Assam act 012 of 1976 : The Assam Recovery of Loans Act, 1976

/

..

I

,

!SOS . '.l'HE ASSAM GAZETTE, .EXTRAdRDINARY, AUG. "22, 1976 -.- -·· ·"- -·- ·---- -----------!..~,.---- -------..- ;- ASSAM ACT XII of 1976

· (Re~eived the· assent of the President on the 2nd Augus't.1976) /

THE ASSAM R~COVERi OB' LOANS .A:CT, 1976 . .

An

Act

'1o provide for recovery,, as public demands, ·of loaris advanced by ,banks and other financial institutions to persons for provi- . ing opportunities fo1· employment or .. for. assis.ting agri~ultural or industrial activities and purposes

• I l'reatnbl<'; Whereas it is expedient to provide for reco- very, as public demands, of loans advanced by banks and other .financial institutions to persons · under scheqies .framed and/or approved l;>y ~he <101ernment of · Assam for providing oppor- tunities for employment or for assisting agricul- , tural or irldustrial activities and purposes ; ' . . . - .. . • I

It ·is hereby ena

commence- · ·

I

ment • .

. (2) It .extends to' tile- whole of Assam.

. I

(3) , It shall come into · force at once. ' ~

Definitions 2. In this · Actrunless there js ~nything rq:>Ug-· nant' in the st~bject or context,_:_

_ ,.

(a) ''agricultural activity · and purpo!!e" in• ... eludes . making land fit for. cultivation, -cultivation of land, improtement of land .-

.. '

.•

. ' ' ' ._

'·

• ,. -·

2

..

-~- ~ -vta AS:SAM GAZETTE, E"X.TRAORDINARY, A_u'G. 22, 1976 509 ,

• -....!._ __ - --- ·- ~ ._____:_, -- ......:__ ..., . - - ____ • - - , '

. . .

inchl.ding development of sources 'or irrigation, raising and harvesting of crops, .Planting and farming and cattle breeding, ~eed farming, apiculture, sericulture, a,lli- mal husbandry, horticulture, pisciculture, dairy 'farming, poultry farming,

. forestry, piggery, bee-keeping; growing· of fruits,vegetables an.cl the -like ; rai.sing of · ,crops, grass or garden produce, keeping· or · breeding of livestock, grazing ·aJ?,d such other allied activities including marketing of agricultural products, their storQ.ge and transport and the acquisition ·of imple- , ments and machinery in connection with ' . - any such · a~ti~ty. '

(b) -"bank" means and includes -

.....

1).) a 'bank' included .in the Second Schedule to the Reserve ' Bank of 2 of 1<)34. India Act', 1934 ; '

(ii)

) ...

• • the '.State Banl,c. of India' constituted under the Stat.e Bank of I~dia Act, 1955; 23 of 1955.

. . ' (iii) a 'subsidiary bank' · as ·defined in · the State Bank ',of lndia (Subsidiary · 38 of 1959. ~ Banks) Act, 1959 ;

(iv) a 'corresponding new Bank'. as defirted in the Banking Companies (Acquisition · and Transfer of Under .. takil).gs) Act, 1970 ;

" .. ' - 5 of 1970. • .-

. (v) a 'co-operative bank' as defined in ,.. · the Reserve Bank of Indi;i Act, ·2 of..1934 . • ; 1934 ~

• (c) "Certificate Officer" l:J:as the same meaning as in 'Clause (3) of . Section 3 . of the Bengal. Public Demands Recover,y Act~ Ben. ~ct ;JJ J913 ; of 1913.

I •

r

'

',

.•

.. .

\

,.

3

!J I - ~ - ~ ..

510 THE ASSAM GAZETTE EXTRAORDINARY, A'uq.¹22, 1976

----- -- -- -----

I ,

-·

! .

(d) ••financia( institution" means-

'·

(i) -a company or .a body corporate as .• ' defined in the' Companies Apt, ~956 · 1 of 1956:

or

. (ii) a financial corporation, ·or •

(iii) a society registered under the • So- Aet XXT · cieties Registration Act, 1860, of 1860 • .

. , ' ~ . which is engaged in . financing acti- vities or bas been constituted, , by .

. any . law for the . time being in ·force ·and which is either 9wned by, or in which the majority:~hares are ,held by the Sta~e ~overnment ;

(e) "industrial activity and purpose" includes

. - any activity- or purpose for providing .^{1 ·} goods .or services ;

,"'.

(f) "p~rson" includes group of persons or a partnership firm or a limi~ed company, either private or public, or a co-operative society , registered under ~h.e Assa.in Co .. operative Societies A£t, · 1949 ;

(g) .ipr_fscribed" me~ns _ prescribed by ru[es mace under this Act ;

(h) "Scheme" means a scheme fra:r;ned ' and/or approved for the purposes of this Act by the State Government for providing ·,apporru- nities 'for employment or for assisting agri- cultural or industrial activities and w:ir- poJeS;

(i ~ "State. Government" means the State ' Government of. Assam.

'

- ..

4

, ' ' ' '

.,,._, "'.fi'IE ASSAM GAZET~E. EXTRAORDINARY, AUQ. 22, 1~'6 511 Esplanatioa.-The • prov1111ons of this sectlon shall also apply to any amount . advanced or granted by way Of any · such loan before the date · on ·which this Act comes into force and · remaining unpaid on · I h d ' · sue ay. . .

~ct to over- 4. Notwithstanding . anything contained in the

1

~~~ al ~~b- Bengal Public p~mands Recovery . Act~ 1913, no

• lie Jemands appeal nder section 51 of the Bengal P,ubhc Demands 'Recovery Recovery· Act, . 1913, .against an order made by a · · Act, !913 in Certificate Officer for recovery of any loan as. a public certam cases. demand shall be Cl-dmitted by the appellate autho· · . rity unles-s the appellant · deposits either fifty per t

· cen't. of the dues of the .certificate or the amount admitted by tpe · appellant to' t:>e due; . whichever is higher.

Power to 5. · (1) The , State "Government may, by notifica- make rules. tion in the Official Gazette, make rule1 for carrying out th,e purposd of this Act. . · · ~ · ·

(2) Any rule framed Under · .this 1ecti9n .may be 1iven restrospective effect: from a date not ~arliel"

than . the ?ate of coming' into · force of this Act.

. .

• (3) Every rule made under . this Section shall, as soon as m~y be after it is made, be placed be- fore the Assam Legislative ·Assembly while it ·is -in session for!' toial period of fourteen days which m

I ,

,.

. '

. Md. SAADGLLAH, Join,t Secy-.· to. the (,}ovt. · of Assam, Law Department.

.• .. -·- - _____ ..,.. . _,, __ -- ··---·--- ,_,, __ __._....__ -----

Gaul)at1 --Printed and published liy the Supdt., i/o., Printing Press, Directorate , o · Ptg~ & St v., frwt . of A1sa,m· (Bx-Gaz.ette/ No, 16~-1,60~+ 2,500-:- 22-8-1976. .1

• ;

, I

•

5