The Manipur Ceiling on Government Guarantees (Amendment) Act, 2008

GOVERNMENT OF MANIPUR
SECRETARIAT: LAW & LEGISLATIVE AFFAIRS
DEPARTMENT
NOTIFICATION
Imphal, lfiApril, 2008
No. .2/14/2008-Le‘g/L: The following Act of the Legislature of Manipurrecelved assent of the Govemor on 31.3.2008 and is hereby published in the
Manipur Gazette.
THE MANIPUR CEILING ON GOVERNMENT GUARANTEES
(AMENDMENT) ACT, 2008
(MANIPUR ACT NO. 3 OF 2008)
‘An
Act
to amend the Manipur Ceiling on Government Guarantees Act, 2004 (Manipur
Act No. 2 of 2005):
Be it enacted by the Legislature of Manipur in the Fifty-ninth Year of the
Republic of India as follows:
1. Short title and commencement.-(1) This Act may be called the Manipur
Ceiling on Government Guarantees (Amendment) Act, 2008.
(2) It shall come into force at once.
2. Insertion of new sections 6,7,8 and 9,-After section 5 of the Manipur
Ceiling on Government Guarantees Act,2004, the following new sections 6, 7,
8 and 9 shall be added, namely,—
“6. Conditions for availing of guarantee.-The State Government may, at
its discretion, make the Government guarantee available to the
applicant institution only on futfiIIment of such conditions and the
criteria as, prescribed by the Government.
7. Power to make rules.-(1) The State Government may, by notification
in the official Gazette, make rules for carrying out the provisions of
this Act.
(2) In partieular and without prejudice to the generality of the
foregoing power, such rules may provide for all or any of the
following matters, namely,-
(a) the conditions and the criteria to be fulfiled by the
applicant institution for availing the Government
guarantee;
(b) the principles and the manner of conducting the risk—'
weight analysis of the creditworthiness of the applicant
institution and rating/ranking the applicant institution
according to such principles;
(c) the manner of determination and Ievy 'of the amount of
the commission for extending Government guarantee;
Copy to:-
8.
(3)
(d) any other matter which is required to be, or may be,
prescribed.
Every rule made under this Act shall be laid, as soon as may be
after it is made before the Legislature of Manipur, while it is in
session, for a total period of thirty days which may comprise in
one session or in two more successive sessions, and if, before
the expiry of the session immediately following the session or
successive sessions aforesaid, the House agrees in making any
modification in the ruie or the House agrees that the rule
should not be made, the rule shall thereafter have effect only in
such modified form or be of no effect as the case may be, so
however, that any such modification or annulment shall be
without prejudice to the validity of anything previously done
under that rule.
Application of other laws not barred.- The provision of this Act shall
be in addition to, and not in derogation of, the provisions of any
other law for the time being in force.
The power to remove difficulties .- (1) It any difficulty arises in
giving effect to the provisions of this Act, the State Government
may, by order published in the official Gazette, make such
provisions not inconsistent with the provisions of this Act as may
appear to be necessaryfor removing the difficulty.
(2) Every order made under this section shall be laid, as soon as
may be after it is made, before the House of the State Legislature.”
; | ’3‘_ WE
(A. Sukumar Singh)
Secretary (Law), Govt. of Manipur
l. The Commissioner (Finance), Government of Manipur
2. The Secretary, Legislative Assembly, Manipur
3. The Director,_Printing & Stationary, Manipur for favour of
publication in the official Gazette Extra Ordinary dated
1.4.2008 He is requested kindly‘to send 5( five) copies of the
publication to the Law & Legislative Affairs Department,
L4)Wfifinent of Manipur
. Guard file.

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