Vidhi Codex

The Andhra Pradesh State Development Corporation Act, 2020

The Andhra Pradesh State Development Corporation Act, 2020

General202037 sections6 chapters

This Act establishes and governs the Andhra Pradesh State Development Corporation, a public entity designed to fund essential social and economic welfare schemes. Applying to the state government, the corporation, and its partners, this law empowers the entity to secure loans from banks and capital markets. To repay these debts, the government pledges designated revenue streams, like specific excise taxes, to the corporation. Ultimately, this legislation matters because it bypasses immediate budget constraints, ensuring steady, sustainable funding for critical developmental projects like schools, healthcare, agricultural support, and poverty alleviation programs that benefit citizens throughout the entire region of Andhra Pradesh.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title, extent and commencement-(1)This Act may be called the
  2. 2Definitions -In this Act, unless the context otherwise requires,-

Chapter II STATUTORY STATUS, STRENGTHENING, CONDUCT OF BUSINESS AND →

  1. 3Statutory status, and strengthening of APSDC Ltd., -(1)The State
  2. 4Department dated 27-08-2020,prior to enactment of this Act shall stand protected.
  3. 5Provision for inviting Officers of Government etc., -(1) The Corporation
  4. 6Corporation may determine, from time to time.
  5. 7Authentication of orders etc., of the Corporation -All proceedings of the

Chapter III OBJECTIVES AND SCOPE OF ACTIVITIES →

  1. 8Objectives of the Corporation -Subject to the provisions of this Act and the
  2. 9Development Goals/Sustainable Development Goals.
  3. 10Corporation or alternatively the Government shall take over the financial and debt servicing obligations of the Corporation.

Chapter IV PROPERTY, ASSETS, LIABILITIES AND OBLIGATIONS →

  1. 11Transfer of assets and liabilities of the Government to the Corporation

Chapter V FUNCTIONS AND POWERS →

  1. 12Government to vest or entrust schemes and revenues to the
  2. 13Functions of the Corporation - (1) It shall be the function of the
  3. 14Powers of the Corporation -(1) To enter any agreement with the

Chapter VI FINANCE, ACCOUNTS AND AUDIT →

  1. 15Application of Corporation assets etc., -(1) All property, fund and other
  2. 16Contribution of government to Corporation -The Government shall, by
  3. 17Government shall not carry any interest.
  4. 18State Government as guarantor -The Corporation may seek State
  5. 19Accounts and Audit -(1) The Corporation shall maintain books of account
  6. 20Concurrent and Special audit of Accounts -(1) Notwithstanding anything
  7. 21Annual Reports -The Corporation shall prepare and submit to the
  8. 22Other activities of the Corporation -The Corporation shall also
  9. 23Prosecution- Whoever contravenes the provisions of this Act is/are liable
  10. 24Dues to be recovered as an arrears of land revenue -All sums due or
  11. 25Public Notices how to be made known -Every public notice given under
  12. 26Public notice may be through print media, digital media or publishing on official website of the Corporation.
  13. 27Company.
  14. 28Compounding of offences by Corporation -The Corporation or any
  15. 29Delegation of powers of Corporation -The Corporation may, with the
  16. 30Protection of action taken in good faith -No suit, prosecution or other
  17. 31Chairman, Vice-Chairman & Managing Director, Members & Officers
  18. 32Power to make rules -(1) The State Government may, by notification in
  19. 33Power to make regulations -The Government may make regulations
  20. 34Power to remove doubts and difficulties -(1) In case of any repugnancy between the provisions of G
  21. 35Dissolution of the Corporation -(1)Where the Government is satisfied
  22. 36Repeal of Ordinance No.14 of 2020 and saving -(1)The Andhra Pradesh

PDF: pending for this language.