Definitions -In this Act, unless the context otherwise requires,-

(1)‘Accounts’ means as defined under Indian Accounting Standards or Indian Generally Accepted Accounting Principles issued from time to time; (2)‘Act’ means the Andhra Pradesh State Development Corporation Act, 2020; (3)‘Board’ means the Board of Directors of the Corporation; (4)‘Chairman’ means an executive elected by a company's board of directors who is responsible for presiding over board or committee meetings; (5)‘Corporation’ means the ANDHRA PRADESH STATE DEVELOPMENT CORPORATION LIMITED (APSDC) constituted under section3(1) of this Act; (6)‘Government’ means the Government of Andhra Pradesh; (7)‘Member’ means Shareholder as defined in Companies Act, 2013(Central Act No.18 of 2013); (8)‘Prescribed’ means prescribed by rules, regulations and/or standing orders made under this Act; (9)‘Rule’ means a rule made under this Act by Government and laid before the State Legislature; (10)‘Social and Economic Development’ with its grammatical variations means and includes provision of basic amenities like Quality Education, Reliable Healthcare, Clean Water & Sanitation, Farmer Welfare, Women Empowerment, Housing for Poor, Rural Development, Poverty Eradication and to undertake various economic and social development projects& activities in the State of Andhra Pradesh;

(11)‘State’ means the State of Andhra Pradesh; (12)‘Vice Chairman & Managing Director’ means Vice-Chairman & Managing Director of Andhra Pradesh State Development Corporation Limited and appointed vide G.O.MS.No.80, of Finance (PMU-CASPS, FC&IF) Department, dated 27.08.2020.