The Faridabad Development Corporation Act, 1956 has been enacted with the intention to establish, promote and regulate trade in Faridabad. It assists in recuperating differently able person. This trade corporation has been incorporated by Central Government through notifications in the Official Gazette and named as Faridabad Development Corporation. This Corporation being a corporate body has a common seal and perpetual succession.
This Corporation constituted with experts including a Chairman and other competitive members for not more than eight and not less than four years shall be appointed by the Central Government in order to serve the purpose of this Act upon notifications in the Official Gazette. The Chairman and its members of Corporation shall be in service as per terms and conditions prescribed. They may resign their Office through a letter in a written format by their own hand to the Central Government. But he should be in service until another person appointed in their place through notifications in the Official Gazette. These Casual vacancies are to be filled with fresh appointments. Temporary Absence of any member could be replaced by other member in order to perform the incapable duties during their absence. This Corporation can constitute any number of Committees for the purpose of this Act if it deems necessary.
This Corporation can conduct any number of meetings, if deems necessary with the requisition of any two members therein can also arrange for a special meeting at a place prescribed. The Chairman, on his absence can appoint any member of Corporation to preside and hold the meetings. In case of any question arise during the meeting; the solution will be through casting votes. In case of equal votes, either Chairman or in his absence any other member is allowed to cast second chance to vote and then decide on the issue.
All decisions and Orders of the Corporation will be authorized with the Chairman signature or anybody acting on his behalf during his absence. Other miscellaneous documents that are preceded and involved shall be signed either by Administrator or any such authorities deems fit or on his behalf shall authenticate those documents. The Central Government appoints Administrator and such other Officers who are subordinate to him. This Administrator should be a chief executive officer and has the power equal to the members of the corporation. He has the capacity to participate in the discussions of the corporation as well as in the committee and he also holds the right to vote on any question that arises before the corporation as well in committee.
This Corporation is formed by the Central Government in order to promote trade, industry and to rehabilitate the disabled person therein. It also formed to manage the property vested in corporation. This Corporation excises all powers that are necessary to facilitate the purpose of this Act. This Corporation has power to acquire, hold and make improvement to the property if it is deems necessary. It gives financial support to the people, who are willing to do business, trade, etc, primarily to provide rehabilitation of disabled persons therein by providing employment. It also holds the power to supply electrical energy to industrial purpose at reasonable rates. It has power to take measures to boom up the social and economic status of inhabitants in the State. All rights and liabilities, duties and obligations, etc, of Central Government for the purpose of this Act are of the same to the Corporation for the development of Faridabad. All Suits or legal proceedings that are instituted upon Central Government could be instituted upon Corporation.
This Corporation holds its own fund and has every possible right to spend for the purpose of this Act. They also maintain separate reports and budgets were made every year. In case of any money due from anybody, the Corporation can initiate the recovery proceedings by giving an opportunity to hear and Certificate to the Collector regarding the due amount and the Collector initiate the proceedings as that of arrears of land revenue. This Act established this Corporation by giving all necessary rights to perform in pursuance of this Act. No Suits or legal proceedings shall be initiated on this Corporation for anything done or not done in good faith in concerned with the purpose of this Act. This Act is a role model to other States inspiring them by developing businesses and revitalizing the person therein providing an opportunity to do trade in Faridabad.