The Industrial Reconstruction Bank of India Act, 1984

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The Industrial Reconstruction Bank of India Act, 1984

THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984 ACT NO. 62 OF 1984

[11th September, 1984.]

An Act to provide for the establishment of the Industrial Reconstrucson Bank of India, and for the transfer to, and vesting in, the tiaid Reconstruction Bank, of the undertaking of the Corporation known as the Industrial Reconstruction Corporation of India Limited, with a view to enabling the said Reconstruction Bank to function as the principal credit and reconstruction agency for industrial revival and to co-ordinate similar work of the other institutions engaged therein and to assist and promote industrial development, and to rehabilitate industrial concerns, and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Thirty-fifth Year of the Republic of India as follows:--

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title and commencement.

1. Short title and commencement.-(1) This Act may be called the Industrial Reconstruction Bank of India Act, 1984.

(2) It shall come into force on such date1* as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.

2.

Definitions.

2. Definitions.- In this Act, unless the context otherwise requires,--

(a) "appointed day", in relation to any provision of this Act, means the date on which such provision comes into force and any reference to the appointed day in any provision of this Act shall be construed as a reference to the commencement of that provision;

(b) "assistance" means any direct or indirect financial, managerial or technical assistance granted by the Reconstruction Bank in pursuance of any business referred to in section 18;

(c) "assisted industrial concern" means any industrial concern to which any assistance has been given by the Reconstruction Bank;

(d) "Board" means the Board of directors of the Reconstruction Bank;

[See footnote 1 for this section]

(e) "charge" includes a charge referred to in section 37;

(f) "Corporation" means the Industrial Reconstruction Corporation of India Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), and having its registered office in the State of West Bengal;

(g) "Development Bank" means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);

(h) "dues" means any dues payable by any person to the Reconstruction Bank in relation to any assistance given by, or any bond or debenture issued to, the Reconstruction Bank, and includes interest, rent, costs, charges and commission payable in relation thereto;

(i) "industrial concern"--

(1) means any concern engaged, or to be engaged, in--

(i) the manufacture, preservation or processing of goods;

(ii) shipping;

(iii) mining;

(iv) the hotel industry;

(v) the transport of passengers or goods by road or by water or by air or by ropeway or by lift;

(vi) the generation or distribution of electricity or any other form of power;

(vii) the maintenance, repair, testing or servicing of machinery of any description or vehicles or vessels or motor boats or trailers or tractors;

(viii) assembling, repairing or packing any article with the aid of machinery or power;

(ix) the development of any contiguous area of land as an industrial estate;

(x) fishing or providing shore facilities for fishing or maintenance thereof;

(xi) providing special or technical knowledge or other services for the promotion of industrial growth;

or (xii) the research and development of any process or product in relation to any of the matters aforesaid, (2) and includes--

(i) an undertaking owned, controlled or managed by a company, firm or other body corporate, which is, or is to be, so engaged, (ii) such other concern as the Central Government may, by notification in the Official Gazette, specify in this behalf.

Explanation.--The expression "processing of goods"

includes any art or process for producing, preparing or making an article 553 by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation;

(j) "nationalised bank" means a corresponding new bank as defined in section 2 of the--

(i) Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(ii) Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);

(k) "prescribed" means prescribed by rules made under this Act;

(l) "public financial institution" means a public financial institution specified in, or under, section 4A of the Companies Act, 1956 (1 of 1956);

(m) "Reconstruction Bank" means the Industrial Reconstruction Bank of India, established under section 3;

(n) "regulation" means a regulation made under this Act;

(o) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

(p) "share" means a share in the capital of the...

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