(63 OF 1951) [31st
October, 1951]
An
Act to provide for the establishment of State Financial Corporations.
Be it enacted by Parliament as follows :- Short title, extent and commencement.-
It extends to the whole of India 2[***]. It shall come into force in any State on such date3 as the Central Government may, by notification in the Official Gazette, appoint.
4[(aa) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 164);] 5[(b) "Financial Corporation" means a financial Corporation established under Section 3 and includes a Joint Financial Corporation established under section 3A;] 6[c) "Industrial concern" means any concern engaged or to be engaged in-
7[(ii) mining or development of mines;] (iii) the hotel industry; (iv) the transport of passengers or goods by road or by water or by air 8[or by ropeway or by lift]; 1.This Act has been extended to Dadra and Nagar Haveli by Reg. 6 of 1963, sec. 2 and Sch 1; to Pondicherry by Reg. 7 of 1963, sec. 3 and Sch 1; to Goa, Daman and Diu by Reg. 11 of 1963, sec. 3 and Sch. and to the State of Sikkim on 24.10. 1975, vide Notification No. S.O. 615(e), dated 23rd October, 1975. 2. The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1956, sec. 2 and Sch. 3. 1st August, 1952 (in the whole of India except the State of Jammu and Kashmir) see Notification No. S.R.O.., 1317, dated the 28th July, 1952, Gazette of India, 1952, Pt. II, Sec. 3, p.1163. 7th November, 1959 (in the State of Jammu and Kashmir), see Notification No. S.O. 2439, dated the 29th October, 1959, Gazette of India, 1959, Pt. II, Sec. 3(ii), p.3073. 4. Ins. by Act 77 of 1972, sec. 2. 5. Subs. by Act 56 of 1956, sec. 2, for the original clause (b). 6. Subs. by Act 77 of 1972, sec. 2, for former clause (c). 7. Subs. by Act 43 of 1985, sec. 2, for sub clause (ii). 8. Ins. by Act 43 of 1985, sec. 2. ------------------------------------------------------------------------------------------------ 4[Explanation 1.-The expression "processing of goods" includes any art or process(v)the generation or distribution of electricity or any other form of power;(vi)the maintenance, repair testing or servicing of machinery of any description or vehicles or vessels motor boats or trailers or tractors;(vii)assembling, repairing or packing any article with the aid of machinery or power; for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation.] 3[Explanation
2.-If any doubt arises as to whether a concern is an industrial concern
or not,
------------------------------------------------------------------------------------------------------------(d) "prescribed' means prescribed by rules or regulations made under this Act; 1. Subs. by Act 43 of 1985, sec. 2, for sub clause (viii). 2. The word "or" omitted by Act 43 of 1985, Sec. 2. 3. Ins. by Act 4. of 1985, sec. 2. 4. Explanation renumbered as Explanation 1 by Act 43 of 1985, sec. 2. 5. Subs. by Act 6 of 1962, sec, 2. for clause (ff). ------------------------------------------------------------------------------- |