Rehabilitation Finance Administration Act, 1948
No: 12 Dated: Mar, 23 1948
THE REHABILITATION FINANCE ADMINISTRATION ACT, 1948
ACT NO. 12 OF 1948
An Act to establish the Rehabilitation Finance Administration.
WHEREAS it is expedient to establish a Rehabilitation Finance Administration for the purpose of giving financial assistance on reasonable terms to displaced persons to enable them to settle in business or industry;
It is hereby enacted as follows: —
1. Short title, extent and commencement.—(1) This Act may be called the Rehabilitation Finance Administration Act, 1948.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf.
2. Definitions.—In this Act, unless there is anything repugnant in the subject or context,—
(a) “Act” means the Rehabilitation Finance Administration Act, 1948;
(b) “Administration” means the Rehabilitation Finance Administration constituted under this Act;
(c) “borrower” means an individual, company, association or body of individuals, whether incorporated or not, to whom a loan has been advanced under this Act;
(d) “displaced person” means—
(i) a person who, being displaced from any area now forming part of Pakistan on account of civil disturbances or fear of such disturbances, has settled and is engaged or intends to engage in any business or industry in India, or
(ii) a person in India who, having had his business, industry or property, wholly or partially in any area now forming part of Pakistan, has lost, wholly or partially, such business, industry, or property on account of civil disturbances or the fear of such disturbances, and who is engaged, or intends to engage in any business or industry in India;
(e) “loan” means a sum of money advanced by the Administration—
(i) to a displaced person for the purpose of any business or industry in which he is engaged or intends to engage himself, or
(ii) in respect of any business or industry, a substantial portion of which is owned by displaced persons; and
(f) “prescribed” means prescribed by rules made under section 23 or regulations made under section 24.
3. Establishment and incorporation.—(1) The Central Government shall constitute a Corporation called the Rehabilitation Finance Administration for giving financial assistance on reasonable terms to displaced persons to enable them to settle in business and industry or to any business or industry, a substantial portion of which is owned by displaced persons.
(2) The Corporation shall be a body corporate by the name of the Rehabilitation Finance Administration having perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and transfer property, both movable and immovable, and shall by the said name sue and be sued.
(3) The administration shall have its head office at Delhi and may, with the previous approval of the Central Government, open branches at such places in India as it may consider necessary to discharge effectively its functions under this Act.
4. Constitution of the Administration.—(1) The Administration shall consist of the following members, namely:—
(a) a Chairman to be appointed by the Central Government who shall be called the Chief Administrator;
(b) four officials appointed by the Central Government; and
(c) four non-officials nominated by the Central Government.
(2) No act done by the Administration shall be called in question on the ground merely of the existence of any vacancy or any defect in the constitution of the Administration.
5. Advisory Board.—(1) The Central Government shall constitute an Advisory Board to advise the Administration on matters of policy and may where necessary constitute a Regional Committee to advice each branch of the Administration.
(2) The Advisory Board shall consist of such members, not exceeding fifteen in number, as may be nominated by the Central Government.