Meghalaya Credit Operation and Miscellaneous Provisions Act, 1976
No: 17 Dated: Aug, 02 1976
MEGHALAYA CREDIT OPERATION AND MISCELLANEOUS PROVISIONS ACT, 1976
MEGHALAYA ACT 10 OF 1976
An Act to make provisions to facilitate adequate flow of credit for agricultural production and development through Banks and other institutional credit agencies and for matters connected therewith and incidental therto.
Be it enacted by the Legislature of Meghalaya in the Twenty-seventh Year of the Republic of India as follows:-
1. Short title, extent and commencement:-(1) This Act may be called the Meghalaya Credit Operation and Miscellaneous Provisions Act, 1976.
(2) It extends to the whole of the State of Meghalaya.
(3) It shall come into force on such date as the State Government may, by notification in the Gazette appoint in this behalf and different dates may be appointed for different areas of the State.
2.Definitions:- In this Act, unless the context otherwise requires:-
(a) “agriculture” and “agricultural purposes” shall include making land fit for cultivation, cultivation of land, improvement of land including development of sources of irrigation, raising and harvesting of crops, horticulture, forestry, planting and farming, and cattle breeding, animal husbandry, dairy farming, seed farming, pisciculture, apiculture, sericulture, piggery, poultry farming and such other activities as are generally carried on by agriculturists, dairy farmers, cattle breeders, poultry farmers and other categories of persons engaged in similar activities including marketing of agricultural products, their storage and transport and the acquisition of implements and machinery in connection with such activity;
(b) “agriculturist” means a person who is engaged in agriculture ;
(c) “Agro-Industries Corporation” means a company or other body corporate, one of the principal objectives of which is to undertake activities connected with or intended for the development of agriculture and not less than fifty-one percent of the paid-up share capital of which is held by the Central Government or by any State Government or State Governments or partly by the Central Government and partly by one or more State Governments ;
(d) “bank” means,-
(i) the Meghalaya Co-operative Apex Bank Ltd.;
(ii) a banking company as defined in the Banking Regulation Act, 1949 ;
(iii) the State Bank of India constituted under the State Bank of India Act,1955; (iv) a Subsidiary Bank of India constituted under the State Bank of India (Subsidiary Banks) Act, 1959 ;
(v) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;
(vi) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 ;
(vii) the Agriculture Refinance Corporation constituted under the Agricultural Refinance Corporation Act,1963.
(viii) the Agro-Industries Corporation as defined in clause (c);
(ix) the Agricultural Finance Corporation Limited a company incorporated under the Indian Companies Act, 1956 ; and
(x) any other financial institution notified by the State Government in the Official Gazette as a bank for the purpose of this Act.
(e) “Co-operative Society” means a Co-operative Society registered or deemed to be registered or deemed to be registered under the Meghalaya Co-operative Societies Act (Assam Act I of 1950 as adapted by Meghalaya) the object of which is to provide financial assistance as defined in clause (g) to its members and includes a Co-operative Land Mortgage or Development Bank ;
(f) “Crop loan” means a loan advanced to an agriculturist for the purpose of seasonal agricultural operations or the marketing of crops and is recoverable within fifteen months from the date of advancement of such loan ;
(g) “financial assistance” for the purposes of this Act means assistance granted by way of loan, advance, guarantee or otherwise for agricultural purpose ;
(h) “Land” includes crops, trees, houses, and/or other structures standing thereon.
(i) “Term loan” means a loan advanced to any agriculturist for meeting outlay relating to the replacement or maintenance of wasting assets including machineries or for capital investment designed to increase the crop output and is repayable within any period exceeding fifteen months but not exceeding twenty years.