Himachal pradesh act 025 of 1978 : Himachal Pradesh Debt. Reduction (Amendment) Act, 1978

Preamble

Himachal Pradesh Debt. Reduction (Amendment) Act, 1978*

[Himachal Pradesh Act No. 25 of 1978]1[9th May, 1978]

An Act to amend the Himachal Pradesh Debt. Reduction Act, 1976 (Act No. 31 of 1976).

It is hereby enacted by the Legislative Assembly of Himachal Pradesh in the Twenty-ninth Year of the Republic of India as follows:-

1. For Statement of Objects and Reasons, See R.H.P. (Extra), dt. 8-4-1978, p. 332.

* Received the assent of the Governor of Himachal Pradesh on the 9th May, 1978 and was published in R.H.P. Extra dated the 18th May, 1978, p., 563

Section 1. Short title and commencement

1. Short title and commencement.- (1) This Act may be called the Himachal Pradesh Debt. Reduction (Amendment) Act, 1978.

(2) It shall come into force at once.

Section 2. Amendment of section 2

2. Amendment of section 2.- For clause (i) of section 2 of the Himachal Pradesh Debt. Reduction Act, 1976 (31 of 1976), the following clause (i) shall be substituted, namely:-

"(i) "bank" means,-

(a) a banking company a defined in the Banking Regulation Act, 1949 (10 of 1949);

(b) the State Bank of India constituted wider the State Bank of India Act, 1955 (23 of 1955);

(c) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

(d) a Regional Rural Bank established under the Regional Rural Banks Act, 1976 (21 of 1976);

(e) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(f) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949);

(g) the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance and Development Corporation Act, 1963 (10 of 1963);

(h) the Agro-Industries Corporation as defined in sub-section (c) of section 2 of the Himachal Pradesh Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1972 (7 of 1973);

(i) the Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956 (I of 1956); and

(j) any other financial institution notified by the State Government in the Official Gazette as a bank for the purpose of this Act."

SECTIONS