Jammu and Kashmir State Aid to Industries Act, 1961

No: 22 Dated: Apr, 01 1961

THE JAMMU AND KASHMIR STATE AID TO INDUSTRIES ACT, 1961

(Act No. XXII of 1961)

    An Act to encourage the development of Industries in the State of Jammu and Kashmir by the grant of State Aid.

Be it enacted by the Jammu and Kashmir State Legislature in the Twelfth Year of the Republic of India as follows: -

CHAPTER I

PRELIMINARY

1. Short title and extent:- (1) This Act may be called the Jammu and Kashmir State Aid to Industries Act, 1961.

(2) It extends to the whole of the State of Jammu and Kashmir.

2. Definitions:- In this Act, unless there is anything repugnant in the subject or context, -

(1) “Board’ means the Board of Industries constituted under section 3 of this Act ;

(2) “borrower” means an individual, Company or association or body of individuals, whether incorporated or not, to whom or to which State aid has been granted under this Act ;

(3) “Company” means a company as defined in the law relating to companies in force in the State for the time being ;

(4) “Director” means the Director of Industries and includes any officer authorised by the Government to perform all or any of the functions of the Director under this Act ;

(5) “industry” means any industrial business or enterprise conducted or undertaken either by an individual or by a company, association or body of individuals whether incorporated or not; and includes village and cottage Industry ;

(6) “village Industry” means an industry which forms the normal occupation, whether whole time or part-time, of any class of the rural population of the State ;

(7) “machinery” includes plant, apparatus, tools and other appliances required for the purpose of carrying on any industrial operation or process ;

(8) “prescribed” means prescribed by rules made under this Act.