Chapter I PRELIMINARY

(i) This Act may be called the Himachal Pradesh Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1972.

(ii) It shall extend to the whole of the State of Himachal Pradesh.

(iii) It shall come into force from such date as the State Government may, by notification in the Official Gazette, appoint in this behalf and different dates may be appointed for different provisions of the Act and for different areas of the State.

In this Act, unless the context otherwise requires,-

(a) "agriculture" and "agriculture purpose" 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 farmer, 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 any 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 per cent of the paid-up share capital of which is held by the Central Government or by any State Government or Governments or partly by the Central Government and partly by one or more State Governments;

(d) "bank" means,-

(i) a banking company as defined in the Banking Regulation Act, 1949 (10 of 1949);

(ii) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

(iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks), Act 1959 (38 of 1959);

(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(v) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949);

(vi) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 (10 of 1963);

(vii) the Agro-Industries Corporation as defined in sub-section (c);

(viii) the Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956 (1 of 1956);

(ix) 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 under the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969) the object of which is to provide financial assistance as defined in clause (f) of this section to its members and includes a co-operative land mortgage/development bank; and

(f) "financial assistance" for the purpose of this Act means assistance granted by way of loans, advances, guarantee or otherwise for agricultural purpose.