This act may be called the Gujarat State Guarantees Act, 1963.

2. (1) The limit upto which the executive power of the State Government shall extend to the giving of guarantees (including the guarantees given before the commencement of this Act) as provided in clause (1) of article 293 of the Constitution shall be the sum of

2[Rs. 2,00,00,00,00,000]

3[(2) The State Government shall, within a period of six months from the end of the financial year in which any guarantees are given, lay before the Legislative Assembly of the State,– Short title Fixation of limit upto which the State may give guarantees.

1. (a) a statement of guarantees which may have been given during that year, and
2. (b) an account of the total sums which during that year may have been either issued out of the Consolidated Fund of the State to meet with liabilities arising out of the guarantees so given or paid in or towards repayment of the sums so issued : Provided that if the Legislative Assembly of the State is not in session or is not sitting on the date on which the said period of six months expires, the said period of six months shall be deemed to expire on the first day on which the Legislative Assembly first sits after the aforesaid date.] -------------------- 1. For Statement of Objects and Reasons, See Gujarat Government Gazette, Extraordinary, Part V, Dates the 2nd February, 1963, Page-22.
   • • This Act was Assented to by the Governor on the 2nd May, 1963. 2. These letters and figures were substituted for the letters and figures “Rs. 160,00,00,00000” by Guj. 5 of 2001, s. 2 and which was substituted for the letters and figures Rs. 140,00,00,00,000 by Guj. 17 of 2000 s. 2. 3. Sub-section (2) was substituted by Guj. 8 of 1977, s. 2.