LexThe Assam Recovery of Loans Act, 1976
Assam · state statute
Open in Lexace · Ask the AI about this act'.. I . . Kegisterod No.-A- I 2 / ' The ·Assam Gaz.ette , . • v• EXTRAORDINAR~ .PIUBLISH ED BY AUTHO RITY . · I - I ., ~ 85 first~, ~fit~, 22 ~t'5f~, 1976, 31 "tl'8't, 189-8 "f~ -.. - ._ No. 85 Ohpur, Sun.day, August 22, 1976, 31st Srava na, · ·\ · 1893 S. E . • GOVERNMENT OP ASSAM ORDERS BY THE :·G.OVERNOK . LAW DEPARTMENT NOTIFICATION The 18th August 1976 No.LJL .. 91/76/31.-Th e following Act of the 'Assam Legislative Assembly which r eceived the ·a:;.sent- ·o.f the' President is hereby publ ished for general informa tion. I I / .. 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 expedi ent 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<!ted in 'the Twenty-seventh Year of the Republic of India as follows :- . . Short title,- 1:- (I) TP.is Act may .be 'alled · the :Assam_ extent and Recovery of Loans Act, 1976. 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 .- .. ' .• . ' ' ' ._ '· • ,. -· .. -~- ~ -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 Schedul e to the Reserve ' Bank of 2 of 1<)34. India Act', 1934 ; ' (ii) ) ... • • the '.State Banl,c. of India' constituted unde r 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 ' ', .• .. . \ ,. !J I - ~ - ~ .. 510 THE ASSAM GAZETTE EXTRAORDINARY, A'uq. 1 22, 1976 ----- -- -- ----- I , -· !. (d) ••financia( institution" means- '· (i) -a company or .a body corp orate as .• ' defined in the' Compani es 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 <b' . - 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 provid ing ·,apporru nities 'for employment or for assisting agri cultu ral or industrial activities and w:ir poJeS; (i ~ "State . Government" means the State ' Government of. Assam. ' -.. 1 of 1950,1 Recovery of 3 . . Notwi~~startd~ng ' . anything . . contained in any arrears pf law for the time bemg in force or m any agreem~nc; Joan . as a any amounf due to a bank or a finapcial institution publ~c . de- from any person in respe<'..t of any amount advanced man .. or granted unde1" any scheme shall, apart from any' other mode of recovery, ·be re'co_verable a,s an ·arrear Ben . Act IIY of iand revenue under the Bengal Public . DeIIfand> .of 1913. · R ecovery Act, 19-13 . . . , , ' ' ' ' .,,._, "'.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<J,y · be comprised in one or in· two succes~ive sessiDns,f! and if, hefore the. expiry of the sessions;in which it is so placed or the sessions immediately following the As~am Legislatiye Assembly agree in making any modification in the ru:le or. the Assam ' Legislative Assembly agree that the rule should not .l)e made, the rule shall thereafter have effect only in such modified forin or be of no effect as the case may be, so however, that any iuch modification or annulment shall be . without , prejudice to ·the · · validity of· anything previously done · u~der that- rule. ·· 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 •