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REGISTERED No. D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 51] NEW DELHI, THURSDAY, AUGUST 7, 1975,/SRAVANA 16,1897

Separate paging is given to this Part in order that it may be filed as a separate compilation

MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS (Legislative Department) New Delhi, the 7th August, 1975/Sravana 16, 1897 (Saka)

The following Act of Parliament received the assent of the President on the 7th August, 1975, and is hereby published for General informa- tion : —

THE AGRICULTURAL REFINANCE CORPORATION

(AMENDMENT) ACT 1975 No. 45 OF 1975

[7 th August, 1975] An Act further to amend the Agricultural Refinance Corporation Act, 1963,

BE it enacted by Parliament in the Twenty-sixth Year of the Republic of India as follows: —

1. (1) This A.ct may be called the Agricultural Refinance Corpora- Short title

and com-mence- tion (Amendment) Act, 1975.

(2) It snail come into force on such date as the Central Government

irriferice- men't.

may, by notification in the Official Gazette, appoint.

10 of 1963.

Amend- ment of section 1.

2. (1) In section 1 of the Agricultural Refinance Corporation Act, 1963 (hereinafter referred to as the principal Act), in subsection (1), after the word "Refinance", the words "and Development" shall be inserted.

10 of 1963.

(2) Any reference to the Agricultural Refinance Corporation Act, 1963, in any other law for the time being in force, or in any instrument or other document, shall be construed as a reference to the Agricul- tural Refinance and Development Corporation Act, 1963.

3. In section 2 of the principal Act,—

(i) for clause (c),, the following clause shall be substituted,

mend- raent of section 2.

namely: —

'(c) "central land development bank" means the principal land development bank in a State (by whatever name called),

(4")

2 of 1912.

which is registered, or deemed to be registered, under the Co- operative Societies Act, 1912, or any other law for the time be- ing in force in any State relating to co-operative societies and the primary object of which is the providing of long-term fin- ance for agricultural development:

Provided that, in addition to such principal land develop- ment bank in a State, or where there is no such bank in a State, the State Government may, with the previous approval of the Reserve Bank, declare any co-operative society carrying on busi- ness in that State and authorised by the bye-laws of such co-operative society to provide long-term finance for agricultural development, to be a central land development bank within the meaning of this Act;';

(ii) in clause (e), after the word "Refinance", the words "and Development" shall be inserted;

(ill) in clause (f),—

(a) in sub-clause (i),—

(1) for the words "central land mortgage bank", the words "central land development bank" shall be substituted,

(2) the word "and", occurring at the end, shall be omitted;

(b) in sub-clause (ii), for the words "central land mort- gage bank", the words "central land development bank" shall be substituted;

(c) after sub-clause (iii), the following sub-clause shall be Inserted, namely: —

"(t") such other institution as may, on the recommen- dation of the Reserve Bank, be approved by the Central .Government in this behalf;".

4. Iii Chapter II of the principal Act, in the heading, after the word "RMIWAKCE",, the words "*N" DEVELOPMENT" afeall Tom imettmd.,

AtamtiU mm* <* heading to Cfcapftw U.

5. After section 3 of the principal Act, the following section shall be inserted, namely: —

Insertion

of new

nctton

SA.

"3A. (I) On the commencement of the Agricultural Refinance Corporation (Amendment) Act, 1975, the Corporation established under section 3 and known as the Agricultural Refinance Corpora- tion shall be renamed as the Agricultural Refinance and Develop- ment Corporation.

Change of name of "Agricul- tural Refinance Corpora- tion".

(2) The change of name of Agricultural Refinance Corporation by sub-section (I) shall not—

(a) affect any right or obligation of that Corporation sub- sisting immediately before the commencement of the Agricul- tural Refinance Corporation (Amendment) Act, 1975;

(b) render defective any suit or other legal proceeding pending, immediately before such commencement, by or against that Corporation in its former name; and

(c) affect the institution, continuation or commencement 01 any suit or other legal proceeding which could have been ins- tituted, continued or commenced, by or against that Corpora- tion in its former name before such commencement.".

6. In section 4 of the principal Act, for the words "in other places in India", the words "anywhere in India" shall be substituted.

Amend- ment of section 4.

7. In section 5 of the principal Act,—

Amend- ment of section 5.

(i) in sub-section (2), in clause (b), for the words "central land mortgage banks", the words "central land development banks" shall be substituted;

(ii) in sub-section (5), after the words "the remaining shares", the words, brackets and figure "referred to in sub-section (1)" shall be inserted;

(Hi) after sub-section (5), the following sub-sections shall be Inserted, namely: —

"(5A) Notwithstanding anything contained in sub-section (1), on the commencement of the Agricultural Refinance Corporation (Amendment) Act, 1975, the Reserve Bank may, with the previous approval of the Central Government, increase the authorised capital of the Corporation up to one hundred crores of rupees, such further capital also being divided into fully paid-up shares of ten thousand rupees each.

(SAA) Notwithstanding anything contained in sub-section (S), qut of the further capital issued pursuant to the increase of the authorised capital under tub-section (5A), the Reserve Bank •hall, and th" institution! mentioned in clauses (b) Mid

(SAB) Th" Recerre Bank shall not, at any time, hold less than ft&y p"r cent, of the further capital of the Corporation which is issued pursuant to the increase of the authorised capital under sub-section (SA).

(5AC) The allotment of ihares, issued pursuant to the increase of the authorised capital under sub-section (5A), shall be made by the Board in accordance with the regulations made in this behalf and if any such shares remain unallotted, they shall be subscribed for by the Reserve Bank:

Provided that the Reserve Bank may dispose of such shares to any institution mentioned in clause (b) or clause (c) of sub- section (2):

Provided further that no such disposal shall be made, if, as a result of such disposal, the shares held by the Reserve Bank in the further capital of the Corporation, issued pursuant to the increase of the authorised capital under sub-section (5A), will fall below fifty per cent, of such further capital."'.

8. In section 7 of the principal Act, for the words "Banking Com-

Amend- ment of

panies Act," the words "Banking Regulation Act" shall be substituted.

section 7.

Amend- ment of section 10.

9. In section 10 of the principal Act, in clause (d), for the words "central land mortgage banks", the words "central land development banks" shall be substituted.

Amend, ment oi! section 17.

10. In section 17 of the principal Act, in sub-section (3), after the words "as it may decide", the words "and every committee so consti- tuted shall discharge such functions as may be prescribed or may be delegated to it by the Board" shall be inserted.

11. In section 20 of the principal Act, in sub-section (1),—

Amend, ment oi section 20.

(a) in clause (c), the word "and", occurring at the end, shall

be omitted;

(b) in clause (d), for the words "a central land mortgage bank", the words "a central land development bank" shall be substituted; and the word "and" shall be inserted at the end;

(c) after clause (d), the following clause shall be inserted,

namely: —

" (e) receive gifts, grants, donations or benefactions from Government or any other source and such gifts, grants, donations or benefactions shall not be treated as the income, profits and gains of the Corporation.".

12. In section 22 of the principal Ant —

Amend- ment of section 22.

(a) in sub-section (3),—

(i) in clause (b), after the words, brackets and figures "in sub-clause (U)", the words, brackets and figures. ", or sub-clause (iv)," shall be inserted;

'(c) the purchasing of, -or subscribing to, the bonds or debentures of any eligible institution, repayable within a period not exceeding twenty-five years from the dates on which they are issued and the selling of such bonds or deben- tures;";

(in) in clause (d),—

(1) the words "from outside India" shall be omitted:

(2) in sub-clause (i), after the words, brackets and figures "in sub-clause (ii)", the words, brackets and figures ", or sub-clause (iv)," shall be inserted;

(iv) in clause (e), for the words "or debentures subscribed for or to be subscribed for, by such Government; and", the words "or bonds or debentures purchased or subscribed for, or to be purchased or subscribed for, by such Government;" shall be substituted;

(u) after clause (e), the following clause shall be Inserted, namely: —

"(ea) undertaking researches, surveys and techno-eco- nomic studies on its own, or through an agency approved by the Corporation in this behalf, where, in the opinion of the Corporation, doing so may facilitate the exercise by the Corporation of its powers and functions or the discharge of its duties; and";

(b) in sub-section (4), in the first proviso, in clause (ii), after tlie words "guarantee is necessary", the words "in respect of an eli- gible institution, or any class of eligible institutions or having re- gard to the nature and scope of the scheme or schemes for which such accommodation is granted by the Corporation"' shall be inserted;

(c) in sub-section (5), the words "or for the purpose of pro- viding working capital" shall be omitted.

13. Section 23 of the principal Act shall be omitted.

Omission of section 23.

14. In section 30 of the principal Act,—

Amend- ment of section 30.

(t) in sub-section (1), for the words "by an auditor duly quali- fied to act as auditor", the words "by one or more auditors duly qualified to act as auditor or auditors of companies" shall be substi- tuted;

(ii) in sub-section (2), in sub-section (3) and in sub-section (4), for the words "The auditor", the words "Every auditor" shall be substituted;

(Hi) in sub-section (5),—

(0) for the words "The auditor", the words "The auditor or auditors" shall be substituted;

(b) for the words "accounts examined by him and in every such report he shall state whether in his opinion", the words "accounts examined by him or them, as the case may be, and in every such report he or they shall state whether in his or their opinion" shall be substituted;

(c) for the words "in case he had called for any explana- tion", the words "in case he or they had called for any explana- tion" shall be substituted.

15. In section 46 of the principal Act,—

(i) in sub-section (2), after clause (a), the following clause

Amend- ment of section 46.

shall be inserted, namely: —

"(aa) the manner in which and the proportion in which the shares of the Corporation shall, or may, be subscribed for after the authorised capital of the Corporation has been increased beyond twenty-five crores of rupees;";

(ii) for sub-section (5), the following sub-section shall be sub-

stituted, namely: —

"(5) Every regulation made under this section shall be laid, as sooti as may be after it is made, before each House of Parlia- ment, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more suc- cessive sessions, and if, before the expiry of the session imme- diately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation 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 regulation.".

K. K. SUNDARAM,

Secy, to the Govt. of India.

PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DBLHIj 1 9 75