2013
An Act to provide for the establishment of the Punjab Backward Classes Land
Development and Finance Corporation.
BE it enacted by the Legislature of the State of Punjab in the Twenty-
seventh Year of the Republic of India as follows:-
1For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), 1976, Page 275
2For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 21st August,
1981, Page 938
3For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 30thAugust,
1983, Page 1038
4For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 21st March,
1995, Page 498
5For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), dated the 21st March,
2001, Page 587
CHAPTER I
PRELIMINARY
1. This Act may be called the Punjab Backward Classes Land
Development and Finance Corporation Act, 1976.
2. In this Act, unless there is anything repugnant in the subject or
context,-
(a) "agricultural development" includes development of
dairy, poultry, piggery, sheep and cattle breeding,
pisciculture and sericulture;
(b) a person shall be deemed to belong to a Backward
Class-
(i) if he belongs to any of the castes, races, or
tribes, or parts of, or groups within castes, races
or tribes, specified by the State Government
from time to time as backward classes,
considering the social and economic conditions
of the members thereof; or
1[(ii) If the annual income of his family is less than
ten thousand rupees or if it less than such sum
of rupees as may be specified by the State
Government from time to time;]
(c) "Backward Classes Organisation" means a firm
registered under the Partnership Act, 1932, a society
registered under the Societies Registration Act, 1860,
1Substituted by Punjab Act No. 12 of 1995, Section 2
Short title.
Definitions.
or a co-operative society registered under the Punjab
Co-operative Societies Act, 1961, all the partners or
members whereof, as the case may be, belong to
Backward Classes;
(d) "Board" means the Board of Directors of the
Corporation;
(e) "Chairman" means the Chairman of the Corporation;
(f) "Committee" means a Committee appointed under
section 6(2) of this Act;
(g) "Corporation" means the Punjab Backward Classes
Land Development and Finance Corporation
established under section 3 of this Act;
1[(h) "director" means a director of the Board and includes
the Chairman and the Vice-Chairman;]
(i) "family" in relation to a person means the person, the
wife or husband, as the case may be, of such person
and in case of a person dependent upon his parents,
such parents;
(j) "Governor" means the Governor of the State of
Punjab;
(k) "marketing" means all activities relating to the
transport, grading, pooling, marketing and sale of
1Substituted by Punjab Act No. 19 of 2013, Section 2, on and with effect from the 13th July, 2011.
agricultural or industrial produce, whether in the
primary form or in semi-processed or processed form;
(l) "prescribed" means prescribed by rules made under
this Act;
(m) "processing" means all activities relating to the
processing of agricultural produce so as to make it
marketable or fit for consumption and includes
purchase and storage of raw-material, purchase of
equipment, and purchase, installation and running of
machinery, required for such processing and for
storage of finished produce;
(n) "small-scale industry" means all cottage and small-
scale industry including industry engaged in
fabrication, repairs and maintenance of agricultural
machinery and equipment, in which capital investment
does not exceed five lacs of rupees;
(o) "State" means the State of Punjab;
(p) "State Government" means the Government of the
State of Punjab;
(q) "supply and storage of agricultural produce" includes
supply and storage of agricultural inputs and
establishment, maintenance and running of storage,
cold storages and warehouses;
1[(r) “Vice-Chairman” means the Vice-Chairman of the
Corporation.]
CHAPTER II
INCORPORATION OF PUNJAB BACKWARD CLASSES LAND
DEVELOPMENT AND FINANCE CORPORATION AND ITS
CAPITAL
3. (1) The State Government may, by notification from such date
as it may specify in this behalf, establish for the purposes of this Act a
Corporation to be called the Punjab Backward Classes Land Development
and Finance Corporation.
(2) The Corporation shall be a body corporate with the name
aforesaid having perpetual succession and a common seal with powers,
subject to the provisions of this Act, to acquire, hold and dispose of
property and to contract, and may, by that name, sue and be sued.
4. (1) The Head Office of the Corporation shall be at Chandigarh
or at such other place as the State Government may, by notification,
specify.
(2) The Corporation may establish offices or agencies at such
places within or outside the State as it may think fit.
5. (1) The capital of the Corporation shall be such sum not
exceeding 2[ten crores] of rupees as the State Government may fix:
Provided that where the capital initially fixed is less than
9[ten crores] of rupees the State Government may, from time to time,
1Added by Punjab Act No. 19 of 2013, Section 2, on and with effect from the 13th July, 2011.
2Substituted for words “five crores” by Punjab Act No. 20 of 1983, Section 2
Establishment of
Punjab Backward
Classes Land
Development and
Finance
Corporation.
Head Office of
Corporation.
Capital of
Corporation.
increase the capital to such sum not exceeding 9[ten crores] of rupees as it
may think fit.
(2) Such capital may be provided subject to such terms and
conditions as may be determined by the State Government.
CHAPTER III
MANAGEMENT OF THE CORPORATION
6. (1) The general superintendence, direction and management of
the affairs and business of the Corporation shall vest in a Board which may
exercise all such powers and do all such acts and things as may be
exercised or done by the Corporation under this Act.
(2) Subject to any rules made in this behalf, the Board may from
time to time appoint one or more Committees for the purpose of securing
the efficient discharge of its functions.
(3) The Board in discharging its functions shall act on sound
business principles having regard to public interest, welfare of Backward
Classes and solvency of the Corporation and shall be guided by such
instructions on questions of policy as may be given to it by the State
Government.
(4) If any doubt arises as to whether a question is or is not a
question of policy, the decision of the State Government thereon shall be
final.
7. 1[(1) The Board shall consist of an Executive Director appointed
under section 13 and the following other directors:-
1Substituted by Punjab Act No. 20 of 1981, Section 2, on and with effect from the 27th day of April, 1981.
Management.
Board of Directors.
(a) The Secretary to Government of Punjab in the
Department of Welfare or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(b) The Secretary to Government of Punjab in the
Department of Finance or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(c) The Secretary to Government of Punjab in the
Department of Agriculture or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
(d) The Secretary to Government of Punjab in the
Department of Industries or an officer of that
Department not below the rank of Deputy Secretary
nominated by him, ex officio;
1[(dd) The Director, Welfare of Schedule Castes and
Backward Classes, Punjab, ex officio;]
(e) Four directors to be nominated by the State
Government from amongst persons belonging to
Backward Classes who have special knowledge of
agriculture, agro-industries, water development
projects, finance or co-operation.]
1Inserted by Punjab Act No. 5 of 2001, Section 2
1[(2) The State Government shall appointthe Chairman and the
Vice-Chairman from amongst the Directors.]
(3) On the occurrence of any vacancy in the office of a director
due to death, resignation or otherwise the same shall be filled up by the
State Government in the manner provided in sub-section (1).
(4) Subject to the provisions of this Act, the terms and
conditions of appointment of the directors and the fees and allowances
payable to them, shall be such as may be prescribed.
2[8. The term of office of the directors other than the ex officio directors
and the Executive Director shall be one year and they shall be eligible for
re-nomination.]
9. A person shall be disqualified for being nominated as, and for
being, a Director-
(a) if he is or at any time has been adjudicated insolvent or has
suspended payment of his debts or has compounded with his
creditors;
(b) if he is of unsound mind and stands so declared by a
competent court.
1Substituted by Punjab Act No. 19 of 2013, Section 3, on and with effect from the 13th July, 2011.
2Substituted by Punjab Act No. 20 of 1981, Section 3, on and with effect from the 27th day of April, 1981.Also
see the section 7 of the Amending Act which is reproduced below:
7. For the removal of doubt, it is hereby declared that the term of office of directors laid down in the
principal Act as amended by this Act shall also apply to each director, other than the ex-officio
director and the Executive Director, holding office on the date of commencement of this Act and
accordingly any director holding office as such, on the date of commencement of this Act shall, -
(i) if the term of office of one year in his case expires or has expired on or before such
commencement, cease to hold his office on such commencement; and
(ii) if the term of office of one year in his case expires after such commencement, cease to hold his
office on the expiry of the aforesaid term of one year.
New
term of
office to
apply to
existing
directors
also.
Disqualifications
of officer of
Director.
Term of office.
(c) if he is or has been convicted of any offence which in the
opinion of the State Government involves moral turpitude; or
(d) if he has been removed or dismissed from the service of any
State Government or Central Government or Corporation
owned or controlled by any State Government or Central
Government.
10. A Director who has any direct or indirect pecuniary interest in any
matter coming up for consideration at a meeting of the Board or a
Committee thereof shall, as soon as possible, after the relevant
circumstances have come to his knowledge disclose the nature of his
interest at such meeting and the disclosure shall be recorded in the minutes
of the meeting of the Board or the Committee, as the case may be, and the
Director shall not take any part in any deliberation or decision of the Board
or the Committee with respect to that matter.
11. (1) The State Government may at any time remove any director
1[nominated under clause (e) of sub-section (1) of section 7] from office, if
in its opinion, such director-
(a) is or has become subject to any disqualification
mentioned in section 9;
(b) is absent without leave of the Board from more than
three consecutive meetings thereof without a cause
sufficient in the opinion of the Board to exonerate his
absence;
1Inserted by Punjab Act No. 20 of 1981, Section 4, on and with effect from the 27th day of April, 1981.
Directors not to
participate in
certain cases.
Removal and
Resignation.
(c) has acted in contravention of the provisions of
section 10; or
(d) has been guilty of misconduct in the discharge of his
duties:
Provided that no order of removal shall be passed without giving
the Director a reasonable opportunity of showing cause against the
proposed order.
1[(1-A)If in the opinion of the State Government, the Board fails to
carry out its functions or refuses or fails to follow the instructions given to
it by the State Government for the purpose of giving effect to the
provisions of this Act and such failure or refusal is in its opinion
attributable to the 2[Chairman or the Vice-Chairman] or any non-official
director, the State Government may, after giving an opportunity of being
heard, remove the16[Chairman or the Vice-Chairman] or the non-official
director as the case may be.]
(2) A Director may resign his office by giving notice thereof in
writing to the State Government and on such resignation being accepted he
shall be deemed to have vacated his office.
12. (1) The Board shall meet at such times and places and shall
observe such rules of procedure in regard to the transaction of business at
its meetings (including the quorum at meetings) as may be provided by
regulations made by the Corporation under this Act.
1Inserted by Punjab Act No. 20 of 1981, Section 4, on and with effect from the 27th day of April, 1981.
2Substituted for word “Chairman” by Punjab Act No. 19 of 2013, Section 4, on and with effect from the 13th
July, 2011.
Meetings.
1[(2) If for any reason, the Chairman is unable to attend any
meeting, the Vice-Chairman, and in his absence, any other director, elected
from amongst the directors present at the meeting, shall preside at the
meeting.]
2[(3) All questions, which come up before any meeting, shall be
decided by a majority of the votes of directors present and voting, and, in
the event of equality of votes, the Chairman, or in his absence, the Vice-
Chairman, or in his absence, the director presiding over the meeting, shall
have and exercise a second or casting vote.]
13. (1) The State Government shall appoint3[***] an officer of the
State Government, as Executive Director who shall hold that office during
its pleasure.
(2) The Executive Director who shall be a whole-time officer of
the Corporation shall-
(a) be its Chief Executive Officer;
(b) be responsible for the operational management of the
Corporation and implementation of the general
policies approved by the Board;
(c) perform such duties as the Board may by regulations
or otherwise assign to him;
(d) receive such salary and allowances and be governed
by such terms and conditions of service as maybe
determined by the Board and approved by the State
Government.
1Substituted by Punjab Act No. 19 of 2013, Section 5, on and with effect from the 13th July, 2011.
2Substituted by Punjab Act No. 19 of 2013, Section 5, on and with effect from the 13th July, 2011.
3Omitted by Punjab Act No. 20 of 1981, Section 5, on and with effect from the 27th day of April, 1981.
Executive
Director.
(3) If the Executive Director is by infirmity or otherwise
rendered incapable of carrying out his duties or is absent on leave or
otherwise in circumstances not involving the vacation of his appointment,
the State Government may appoint another director who is an officer of the
State Government to act in his place during his absence.
14. (1) No act or proceeding of the Board or any of its Committees
shall be questioned or be invalid on the ground merely of the existence of
any vacancy in, or any defect in the constitution of, the Board or the
Committee as the case may be.
(2) No act done by any person acting in good faith as a director
or member of any Committee shall be deemed to be invalid merely on the
ground that he was disqualified to be a director or member or there was
any other defect in his nomination.
15. (1) The Board may appoint such officers and employees as it
considers necessary for the efficient performance of the functions of the
Corporation and determine by regulations or otherwise their conditions of
appointment and service and the remuneration payable to them.
(2) The Board shall in respect of reservation of appointments
and posts in favour of the members of Scheduled Castes and Backward
Classes comply with such directions as may be issued by the State
Government from time to time for ensuring adequate representation to
such members in the service under the Corporation.
(3) The Board may, by general or special order, delegate to 1[the
Chairman, the Vice-Chairman,] the Executive Director, Director, or to any
1Substituted for words “the Chairman” by Punjab Act No. 19 of 2013, Section 6, on and with effect from the
13th July, 2011.
Defect in
appointment not
to invalidate acts,
etc.
Officers and
other employees
of the
Corporation.
other officer or employee of the Corporation, subject to such conditions
and limitations, if any, as may be specified, such of its powers and duties
under this Act, except the power to make regulations, as it may deem
necessary.
1[15-A. Notwithstanding the Punjab Backward Classes Land Development
and Finance Corporation (Amendment) Ordinance, 2011 (Punjab
Ordinance No. 6 of 2011), ceased to operate, the appointment of the Vice-
Chairman made under the provisions of this Act, as amended by the said
Ordinance, shall be deemed to be validly continued as if the appointment
of the Vice-Chairman was made under the provisions of this Act, as
amended by the Punjab Backward Classes Land Development and Finance
Corporation (Amendment and Validation) Act, 2012.]
CHAPTER IV
FUNCTIONS AND FUNDS OF THE CORPORATION
16. (1) Subject to the provisions of this Act, it shall be the primary
duty of the Corporation to undertake the task of economic uplift of the
members of the Backward Classes in the State.
(2) Without prejudice to the generality of the foregoing
provision, such power shall include the power-
(i) to plan, promote and undertake, on its own or in
collaboration with or through such Backward Classes
Organisations or other agencies as may be approved by the
Board, programmes of agricultural development, marketing,
processing, supply and storage of agricultural produce,
small-scale industry, building construction, transport and
1Inserted by Punjab Act No. 19 of 2013, Section 7, on and with effect from the 13th July, 2011.
Functions of
Corporation.
Validation.
such other business, trade or activity as may be approved in
this behalf by the State Government;
(ii) to provide financial assistance to members of Backward
Classes or Backward Classes Organisations by advancing to
them in cash or in kind loans including loans under hire-
purchase system for any of the purposes specified in clause
(i) either directly or through such agency, organisation or
institution as may be approved by the Board;
(iii) to give on hire agricultural or industrial machinery or
equipment to the members of Backward Classes or to
Backward Classes Organisations;
(iv) to give grants and subsidies to, and to guarantee loans taken
by the members of Backward Classes or by Backward
Classes Organisations;
(v) to borrow money subject to such conditions as the Board
may specify;
(vi) to receive gifts, grants and donations;
(vii) to issue bonds and debentures;
(viii) to draw, make, accept, endorse, discount, execute and issue
promissory notes, bills of exchange, hundies, bills, warrants,
debentures and other negotiable instruments;
(ix) to invest or deposit surplus funds of the Corporation in
Government securities or in such other manner as the Board
may decide;
(x) to enter into contracts; and
(xi) to discharge such other functions as may be prescribed or as
are supplemental, incidental or consequential to any of the
functions conferred on it under this Act.
17. The Corporation shall establish and maintain four separate funds
namely:-
(a) Land Development and Finance Fund;
(b) Guarantee Fund;
(c) Bad Debts Fund; or
(d) Relief and Common Good Fund.
18. Save as otherwise provided in sections 19 and 20-
(1) all amounts that are received by the Corporation from any
source whatsoever shall be credited to the Land
Development and Finance Fund;
(2) all amounts that are extended by the Corporation shall be
debited to this Fund.
19. (1) To the Guarantee Fund shall be credited every year such sum
as may be placed at the disposal of the Corporation for that purpose by the
State Government and the interest accrued from time to time on such sum
shall also be added every year to this Fund.
(2) The Corporation may also contribute to this Fund such
portion of its net profits as may be decided by the Board.
(3) The Guarantee Fund shall be used in connection with the
furnishing of guarantees in respect of loans taken by the members of
Corporation to
maintain four
funds.
Land
Development
and Finance
Fund.
Guarantee
Fund.
Backward Classes or by Backward Classes Organisations in such manner
as may be prescribed.
20. (1) To the Bad Debts Fund shall be credited every year-
(a) by the Corporation ten per centum of its net profits; and
(b) by the State Government such amount as grant as may be
equivalent to the amount credited under clause (a):
Provided that nothing herein shall be deemed to debar the State
Government from giving such amount by way of additional grant for being
credited to this Fund as it may think fit.
(2) The Bad Debts Fund shall be used in connection with
irrecoverable debts of the Corporation in such manner as may be
prescribed.
21. (1) To the Relief and Common Good Fund shall be credited
every year such amount not exceeding seven and a half per centum of the
net profits of the Corporation as the Board may decide.
(2) The Relief and Common Good Fund shall be used for the
purposes in connection with the welfare of the members of the Backward
Classes in such form and manner as may be prescribed.
CHAPTER V
LOANS
22. In making any loan authorised by this Act, the Corporation may
impose such conditions as it may think necessary or expedient for
protecting the interests of the Corporation:
Bad Debts
Fund.
Relief and
Common
Good Fund.
Power to
impose
conditions for
loans.
Provided that the rate of interest chargeable on such loans
shall in no case exceed the rate of interest chargeable on the loans
advanced under the Punjab State Aid to Industries Act, 1935.
23. Notwithstanding anything to the contrary contained in any
agreement, the Corporation may, by notice in writing, require any debtor to
discharge forthwith in full his liabilities to the Corporation -
(a) if it appears to the Board that any false or misleading
information or particular was given in the application
for loan;
(b) if the debtor has failed to comply with any of the terms
of the agreement entered into by him with the
Corporation;
(c) if there is a reasonable apprehension that the debtor is
unable to pay the money due from him; or
(d) if for any other reason it is necessary to do so to
protect the interests of the Corporation.
24. (1) Where any amount is due to the Corporation from any
person, including the surety of a debtor, in respect of loans or advances or
other financial accommodation granted by it, such amount shall, on a
certificate being issued by the Executive Director in the prescribed form,
be recoverable as arrears of land revenue by the Collector of the district in
which the person from whom the amount is due resides or carries on
business or owns any property.
(2) Before issuing the certificate referred to in sub-section (1)
the Executive Director shall make an application to such officer,
Power to call
repayment
before agreed
period.
Recovery of
money due to the
Corporation.
unconnected with the business of the Corporation, as may be empowered
by the State Government in this behalf and that officer shall by an order
determine the amount due to the Corporation after giving an opportunity of
being heard to the person concerned and communicate the same to the
Executive Director.
(3) An appeal against an order passed by the officer empowered
by the State Government under sub-section (2) shall lie within such period
and to such authority as may be prescribed.
(4) The officer empowered under sub-section (2) and the
appellate authority shall follow such procedure as may be prescribed.
(5) The certificate issued by the Executive Director under sub-
section (1) shall be final and conclusive and shall not be called in question
before any authority or court.
(6) For the purpose of recovering any amount due to the
Corporation in respect of a loan it shall not be necessary to proceed against
the principal before proceeding against his surety.
25. Notwithstanding anything contain in any law for the time being in
force, but subject to the provisions in any law made by Parliament relating
to priority of charges and to any prior claim of a bank or of the
Government in respect of land revenue or any money recoverable by it as
arrear of land revenue, a loan advanced by the Corporation under this Act
together with interest accrued thereon and costs of its recovery shall be
first charge on the property of debtor.
First charge of
Corporation's
loans on debtor's
property.
1[Provided that amount due under the Wealth Tax Act, 1957
(Central Act 27 of 1957), the Gift Tax Act, 1958 (Central Act 18 of 1958),
the Income-tax, Act 1961 (Central Act 43 of 1961) and the Companies
(Profits) Surtax Act, 1964 (Central Act 7 of 1964) shall have priority in
matters of realisation over the loans advanced by the Corporation.]
Explanation.- In this section "bank" will mean and include-
(i) a banking company as defined in the Banking
Regulation Act, 1949;
(ii) the State bank of India constituted under the State
Bank of India Act, 1955;
(iii) A subsidiary Bank as defined in the State Bank of
India (Subsidiary Banks) Act, 1959;
(iv) a corresponding new bank constituted under the
Banking Companies (Acquisition and Transfer of
Undertaking) Act, 1970;
(v) a Regional Rural Bank as established under section 3
of the Regional Rural Banks Act, 1976;
(vi) any banking institution notified by the Central
Government under section 51 of the Banking
Regulation Act, 1949;
(vii) the Agricultural Refinance and Development
Corporation constituted under the Agricultural
Refinance Corporation Act, 1963;
1Inserted by Punjab Act No. 20 of 1981, Section 6, on and with effect from the 27th day of April, 1981.
(viii) the Agro Industries Corporation; and
(ix) any other financial institution notified by the State
Government in this behalf.
CHAPTER VI
ACCOUNTS AND AUDIT
26. (1) The balance-sheet and accounts including the profit and loss
account of the Corporation shall be prepared and maintained in such form
and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the
Corporation to be balanced and closed on the thirty-first day of March each
year.
27. (1) The accounts of the Corporation shall be audited once in
every financial year, by auditors duly qualified to act as auditors under
sub-section (1) of section 226 of the Companies Act, 1956, who shall be
appointed by the Board and shall receive such remuneration from the
Corporation as the Board may fix.
(2) The auditors shall be supplied by the Board with a copy of
the annual balance sheet and the profit and loss account of the Corporation
and it shall be their duty to examine them together with the accounts and
vouchers relating thereto, and they shall have a list delivered to them of all
books kept by the Corporation and shall at all reasonable times have access
to the books, accounts and other documents of the Corporation and may
require from any director or officer of the Corporation such information as
the auditors may think necessary for the performance of their duties as
auditors.
(3) The auditors shall make a report to the Corporation upon the
annual balance sheet and accounts examined by them and in every such
Accounts.
Audit.
report they shall state whether, in their opinion, the balance sheet is a full
and fair balance-sheet containing all necessary particulars and properly
drawn up so as to exhibit a true and fair view of the state of affairs of the
Corporation.
(4) The Corporation shall furnish to the State Government,
within four months from the date on which its accounts are closed and
balanced, a copy of its balance-sheet and accounts together with a copy of
the auditor's report, and a report on the working of the Corporation during
the relevant year.
(5) Without prejudice to anything containing in the preceding
sub- sections, the State Government may, at any time, appoint the
Accountant- General, Punjab, to examine and report upon the accounts of
the Corporation and any expenditure incurred by him in connection with
such examination and report shall be payable by the Corporation to the
Accountant-General, Punjab.
(6) Copies of the reports referred to in sub-sections (4) and (5)
shall be laid by the State Government, as soon as may be, before the
legislature of the State.
CHAPTER VII
MISCELLANEOUS
28. (1) No provision of law other than this Act, relating to the
winding up, dissolution or liquidation of the companies or corporations
shall apply to the Corporation.
(2) The State Government may, if the Corporation exceeds its
powers, or upon receipt of a report under section 27 call upon the Board to
show cause why it should not be dissolved, and if no explanation is offered
Dissolution
of Board.
within the specified period, or if the State Government is not satisfied with
the explanation, it may dissolve the Board from such date as may be
specified.
29. (1) When the Board is dissolved under section 28-
(i) all directors shall, from the date of dissolution, vacate
their offices;
(ii) all powers and duties of the Board shall, during the
period of dissolution, be exercised and performed by
such person or persons as the State Government may
appoint in this behalf;
(2) the State Government may, in its discretion, reconstitute the
Board after such period as it may think fit.
30. Save as otherwise expressly provided in this Act, no civil court
shall have jurisdiction to entertain any suit or proceeding in respect of any
matter which the Corporation or any officer or authority appointed under
this Act is empowered by or under this Act to determine and no injunction
shall be granted by any court or other authority in respect of any action
taken or to be taken in pursuance of any power conferred by or under this
Act.
31. No suit or other legal proceedings shall lie against the Corporation
or any director or any officer or employee of the Corporation or any other
person authorised by the Corporation or the State Government to discharge
any functions under this Act for any loss or damage caused or likely to be
caused by anything which is in good faith done or intended to be done in
pursuance of this Act.
Consequences of
dissolution of
Board.
Bar of
jurisdiction.
Protection of
action taken in
good faith.
32. (1) Every director shall be indemnified by the Corporation
against all losses and expenses incurred by him in the discharge of his
duties, except such as are caused by his own wilful neglect or default.
(2) A director shall not be responsible for any other director, or
for any officer or other employee of the Corporation or for any loss or
expenses resulting to the Corporation from the insufficiency or deficiency
of value of, or title to, any property or security acquired or taken on behalf
of the Corporation in good faith, or by the insolvency or wrongful act of
any debtor or any person under obligation to the Corporation, or anything
done in good faith, in the execution of the duties of his office or in relation
thereto.
33. All instruments executed by or on behalf of the Corporation in
relation to its business shall be exempt from payment of stamp duty and
registration fee:
Provided that exemption from payment of stamp duty shall apply
in the case of such documents only as are not specified in the provisions of
List I in the Seventh Schedule to the Constitution with regard to rates of
stamp duty.
1[33-A. The Corporation shall carry out such directions as may, from time
to time, be issued to it by the State Government for the efficient
administration of this Act.]
34. (1) The Board may, from time to time, with the previous
sanction of the State Government, make regulations not inconsistent with
this Act and the rules made thereunder for the purpose of giving effect to
the provisions of this Act.
1Inserted by Punjab Act No. 5 of 2001, Section 3
Indemnity of
Directors.
Exemption
from
registration fee
and stamp duty.
Power to make
regulations.
Power of State
Government to
give directions.
(2) In particular and without prejudice to the generality of the
foregoing power, such regulations may provide for-
(a) all matters expressly required or allowed by this Act to
be prescribed by regulations;
(b) the time and places of meetings of the Board and the
procedure to be followed in relation to such meetings
including the quorum necessary for the transaction of
business;
(c) the conditions which the Corporation may impose in
granting loans or entering into other arrangements;
(d) the rate of interest on loans;
(e) duties which the Executive Director shall perform;
(f) the duties, conduct, salary, allowances and conditions
of service of officers and other employees of the
Corporation;
(g) the delegation of powers and functions to the officers
and employees of the Corporation;
(h) the establishment and maintenance of provident fund
and any other benefit fund for the officers and
employees of the Corporation;
(i) the classification of the members of Backward Classes
on the basis of their income for the purpose of granting
them loans and other concessions under this Act;
(j) generally, the efficient conduct of the affairs of the
Corporation.
35. (1) The State Government may, by notification, make rules to
carry out all or any of the purposes of this Act.
(2) In particular and without prejudice to the generality of the
foregoing power, such rules may provide for all or any of the following
matters, namely :-
(a) the terms and conditions of appointment of directors
and the fee and allowances payable to them;
(b) the form in which certificate shall be issued by the
Executive Director, the period within which an appeal
shall be filed and the procedure that shall be observed
in determining the amount and in appeal under section
24;
(c) the form and manner in which the accounts shall be
maintained, and the balance sheet and profit and loss
account shall be prepared;
(d) any other matter which is required to be or may be
prescribed.
(3) Every rule made under this section shall be laid as soon as
may be after it is made before the House of the State legislature while it is
in session for a total period of ten days which may be comprised in one
session or in two or more successive sessions, and if, before the expiry of
the session in which it is so laid or the successive session aforesaid the
House agrees in making any modification in the rule or the House agrees
that the rule should not be made, the rule shall thereafter have effect only
Power to make
rules.
in such modified form or be of no effect, as the case may be; so however,
that any such modification or annulment shall be without prejudice to the
validity of anything previously done under that rule.
CHAPTER I
1. This Act may be called the Punjab Backward Classes Land Development and Finance Corporation Act, 1976.
2. In this Act, unless there is anything repugnant in the subject or context,-
(a) "agricultural development" includes development of dairy, poultry, piggery, sheep and cattle breeding, pisciculture and sericulture;
(b) a person shall be deemed to belong to a Backward Class-
(i) if he belongs to any of the castes, races, or tribes, or parts of, or groups within castes, races or tribes, specified by the State Government from time to time as backward classes, considering the social and economic conditions of the members the...
[(ii) If the annual income of his family is less than ten thousand rupees or if it less than such sum of rupees as may be specified by the State Government from time to time;]
(c) "Backward Classes Organisation" means a firm registered under the Partnership Act, 1932, a society registered under the Societies Registration Act, 1860, or a co-operative society registered under the Punjab Co-operative Societies Act, 1961, all ...
(d) "Board" means the Board of Directors of the Corporation;
(e) "Chairman" means the Chairman of the Corporation;
(f) "Committee" means a Committee appointed under section 6(2) of this Act;
(g) "Corporation" means the Punjab Backward Classes Land Development and Finance Corporation established under section 3 of this Act;
[(h) "director" means a director of the Board and includes the Chairman and the Vice-Chairman;]
(i) "family" in relation to a person means the person, the wife or husband, as the case may be, of such person and in case of a person dependent upon his parents, such parents;
(j) "Governor" means the Governor of the State of Punjab;
(k) "marketing" means all activities relating to the transport, grading, pooling, marketing and sale of agricultural or industrial produce, whether in the primary form or in semi-processed or processed form;
(l) "prescribed" means prescribed by rules made under this Act;
(m) "processing" means all activities relating to the processing of agricultural produce so as to make it marketable or fit for consumption and includes purchase and storage of raw-material, purchase of equipment, and purchase, installation and runnin...
(n) "small-scale industry" means all cottage and small-scale industry including industry engaged in fabrication, repairs and maintenance of agricultural machinery and equipment, in which capital investment does not exceed five lacs of rupees;
(o) "State" means the State of Punjab;
(p) "State Government" means the Government of the State of Punjab;
(q) "supply and storage of agricultural produce" includes supply and storage of agricultural inputs and establishment, maintenance and running of storage, cold storages and warehouses;
[(r) “Vice-Chairman” means the Vice-Chairman of the Corporation.]
CHAPTER II
3. (1) The State Government may, by notification from such date as it may specify in this behalf, establish for the purposes of this Act a Corporation to be called the Punjab Backward Classes Land Development and Finance Corporation.
(2) The Corporation shall be a body corporate with the name aforesaid having perpetual succession and a common seal with powers, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, ...
4. (1) The Head Office of the Corporation shall be at Chandigarh or at such other place as the State Government may, by notification, specify.
(2) The Corporation may establish offices or agencies at such places within or outside the State as it may think fit.
5. (1) The capital of the Corporation shall be such sum not exceeding [ten crores] of rupees as the State Government may fix:
Provided that where the capital initially fixed is less than 9[ten crores] of rupees the State Government may, from time to time, increase the capital to such sum not exceeding 9[ten crores] of rupees as it may think fit.
(2) Such capital may be provided subject to such terms and conditions as may be determined by the State Government.
CHAPTER III
6. (1) The general superintendence, direction and management of the affairs and business of the Corporation shall vest in a Board which may exercise all such powers and do all such acts and things as may be exercised or done by the Corporation under t...
(2) Subject to any rules made in this behalf, the Board may from time to time appoint one or more Committees for the purpose of securing the efficient discharge of its functions.
(3) The Board in discharging its functions shall act on sound business principles having regard to public interest, welfare of Backward Classes and solvency of the Corporation and shall be guided by such instructions on questions of policy as may be...
(4) If any doubt arises as to whether a question is or is not a question of policy, the decision of the State Government thereon shall be final.
7. [(1) The Board shall consist of an Executive Director appointed under section 13 and the following other directors:-
(a) The Secretary to Government of Punjab in the Department of Welfare or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio;
(b) The Secretary to Government of Punjab in the Department of Finance or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio;
(c) The Secretary to Government of Punjab in the Department of Agriculture or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio;
(d) The Secretary to Government of Punjab in the Department of Industries or an officer of that Department not below the rank of Deputy Secretary nominated by him, ex officio;
[(dd) The Director, Welfare of Schedule Castes and Backward Classes, Punjab, ex officio;]
(e) Four directors to be nominated by the State Government from amongst persons belonging to Backward Classes who have special knowledge of agriculture, agro-industries, water development projects, finance or co-operation.]
[(2) The State Government shall appointthe Chairman and the Vice-Chairman from amongst the Directors.]
(3) On the occurrence of any vacancy in the office of a director due to death, resignation or otherwise the same shall be filled up by the State Government in the manner provided in sub-section (1).
(4) Subject to the provisions of this Act, the terms and conditions of appointment of the directors and the fees and allowances payable to them, shall be such as may be prescribed.
[8. The term of office of the directors other than the ex officio directors and the Executive Director shall be one year and they shall be eligible for re-nomination.]
9. A person shall be disqualified for being nominated as, and for being, a Director-
(a) if he is or at any time has been adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors;
(b) if he is of unsound mind and stands so declared by a competent court.
(c) if he is or has been convicted of any offence which in the opinion of the State Government involves moral turpitude; or
(d) if he has been removed or dismissed from the service of any State Government or Central Government or Corporation owned or controlled by any State Government or Central Government.
10. A Director who has any direct or indirect pecuniary interest in any matter coming up for consideration at a meeting of the Board or a Committee thereof shall, as soon as possible, after the relevant circumstances have come to his knowledge disclos...
11. (1) The State Government may at any time remove any director [nominated under clause (e) of sub-section (1) of section 7] from office, if in its opinion, such director-
(a) is or has become subject to any disqualification mentioned in section 9;
(b) is absent without leave of the Board from more than three consecutive meetings thereof without a cause sufficient in the opinion of the Board to exonerate his absence;
(c) has acted in contravention of the provisions of section 10; or
(d) has been guilty of misconduct in the discharge of his duties:
Provided that no order of removal shall be passed without giving the Director a reasonable opportunity of showing cause against the proposed order.
[(1-A)If in the opinion of the State Government, the Board fails to carry out its functions or refuses or fails to follow the instructions given to it by the State Government for the purpose of giving effect to the provisions of this Act and such f...
(2) A Director may resign his office by giving notice thereof in writing to the State Government and on such resignation being accepted he shall be deemed to have vacated his office.
12. (1) The Board shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings (including the quorum at meetings) as may be provided by regulations made by the Corporation under...
[(2) If for any reason, the Chairman is unable to attend any meeting, the Vice-Chairman, and in his absence, any other director, elected from amongst the directors present at the meeting, shall preside at the meeting.]
[(3) All questions, which come up before any meeting, shall be decided by a majority of the votes of directors present and voting, and, in the event of equality of votes, the Chairman, or in his absence, the Vice-Chairman, or in his absence, the di...
13. (1) The State Government shall appoint [***] an officer of the State Government, as Executive Director who shall hold that office during its pleasure.
(2) The Executive Director who shall be a whole-time officer of the Corporation shall-
(a) be its Chief Executive Officer;
(b) be responsible for the operational management of the Corporation and implementation of the general policies approved by the Board;
(c) perform such duties as the Board may by regulations or otherwise assign to him;
(d) receive such salary and allowances and be governed by such terms and conditions of service as maybe determined by the Board and approved by the State Government.
(3) If the Executive Director is by infirmity or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the State Government may appoint another dire...
14. (1) No act or proceeding of the Board or any of its Committees shall be questioned or be invalid on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board or the Committee as the case may be.
(2) No act done by any person acting in good faith as a director or member of any Committee shall be deemed to be invalid merely on the ground that he was disqualified to be a director or member or there was any other defect in his nomination.
15. (1) The Board may appoint such officers and employees as it considers necessary for the efficient performance of the functions of the Corporation and determine by regulations or otherwise their conditions of appointment and service and the remuner...
(2) The Board shall in respect of reservation of appointments and posts in favour of the members of Scheduled Castes and Backward Classes comply with such directions as may be issued by the State Government from time to time for ensuring adequate re...
(3) The Board may, by general or special order, delegate to [the Chairman, the Vice-Chairman,] the Executive Director, Director, or to any other officer or employee of the Corporation, subject to such conditions and limitations, if any, as may be s...
[15-A. Notwithstanding the Punjab Backward Classes Land Development and Finance Corporation (Amendment) Ordinance, 2011 (Punjab Ordinance No. 6 of 2011), ceased to operate, the appointment of the Vice-Chairman made under the provisions of this Act, a...
CHAPTER IV
16. (1) Subject to the provisions of this Act, it shall be the primary duty of the Corporation to undertake the task of economic uplift of the members of the Backward Classes in the State.
(2) Without prejudice to the generality of the foregoing provision, such power shall include the power-
(i) to plan, promote and undertake, on its own or in collaboration with or through such Backward Classes Organisations or other agencies as may be approved by the Board, programmes of agricultural development, marketing, processing, supply and storage...
(ii) to provide financial assistance to members of Backward Classes or Backward Classes Organisations by advancing to them in cash or in kind loans including loans under hire-purchase system for any of the purposes specified in clause (i) either direc...
(iii) to give on hire agricultural or industrial machinery or equipment to the members of Backward Classes or to Backward Classes Organisations;
(iv) to give grants and subsidies to, and to guarantee loans taken by the members of Backward Classes or by Backward Classes Organisations;
(v) to borrow money subject to such conditions as the Board may specify;
(vi) to receive gifts, grants and donations;
(vii) to issue bonds and debentures;
(viii) to draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, hundies, bills, warrants, debentures and other negotiable instruments;
(ix) to invest or deposit surplus funds of the Corporation in Government securities or in such other manner as the Board may decide;
(x) to enter into contracts; and
(xi) to discharge such other functions as may be prescribed or as are supplemental, incidental or consequential to any of the functions conferred on it under this Act.
17. The Corporation shall establish and maintain four separate funds namely:-
(a) Land Development and Finance Fund;
(b) Guarantee Fund;
(c) Bad Debts Fund; or
(d) Relief and Common Good Fund.
18. Save as otherwise provided in sections 19 and 20-
(1) all amounts that are received by the Corporation from any source whatsoever shall be credited to the Land Development and Finance Fund;
(2) all amounts that are extended by the Corporation shall be debited to this Fund.
19. (1) To the Guarantee Fund shall be credited every year such sum as may be placed at the disposal of the Corporation for that purpose by the State Government and the interest accrued from time to time on such sum shall also be added every year to t...
(2) The Corporation may also contribute to this Fund such portion of its net profits as may be decided by the Board.
(3) The Guarantee Fund shall be used in connection with the furnishing of guarantees in respect of loans taken by the members of Backward Classes or by Backward Classes Organisations in such manner as may be prescribed.
20. (1) To the Bad Debts Fund shall be credited every year-
(a) by the Corporation ten per centum of its net profits; and
(b) by the State Government such amount as grant as may be equivalent to the amount credited under clause (a):
Provided that nothing herein shall be deemed to debar the State Government from giving such amount by way of additional grant for being credited to this Fund as it may think fit.
(2) The Bad Debts Fund shall be used in connection with irrecoverable debts of the Corporation in such manner as may be prescribed.
21. (1) To the Relief and Common Good Fund shall be credited every year such amount not exceeding seven and a half per centum of the net profits of the Corporation as the Board may decide.
(2) The Relief and Common Good Fund shall be used for the purposes in connection with the welfare of the members of the Backward Classes in such form and manner as may be prescribed.
CHAPTER V
22. In making any loan authorised by this Act, the Corporation may impose such conditions as it may think necessary or expedient for protecting the interests of the Corporation:
Provided that the rate of interest chargeable on such loans shall in no case exceed the rate of interest chargeable on the loans advanced under the Punjab State Aid to Industries Act, 1935.
23. Notwithstanding anything to the contrary contained in any agreement, the Corporation may, by notice in writing, require any debtor to discharge forthwith in full his liabilities to the Corporation -
(a) if it appears to the Board that any false or misleading information or particular was given in the application for loan;
(b) if the debtor has failed to comply with any of the terms of the agreement entered into by him with the Corporation;
(c) if there is a reasonable apprehension that the debtor is unable to pay the money due from him; or
(d) if for any other reason it is necessary to do so to protect the interests of the Corporation.
24. (1) Where any amount is due to the Corporation from any person, including the surety of a debtor, in respect of loans or advances or other financial accommodation granted by it, such amount shall, on a certificate being issued by the Executive Dir...
(2) Before issuing the certificate referred to in sub-section (1) the Executive Director shall make an application to such officer, unconnected with the business of the Corporation, as may be empowered by the State Government in this behalf and that...
(3) An appeal against an order passed by the officer empowered by the State Government under sub-section (2) shall lie within such period and to such authority as may be prescribed.
(4) The officer empowered under sub-section (2) and the appellate authority shall follow such procedure as may be prescribed.
(5) The certificate issued by the Executive Director under sub-section (1) shall be final and conclusive and shall not be called in question before any authority or court.
(6) For the purpose of recovering any amount due to the Corporation in respect of a loan it shall not be necessary to proceed against the principal before proceeding against his surety.
25. Notwithstanding anything contain in any law for the time being in force, but subject to the provisions in any law made by Parliament relating to priority of charges and to any prior claim of a bank or of the Government in respect of land revenue o...
[Provided that amount due under the Wealth Tax Act, 1957 (Central Act 27 of 1957), the Gift Tax Act, 1958 (Central Act 18 of 1958), the Income-tax, Act 1961 (Central Act 43 of 1961) and the Companies (Profits) Surtax Act, 1964 (Central Act 7 of 196...
Explanation.- In this section "bank" will mean and include-
(i) a banking company as defined in the Banking Regulation Act, 1949;
(ii) the State bank of India constituted under the State Bank of India Act, 1955;
(iii) A subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;
(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970;
(v) a Regional Rural Bank as established under section 3 of the Regional Rural Banks Act, 1976;
(vi) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949;
(vii) the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance Corporation Act, 1963;
(viii) the Agro Industries Corporation; and
(ix) any other financial institution notified by the State Government in this behalf.
CHAPTER VI
26. (1) The balance-sheet and accounts including the profit and loss account of the Corporation shall be prepared and maintained in such form and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the Corporation to be balanced and closed on the thirty-first day of March each year.
27. (1) The accounts of the Corporation shall be audited once in every financial year, by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the Companies Act, 1956, who shall be appointed by the Board and shall receive...
(2) The auditors shall be supplied by the Board with a copy of the annual balance sheet and the profit and loss account of the Corporation and it shall be their duty to examine them together with the accounts and vouchers relating thereto, and they ...
(3) The auditors shall make a report to the Corporation upon the annual balance sheet and accounts examined by them and in every such report they shall state whether, in their opinion, the balance sheet is a full and fair balance-sheet containing al...
(4) The Corporation shall furnish to the State Government, within four months from the date on which its accounts are closed and balanced, a copy of its balance-sheet and accounts together with a copy of the auditor's report, and a report on the wor...
(5) Without prejudice to anything containing in the preceding sub- sections, the State Government may, at any time, appoint the Accountant- General, Punjab, to examine and report upon the accounts of the Corporation and any expenditure incurred by h...
(6) Copies of the reports referred to in sub-sections (4) and (5) shall be laid by the State Government, as soon as may be, before the legislature of the State.
CHAPTER VII
28. (1) No provision of law other than this Act, relating to the winding up, dissolution or liquidation of the companies or corporations shall apply to the Corporation.
(2) The State Government may, if the Corporation exceeds its powers, or upon receipt of a report under section 27 call upon the Board to show cause why it should not be dissolved, and if no explanation is offered within the specified period, or if t...
29. (1) When the Board is dissolved under section 28-
(i) all directors shall, from the date of dissolution, vacate their offices;
(ii) all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the State Government may appoint in this behalf;
(2) the State Government may, in its discretion, reconstitute the Board after such period as it may think fit.
30. Save as otherwise expressly provided in this Act, no civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Corporation or any officer or authority appointed under this Act is empowered by or und...
31. No suit or other legal proceedings shall lie against the Corporation or any director or any officer or employee of the Corporation or any other person authorised by the Corporation or the State Government to discharge any functions under this Act ...
32. (1) Every director shall be indemnified by the Corporation against all losses and expenses incurred by him in the discharge of his duties, except such as are caused by his own wilful neglect or default.
(2) A director shall not be responsible for any other director, or for any officer or other employee of the Corporation or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of value of, or title to, any prope...
33. All instruments executed by or on behalf of the Corporation in relation to its business shall be exempt from payment of stamp duty and registration fee:
Provided that exemption from payment of stamp duty shall apply in the case of such documents only as are not specified in the provisions of List I in the Seventh Schedule to the Constitution with regard to rates of stamp duty.
[33-A. The Corporation shall carry out such directions as may, from time to time, be issued to it by the State Government for the efficient administration of this Act.]
34. (1) The Board may, from time to time, with the previous sanction of the State Government, make regulations not inconsistent with this Act and the rules made thereunder for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for-
(a) all matters expressly required or allowed by this Act to be prescribed by regulations;
(b) the time and places of meetings of the Board and the procedure to be followed in relation to such meetings including the quorum necessary for the transaction of business;
(c) the conditions which the Corporation may impose in granting loans or entering into other arrangements;
(d) the rate of interest on loans;
(e) duties which the Executive Director shall perform;
(f) the duties, conduct, salary, allowances and conditions of service of officers and other employees of the Corporation;
(g) the delegation of powers and functions to the officers and employees of the Corporation;
(h) the establishment and maintenance of provident fund and any other benefit fund for the officers and employees of the Corporation;
(i) the classification of the members of Backward Classes on the basis of their income for the purpose of granting them loans and other concessions under this Act;
(j) generally, the efficient conduct of the affairs of the Corporation.
35. (1) The State Government may, by notification, make rules to carry out all or any of the purposes of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely :-
(a) the terms and conditions of appointment of directors and the fee and allowances payable to them;
(b) the form in which certificate shall be issued by the Executive Director, the period within which an appeal shall be filed and the procedure that shall be observed in determining the amount and in appeal under section 24;
(c) the form and manner in which the accounts shall be maintained, and the balance sheet and profit and loss account shall be prepared;
(d) any other matter which is required to be or may be prescribed.
(3) Every rule made under this section shall be laid as soon as may be after it is made before the House of the State legislature while it is in session for a total period of ten days which may be comprised in one session or in two or more successiv...
About this act
- Jurisdiction
- Punjab
- Enactment date
- 1970-10-01
- Sections available
- Document reader
India Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.