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THE STATE AGRICULTURAL CREDIT CORPORATIONS ACT, 1968

Title : THE STATE AGRICULTURAL CREDIT CORPORATIONS ACT, 1968

Year : 1968

[Act, No. 60 of 1968]
[29th December, 1968]


PREAMBLE

An Act to provide for the establishment in the States and Union territories of Agricultural Credit Corporation and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Nineteenth Year of the Republic of India as follows;-



(1) This Act may be called the State Agricultural Credit Corporations Act, 1968

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different States or for different Union territories.



In this Act, unless the context otherwise requires,-

(a) "Agricultural marketing society" means a co-operative society the objects of which include the marketing of agriculture produce;

(b) "Agricultural operation" includes animal husbandry, dairy farming, pisciculture and poultry farming.

Explanation;- The expression "pisciculture" includes the development of fisheries, both inland and marine, catching of fish and all activities connected therewith or incidental thereto;

(c) "Agricultural processing society" means a co-operative society the objects of which include the processing of agricultural produce;

(d) "Agricultural produce" includes the produce of an agricultural operation;

(e) "Appropriate Government" means;-

(i) In relation to any Corporation established in a Union territory, the Central Government, and

(ii) In relation to any Corporation established at any other place, the State Government.

(f) "Banking company" has the meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

(g) "Board" means the Board of directors of the Corporation;

(h) "Co-operative farming society" means a co-operative society the objects of which include the cultivation of land on a co-operative basis;

(i) "Corporation", in relation to a State or Union territory, means the Agricultural Credit Corporation established under section 3 in that State or Union territory, as the case may be

(j) "Director" means member of the Board;

(k) "Food Corporation" means the Food Corporation of India established under the Food Corporations Act, 1964(37 of 1964);

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

(m) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1984);

(n) "Subsidiary bank" has the meaning assigned to it in the State Bank of India (Subsidiary Banks) Act, 1959(38 of 1959);

(o) "Central Co-operative Bank", "Co-operative Society", "Primary Agricultural Credit Society", "Scheduled Bank", "State Bank" and "State Co-operative Bank", have the meanings respectively assigned to them in section 2 of the Reserve Bank of India Act, 1934(2 of 1934).
Last updated on August, 2016

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