The Andhra Pradesh State Development Corporation Act, 2020.

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THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION
ACT, 2020
ACT No. 33 OF 2020
ARRANGEMENT OF SECTIONS
SECTIONS
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
CHAPTER II
STATUTORY STATUS. STRENGTHENING, CONDUCT OF BUSINESS AND
EMPLOYEES OF THE CORPORATION
3. Statutory status, and strengthening of APSDC Ltd.,
4. Shareholding Pattern and Board of Directors
5. Provisions for inviting Officers of Government
6. Officers and Employees of the Corporation
7. Authentication of orders etc., of the Corporation
CHAPTER III
OBJECTIVES AND SCOPE OF ACTIVITIES
8. Objectives of the Corporation
9. Financing to the Corporation
10. Core Activities of the Corporation
CHAPTER IV
PROPERTY, ASSETS, LIABILITIES AND OBLIGATIONS
11.Transfers of assets and liabilities of the Government to the
Corporation
CHAPTER V
FUNCTIONS AND POWERS
12. Government to vest or entrust schemes and revenues to the
Corporation
13. Functions of the Corporation
14. Powers of the Corporation
CHAPTER VI
FINANCE, ACCOUNTS AND AUDIT
15. Application of Corporation assets etc.,
16. Contribution of government to Corporation
17. Reserve and other funds
18. State Government as guarantor
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19. Accounts and audit
20. Concurrent and Special audit of Accounts
CHAPTER VII
MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS
21. Annual Reports
22. Other activities of the Corporation
23. Prosecution
24. Dues to be recovered as an arrears of land revenue
25. Public Notices how to be made known
26. Default in performance of duty
27. Authority for prosecution
28. Compounding of offences by Corporation
29. Delegation of powers of Corporation
30. Protection of action taken in good faith
31. Chairman, Vice-Chairman & Managing Director, Members &
Officers etc., to be public servants
32. Power to make rules
33. Power to make regulations
34. Power to remove doubts and difficulties
35. Dissolution of the Corporation
36. Repeal of Ordinance No.14 of 2020 and saving
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THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION ACT,
2020
ACT No. 33 OF 2020
(23rd December, 2020)
AN ACT TO PROVIDE STATUTORY STATUS TO AND FOR STRENGTHENING
THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION
(APSDC) FOR THE PURPOSES OF PLANNING, FUNDING AND
FINANCING THE ECONOMIC AND SOCIAL DEVELOPMENT PROJECTS
AND ACTIVITIES IN ALIGNMENT WITH SUSTAINABLE
DEVELOPMENT GOALS; FOR ENTRUSTING OF SCHEMES TO THE
CORPORATION; FOR ASSIGNMENT OF REVENUES TO THE
CORPORATION; FOR RAISING FINANCES FOR  SOCIAL WELFARE
AND DEVELOPMENT PROJECTS IN THE STATE OF ANDHRA
PRADESH AND FOR MATTERS CONNECTED THEREWITH AND
ANCILLARY THERETO.
Be it enacted by the Legislature of the State of Andhra Pradesh in the
Seventy-first Year of the Republic of India as follows,-
CHAPTER I
PRELIMINARY
1.Short title, extent and commencement-(1) This Act may be called the
Andhra Pradesh State Development Corporation Act, 2020.
(2) It extends to the whole of the State of Andhra Pradesh.
(3) It shall be deemed to have come into force on and from the 29th day
of September 2020.
2. Definitions -In this Act, unless the context otherwise requires,-
(1) ‘Accounts’ means as defined under Indian Accounting Standards
or Indian Generally Accepted Accounting Principles issued from time to time;
(2) ‘Act’ means the Andhra Pradesh State Development Corporation
Act, 2020;
(3) ‘Board’ means the Board of Directors of the Corporation;
(4) ‘Chairman’ means an executive elected by a company's board of
directors who is responsible for presiding over board or committee
meetings;
(5) ‘Corporation’ means the ANDHRA PRADESH STATE
DEVELOPMENT CORPORATION LIMITED (APSDC) constituted under
section3(1) of this Act;
(6) ‘Government’ means the Government of Andhra Pradesh;
(7) ‘Member’ means Shareholder as defined in Companies Act,
2013(Central Act No.18 of 2013);
(8) ‘Prescribed’ means prescribed by rules, regulations and/or
standing orders made under this Act;
(9) ‘Rule’ means a rule made under this Act by Government and laid
before the State Legislature;
(10) ‘Social and Economic Development’ with its grammatical
variations means and includes provision of basic amenities like Quality
Education, Reliable Healthcare, Clean Water & Sanitation, Farmer Welfare,
Women Empowerment, Housing for Poor, Rural Development, Poverty
Eradication and to undertake various economic and social development
projects& activities in the State of Andhra Pradesh;
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(11) ‘State’ means the State of Andhra Pradesh;
(12) ‘Vice Chairman & Managing Director’ means Vice-Chairman &
Managing Director of Andhra Pradesh State Development Corporation Limited
and appointed vide G.O.MS.No.80, of Finance (PMU-CASPS, FC&IF)
Department, dated 27.08.2020.
CHAPTER II
STATUTORY STATUS, STRENGTHENING, CONDUCT OF BUSINESS AND
EMPLOYEES OF THE CORPORATION
3.Statutory status, and strengthening of APSDC Ltd., -(1) The State
Government has established a Corporation by the name “Andhra Pradesh State
Development Corporation Limited”(hereinafter referred to as the
‘Corporation’)vide G.O.MS. No. 80, of Finance (PMU-CASPS, FC&IF)
Department, dated 27-08-2020 as a public limited company incorporated
under the Companies Act, 2013 by the name aforesaid, having perpetual
succession and a common seal.
(2)The Corporation shall operate in accordance with the provisions of
the Companies Act, 2013 (Central Act No.18 of 2013).
(3)This Act is to provide statutory status and strengthen the
Corporation for long term sustainability & to enable the Corporation to raise
long term financing in line with its objectives from banks, financial
institutions, non-banking financial companies, investors, contributors, capital
markets (domestic & international)& others by establishing it under the
statute.
(4)The Government shall issue necessary Government Orders from time
to time for giving effect to the provisions of this Act. Any action taken by
Government under G.O.Ms. No.80 Finance (PMU – CASPS, FC&IF)
Department dated 27-08-2020,prior to enactment of this Act shall stand
protected.
4.Shareholding Pattern and Board of Directors -The shareholding pattern
and composition of the Board of Directors of the Corporation shall be as per
G.O.Ms. No. 80 Finance (PMU – CASPS, FC&IF) Department,dated 27-08-2020,
and further orders issued by Government from time-to-time under the
applicable rules.
5.Provision for inviting Officers of Government etc., -(1) The Corporation
or any of its Committees may invite any officer of the Central Government,
State Governments, local authority or any Organisation or any other person to
attend its meeting or meetings as a special invitee for the purpose of assisting
or advising on any matter or matters. The person so invited may take part in
the proceedings but shall have no right to vote.
     (2) The person so invited shall be entitled to draw such honorarium or
compensatory allowance for the purpose of meeting the personal expenditure in
attending the meetings of the Corporation or any of its Committees as the
Corporation may determine, from time to time.
6.Officers and Employees of the Corporation -(1) The Corporation may, with
the prior approval of the State Government, appoint on deputation from the
various departments of the State Government such officers and employees as it
considers necessary for the efficient performance of its duties and functions.
(2) The period of deputation of any such officer or employee to the
Corporation shall ordinarily be two years. On expiry of which such officer or
employee shall stand repatriated to his parent department except when any
such person is required by the Government to be repatriated earlier on such
grounds as promotion, reversion, termination or superannuation or any other
reason:
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Provided that during the period of such deputation all matters relating to
the pay, level, allowances, retirement, pension, provident fund and other
conditions of service of such matters at the time of the deputation or such
other rules as may, from time to time, be made by the State Government.
(3) All such persons on deputation to the Corporation, shall continue to
have a lien on their posts in their parent department and upon repatriation,
the period of their service on deputation under the Corporation shall count for
their pension and other matters relating to their service.
(4) The Corporation shall have the authority to transfer the officers,
employees and servants to any area of its operation.
(5) Save as otherwise provided in this section, the terms and conditions of
service of the officers and employees on deputation to the Corporation shall not
be less advantageous than those applicable to them immediately before such
deputation and shall not be varied to their disadvantage.
(6) The Corporation may also appoint subject matter experts in the areas
of fund raising, financial management, treasury, etc. as required from outside
the Government and at market rates.
(7) Subject to the superintendence of the Corporation, the Vice-Chairman
& Managing Director shall supervise and control all its officers and employees
including any officer and employee of the Government appointed on deputation
to the Corporation.
7.Authentication of orders etc., of the Corporation -All proceedings of the
Corporation shall be authenticated by the Chairman or ViceChairman &
Managing Director and all orders and instruments of the Corporation shall be
authenticated by the ViceChairman &Managing Director.
CHAPTER III
OBJECTIVES AND SCOPE OF ACTIVITIES
8.Objectives of the Corporation -Subject to the provisions of this Act and the
rules and regulations made there under, the objectives of the Corporation shall
be the following:
(a)  to raise funding and financing from various avenues, providing
necessary support and acting as an enabler for the key socio-
economic Sustainable Development Goals across multiple domains
viz. Poverty Eradication & Livelihood Enhancement [SDG-1],
Doubling Agricultural Productivity and Farmer’s Incomes [SDG-2],
Reliable & Universal Healthcare[SDG-3], Inclusive & Equitable
Quality Education [SDG-4], Women Empowerment [SDG-5], Clean
Water & Sanitation[SDG-6], Housing for Poor [SDG-11] and to
undertake various economic and social development projects in the
State of Andhra Pradesh;
(b)  to operate in accordance with principles of fiscal prudence,
sustainability and focusing on reforms to achieve the Millennium
Development Goals/Sustainable Development Goals.
9. Financing to the Corporation -Subject to the provisions of this Act and
the rules and regulations made there under:
(a) Government shall identify and allocate to the Corporation,
various socio-economic projects or schemes of the Government to
arrange funding and financing;
(b) Government shall identify requisite resources comprising of
existing revenue streams and new revenue streams though levying
of cess, development cess, fees, charges, etc. as applicable and
assign these revenues to the Corporation to raise financing and
fulfil its objectives, subject to clause (c) below, once assigned, for
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the purpose of raising financing, such identified revenue sources
shall not be used for any other purpose;
(c) In case, the Government cancels or reduces the assigned
revenue streams or there is any shortfall in the assigned
revenuesfor meeting the debt servicing obligations of the
Corporation, Government shall assign alternative revenue streams
to meet the committed financing and debt servicing liabilities of the
Corporation or alternatively the Government shall take over the
financial and debt servicing obligations of the Corporation.
10.Core activities of the Corporation -Subject to the provisions of this Act
and the rules and regulations made there under, the core activities of the
Corporation shall be the following:
(a) to fund and finance, the specific social & economic projects
and activities, entrusted by the Government to the Corporation;
(b) to work towards the fulfillment of core objective, as stated
above through innovative financing, wider market outreach and
deeper access to the market participants;
(c) to mobilize resources from banks, financial institutions,non-
banking financial companies, investors, contributors and others
through the escrow of the assigned cash flows and follow the
principles of fiscal prudence while managing the activities;
(d) to raise money from capital markets (domestic and
international), money markets, borrowings from banks, financial
institutions and other instruments in compliance with various
statutes, rules, regulations as prescribed by various statutory and
regulatory authorities;
(e) to receive any grants, subventions, donations and gifts from
the State/ Central Government or undertakings of State / Central
Government or foundations/CSR/charitable/philanthropic
organisations across globe or funding from multilateral/bilateral/
development organisations or from institutions/persons for
meeting the above objectives;
(f) to issue shares/bonds/debentures/bills/anyother
instruments dependent on the structure of financing and as per
the Provisions of the Companies Act, 2013(Central Act No.18 of
2013), SEBI regulations (if applicable) and other applicable laws;
(g) to establish or promote or concur in establishing any
companies or trusts or societies or fund which may directly or
indirectly help in achieving the core objectives of the Corporation;
(h) to enter any arrangements with the Government or any of its
undertakings in fulfilment of its core objectives;
(i) to ensure that there is proper utilization of the funds in
accordance with its core objectives.
CHAPTER IV
PROPERTY, ASSETS, LIABILITIES AND OBLIGATIONS
11.Transfer of assets and liabilities of the Government to the Corporation
-  (1) All properties and assets of the entrusted schemes, movable and
immovable shall vest in and stand transferred to the Corporationand the
Corporation shall be entitled to create security and /or escrow arrangements
for the benefit of any creditor, such arrangements shallinclude escrow and
security over revenues assigned to the Corporation for the benefit of the
creditors to the Corporation from whom financing is availed by the
Corporation.
(2) Such properties, assets, rights, obligations and liabilities shall be
valued in such manner as the Government may determine.
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(3) If any doubt or dispute arises as to which of the properties or assets
or rights or liabilities of the Government have been transferred to the
Corporation, such doubt or dispute shall be referred to and decided by the
Government, whose decision shall be final.
CHAPTER V
FUNCTIONS AND POWERS
12.Government to vest or entrust schemes and revenues to the
Corporation -(1) The Government may, from time to time, by enactment,
assign such schemes which fulfil the core objectives of the Corporation and
assign such revenues which enables the Corporation for fund raising.
(2) Subject to the provisions of this Act and the rules and regulations
made there under, in the first instance, the Government hereby entrusts six(6)
new schemes to the Corporation namely (a) School Infrastructure upgradation
through Mana Badi Nadu-Nedu; (b) Hospital infrastructure upgradation
through Nadu-Nedu Health; (c) YSR Cheyutha; (d) YSR Asara; (e) Jagananna
Ammavodi; and (f) YSR Rythu Bharosa.
(3) Subject to the provisions of this Act and the rules and regulations
made there under, the Government may from time to time, entrust such other
schemes which will fulfil the core objectives of the Corporation, with due
consideration to the resource availability and sustainability of the Corporation,
by appropriate enactment.
(4) Subject to the provisions of this Act and the rules and regulations
made there under, in the first instance, the Government hereby assigns to the
Corporation, the revenue from Additional Retail Excise Tax(ARET) in
accordance with applicable lawand shall take such steps as may be required
under the applicable laws to give effect to the same including due
appropriations by law passed in the State Legislature if required from time to
time. The Government may, at a later stage, with due consideration to the
resource availability and sustainability of the Corporation, entrust other
revenue streams by introducing appropriate enactment;
(5) The Government shall ensure that sufficient revenue streams are
available with the Corporation to meet its obligations. In case, the Government
decides to change the assigned revenue stream (or any rate thereof), then the
Government shall ensure that the  funds realisable from such change are equal
to or more than that which would have been realised under the original
enactment. In case the revenue stream assigned to the Corporation is no longer
available due to subsummation or any change in the tax regime, then the
government shall be mandated to  assign equivalent amounts for the
Corporation through other assignable revenue streams. Any changes in the
assigned revenue streams to the Corporation shall only be made by an
enactment.
(6) The Government may issue to the Corporation such general or special
directions as to policy or exercise of the powers or performance of the function
by the corporation as it may think necessary or expedient for carrying out the
purposes of this Act and the Corporation shall be bound to follow and act upon
such directions.
13.Functions of the Corporation - (1) It shall be the function of the
Corporation to implement the socio-economic developmental schemes
entrusted to it by the Government from the assigned revenues and from the
finances raised;
(2) The Corporation shall fund and raise finances for implementation of
entrusted schemes by escrowing the assigned revenues;
(3) Raising money from capital markets, domestic and international
money markets and other instruments in compliance with various statues,
rules, regulations as prescribed by various statutory and regulatory
authorities;
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(4) Deposit the monies which cannot be immediately applied, into a
Scheduled Commercial bank or banks or other public financial institutions or
invest in Government of India securities or deposits issued by Government of
Andhra Pradesh owned NBFC's subject to such conditions as may, from time to
time, be specified by the Board;
(5) Funds mobilized by the Corporation are to be utilized exclusively by
the Corporation to fund the eligible schemes and projects including its
operational expenses, and/or to repay the monies borrowed and/or provide
financing to the public sector undertakings or private public partnerships to
finance eligible schemes and projects;
(6) Accept grants, subventions, donations, and gifts from the Central or
State Government or local body or any individual or body whether incorporated
or not, for any or all the objectives of the Corporation on such terms and
conditions as mutually agreed upon;
(7) To undertake schemes, either jointly with other State Government
Corporations, or Government Entities in furtherance of the core objectives of
the Corporation for which, the Corporation is established and all matters
connected therewith;
(8) To prepare annual plans, budgets and expenditure statements;
(9) To take all such steps as may be necessary or convenient for, or may
be incidental to, the exercise of any power or the discharge of any function
conferred or imposed on it by this Act;
(10) To undertake any other activities entrusted by the Government in
furtherance of the objectives for which the Corporation is established.
14.Powers of the Corporation -(1) To enter any agreement with the
Government or any of its undertakings from time to time in fulfilment of its
core objectives;
(2) To invite tenders, bids or offers and enter into contracts in respect of
the implementation of the schemes entrusted to it by the Government;
(3) To accord administrative approval, accept tenders, sanction budget
and make financial provisions, settle disputes arising out of contracts and do
any other things which may be necessary or expedient for the purpose of
carrying out its functions under this Act;
(4) To acquire and hold property both movable and immovable as the
Corporation may deem necessary for the performance of any of its functions,
duties and activities and to lease, sell, exchange or otherwise transfer any as
may be deemed proper by the Corporation;
(5) To engage financial advisors, investment bankers and/or consultants,
legal advisors and other professional consulting firms to assist the Corporation
in fund raising from Banks, Financial institutions, Capital Markets and others;
(6) To do all such things and perform all such actions as may be
necessary for or incidental or conducive to any matters which are necessary in
furtherance of the objectives for which the Corporation is established;
(7) To pay any interest and principal due on the borrowed money from
the Corporation funds;
(8) To open the bank accounts and invest the funds with due diligence
and prudence, the monies which cannot be immediately applied, in public
financial institutions (or) Government of India securities (or) Government of
Andhra Pradesh owned NBFC’s subject to such conditions as may, from time to
time, be specified by the Board;
(9) To sue and be sued by its corporate name;
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(10) No matter or thing or action done by the Corporation or the
executive committee or its member or whomsoever acting under the
Corporation as per the Act, bonafide or in good faith for the purpose of
executing the provisions of this Act shall subject such person for any claim,
liability, claim or demand whatsoever in respect thereof.
CHAPTER VI
FINANCE, ACCOUNTS AND AUDIT
15.Application of Corporation assets etc.,  -(1) All property, fund and other
assets vesting in the Corporation shall be held and applied by it, for the
purposes of this Act.
(2) The Corporation shall have and maintain its own fund, to which shall
be credited:
(a)     all monies received by the Corporation from the Government
by way of grants, subventions, loans, advances and the loans
raised under this Act;
(b)     all fees, charges and costs received by the Corporation under
this Act;
(c)     all monies received by the Corporation from the disposal of
lands, buildings and other properties, movable and immovable and
other transactions;
(d)     all monies received by the Corporation by way of rents and
profits or from any other source.
(3)    The Corporation may keep current and deposit account with such
bank or banks as may be specified by the Government in this behalf.
(4)    Such accounts shall be operated by such officer of the Corporation
as may be authorised by it in this behalf.
(5)    The Corporation may keep on hand such sum as it thinks fit for its
day to day transactions subject to such limits and conditions as may be
prescribed.
16. Contribution of government to Corporation -The Government shall, by
appropriation duly made in this behalf, from time to time, provide funds to the
extent considered necessary, to the Corporation for the performance of the
functions of the Corporation under this Act. The Capital provided by the
Government shall not carry any interest.
17.Reserve and other funds -(1) The Corporation shall make provisions for
such reserve and other specially denominated funds as the Government may,
from time to time, direct.
(2) The management of the funds referred to in sub-section (1), the sums
to be transferred, from time to time, to the credit thereof and the application of
money comprised therein, shall, subject to the directions if any, issued by the
Government in this behalf, be determined by the Corporation.
(3) None of the funds referred to in sub-section (1) shall, except with the
previous approval of the Government, be utilized for any purposes other than
that for which it is constituted.
18.State Government as guarantor -The Corporation may seek State
Government guarantee for the debt servicing whenever necessaryand the
Government shall guarantee the payment of the amounts due subject to agreed
conditions of such guarantee provided.
19.Accounts and Audit -(1) The Corporation shall maintain books of account
and other books in relation to the business and transactions in such form, and
in such manner, as prescribed under the Companies Act, 2013(Central Act
No.18 of 2013).
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.
(2) The accounts of the Corporation shall be audited by an Auditor
appointed by the Government, in consultation with the Comptroller and
Auditor General of India.
(3) Within six (6) months from the end of the financial year, the
Corporation shall send a copy of the accounts audited together with a copy of
the report of the Auditor thereon to the Government.
(4) The Government shall cause the accounts of the Corporation together
with the audit report thereon forwarded to it under sub-section (3) to be laid
before the State Legislature, as far as possible before the expiry of the year next
succeeding the year to which the accounts and the report are related.
20.Concurrent and Special audit of Accounts -(1) Notwithstanding anything
contained in the last preceding section, the Government may order that there
shall be concurrent audit of the accounts of the Corporation by such person as
it thinks fit. The Government may also direct a special audit to be made by
such person as it thinks fit of the accounts of the Corporation relating to any
particular transaction or class or series of transactions or a particular period.
(2) When an order is made under sub-section (1), the Corporation shall
present or cause to be presented for audit all such accounts and shall furnish
to the person, such information as the said person may require for the purpose
of audit.
CHAPTER – VII
MISCELLANEOUSAND SUPPLEMENTARY PROVISIONS
21.Annual Reports -The Corporation shall prepare and submit to the
Shareholders/ State Government, in such form as may be prescribed as per
relevant Act, an annual report within six (6) months after the end of every
financial year, of its activities during the previous financial year.
22. Other activities of the Corporation -The Corporation shall also
furnish to the Shareholders/State Government such returns, statistics,
reports, accounts and other information in respect to it’s conduct of affairs,
properties or activities or assignment of schemes from time to time.
23.Prosecution- Whoever contravenes the provisions of this Act is/are liable
for prosecution.
24. Dues to be recovered as an arrears of land revenue -All sums due or
payable by any person to the Corporation or recoverable by it on account of any
charge, costs, expenses, fees, rent, compensation or any other account under
this Act or any rule or regulation made there under or any agreement made
with the Corporation and all charges or expenses incurred in connection
therewith shall, without prejudice to any other mode of recovery, be recoverable
as an arrear of land revenue.
25. Public Notices how to be made known -Every public notice given under
this Act or any rule or regulation made thereunder shall be in writing and
under the signature of the officer concerned and shall be widely made known
in the locality or in the properties or areas to be affected thereby affixing copies
thereof in conspicuous public places, within the said locality or the said
properties or areas or by publishing the same by beat of drum or by any other
means that the officer may think fit. Public notice may be through print media,
digital media or publishing on official website of the Corporation.
26. Default in performance of duty -(1) If the Government is of the opinion
that the Corporation has made a default in the performance of any duty or
obligation imposed or cast on it by or under this Act, the Government may fix a
period for the performance of that duty or obligation and give notice to the
Corporation accordingly.
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(2) If the Corporation fails or neglects to perform such duty or obligation
within the period so fixed for its performance, it shall be lawful for the
Government to supersede and reconstitute the Corporation as it deems fit.
(3)After the supersession of the Corporation and until it is reconstituted
in the manner laid down in Chapter –II, the powers, duties and functions of the
Corporation under this Act shall be carried on by the Government or by such
officer or officers or Body of officers as the Government may appoint for this
purpose, from time to time.
(4)All property vested in the Corporation shall, during the period of such
supersession, vest in the Government.
(5)Where an offence under this Act has been committed by a Company,
every person who, at the time the offence was committed, was in charge of and
was responsible to, the company for the conduct of the Business of the
Company, to be guilty of the offence and shall be liable to be prosecuted and
punished as per the applicable laws in force:
Provided that, nothing contained in this section shall render any
such person liable to any punishment if he proves that the offence was
committed without his knowledge or that he had exercised all due diligence to
prevent the Commission of such offence.
(6) Notwithstanding anything contained in this sectionwhere an offence
under this Act has been committed by a company, and it is proved that the
offence has been committed with the consent or connivance of or is attributable
to any neglect on the part of, any director, manager, secretary or other officer of
the company, such director, manager, secretary or other officer shall also be
deemed to be guilty of that offence and shall be liable to be proceeded against
and punished accordingly.
Explanation: For the purpose of this section,
(a)   “Company” means a body corporate and includes a firm,
association or persons or body of individuals whether incorporated
or not and
(b)   “Director” means a Director appointed to the Board of a
Company.
27. Authority for prosecution -Unless otherwise expressly provided, no
court shall take cognizance of any offence relating to property belonging to, or
vested by or under this Act in the Corporation, punishable under this Act
except on the complaint of, or upon information received from the Corporation
or any person authorized by the Corporation by general or special order in this
behalf.
28. Compounding of offences by Corporation -The Corporation or any
person authorized the Corporation by general or special order in this behalf
may, either before or after the institution of the proceedings, compound any
offence made punishable by or under this Act:
Provided that, where an offence has been compounded, the offender, if in
custody, shall be discharged and no further proceedings shall be taken against
him in respect of the offence compounded.
29. Delegation of powers of Corporation -The Corporation may, with the
previous approval of the Government, delegate any of its powers under this Act
to any officer of the Government or any of its officers and permit them to re-
delegate specific powers to their subordinates by general or specific order in
this behalf.
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30. Protection of action taken in good faith -No suit, prosecution or other
legal proceedings shall lie against any person or anything which is in good faith
done or intended to be done under this Act or rules or regulation made there
under.
31.Chairman, Vice-Chairman & Managing Director, Members & Officers
etc., to be public servants -The Chairman, Vice-Chairman and Managing
Director, Members, Officers, Employees and servants on deputation to or of the
Corporation as the case may be, shall while acting or purporting to act in
pursuance of any of the provisions of this Act or rules or regulations made
there under, be deemed to be public servants within the meaning of section 21
of the Indian Penal Code, 1860 (Central Act No.45 of 1860).
32. Power to make rules -(1) The State Government may, by notification in
the Andhra Pradesh Gazette, make rules to carryout the purposes of this Act.
(2)  Every rule made under this Act shall immediately after it is made, be
laid before the Legislature of the State, if it is in session and if it is not in
session, in the session immediately following for a total period of fourteen (14)
days which may be comprised in one session or in two successive sessions, and
if, before the expiration of the session in which it is so laid or the session
immediately following, the Legislature of the State agrees in making any
modifications in the rule or in the annulment of the rule, the rule shall, from
the date on which the modification or annulment is notified, have effect only in
such modified form or shall stand annulled as the case may be, so however,
that anysuch modification or annulment shall be without prejudice to the
validity of anything previously done under that rule.
33.Power to make regulations -The Government may make regulations
consistent with this Act and the rules made thereunder for all or any of the
matters to be provided under this Act by regulations and generally for all other
matters for which provision is, in the opinion of the Corporation, necessary for
the exercise of its powers and the discharge of its functions under this Act.
34. Power to remove doubts and difficulties -(1) In case of any repugnancy
between the provisions of G.O.MS. No. 80, of Finance (PMU-CASPS, FC&IF)
Department, dated 27-08-2020 and the provisions of this Act, the provisions of
this Act shall prevail.
(2) If any doubt or difficulty arises in giving effect to the provisions of this
Act, the Government may by order make provisions or give such directions not
inconsistent with the provisions of this Act, as may appear to it to be necessary
or expedient for the removal of the doubt or difficulty.
35.Dissolution of the Corporation -(1)Where the Government is satisfied
that the purposes for which the Corporation was established under this Act
have been substantially achieved so as to make the continued existence of the
Corporation in the opinion of the Government, unnecessary, the Government
may by notification declare that the Corporation shall be dissolved with effect
from such date as may be specified in the notification, and the Corporation
shall be deemed to be dissolved accordingly and upon such dissolution, the
members including the Chairman and the Vice-Chairman & Managing
Director, if any, shall vacate their respective offices from the date as specified
in the said notification of dissolution.
(2)All properties, funds, and dues which are vested in, or realizable by,
the Corporation shall vest in, or be realizable by the Government.
(3)All liabilities which are enforceable against the Corporation shall be
enforceable against the Government.
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36.Repeal of Ordinance No.14 of 2020 and saving -(1) The Andhra Pradesh
State Development  Corporation Ordinance, 2020is hereby repealed.
(2)Notwithstanding such repeal, anything done or any action taken
under the said Ordinance, shall be deemed to have been done or taken under
this Act.

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