Chapter I PRELIMINARY

⁸⁹⁶ For its Authoritative Hindi Text see the Rajpatra, Himachal Pradesh (Extra-ordinary), dated 18th March, 1994 pp. 325-337.

(1) This Act may be called the Himachal Pradesh Debt Reduction Act, 1976. 1. For Statement of Objects and Reasons, see the Rajpatra, Himachal Pradesh (Extra-ordinary), dated the 17th March 1976, p.

1. (2) This Chapter and Chapters III to V shall extend to the whole of Himachal Pradesh and Chapter II to such areas as the State Government may, from time to time by notification, direct.
2. (3) This Act shall come into force on such date1 as the State Government may, by notification, appoint in this behalf. 2. Definitions.- In this Act, unless there is anything repugnant in the subject or context,- 2[(i) "bank" means,-
   • (a) a banking company as defined in the Banking Regulation Act, 1949 (10 of 1949);
   • (b) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);
   • (c) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);
   • (d) a Regional Rural Bank established under the Regional Rural Banks Act, 1976 (21 of 1976);
   • (e) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);
   • (f) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949);
   • (g) the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance and Development Corporation Act, 1963 (10 of 1963);
   • (h) the Agro-Industries Corporation as defined in sub-section (c) of section 2 of the Himachal Pradesh Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1972 (7 of 1973);
     • (i) the Agricultural Finance Corporation Limited a company incorporated under the Companies Act, 1956 (1 of 1956); and
   • (j) any other financial institution notified by the State Government in the Official Gazette as a bank for the purpose of this Act;]
     • (ii) "Collector" means the Collector of the District or any officer specially empowered by the State Government to discharge 1. Act came into force w.e.f. 1st April, 1979 vide Notification No. 10-17/69- Rev.B, dated 3rd February, 1979 published in the Rajpatra, Himachal Pradesh, dated 12th May, 1979, p. 330. the functions of a Collector for the purposes of this Act;
     • (iii) "co-operative society" means a society registered or deemed to be registered under the provisions of the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969);
     • (iv) "court" means a civil court;
     • (v) "creditor" in Chapter V means a person who, in the regular course of business, advances a loan as defined in this Act and includes the legal representatives and the successors in interests whether by inheritance, assignment or otherwise, of a creditor;
     • (vi) "decree to which this Act applies" means a decree passed either before or after the commencement of this Act in a suit to which this Act applies;
     • (vii) "interest" means rate of interest and includes the return to be made over and above what was actually lent whether the same is charged or sought to be recovered specially by way of interest or usufruct or services to be rendered or otherwise;
     • (viii) "Financial Commissioner" means the Financial Commissioner of Himachal Pradesh for the time being and includes any officer specially empowered by the State Government to exercise the powers of the Financial Commissioner under this Act;
     • (ix) "loan" means an advance in cash or kind and includes any transaction which in substance amounts to such advance but does not include an advance by the Central or State Government or by a local authority authorised by the State Government to make advance, by a co-operative society or by a bank or by the Life Insurance Corporation of India or a loan taken or used for the purposes of trade;
     • (x) "prescribed" means prescribed by rules made under this Act;
     • (xi) "principal" means the amount originally advanced;
     • (xii) "State Government" means the Government of Himachal Pradesh;
     • (xiii) "suit to which this Act applies" means any suit or proceedings relating to a loan;
     • (xiv) "debtor" means a person who receives a loan as defined under this Act;
     • (xv) "Commissioner" means the Commissioner Revenue of Himachal Pradesh or any officer specially empowered by the State Government to exercise the powers of the Commissioner under this Act;
     • (xvi) "notification" means notification published under proper authority in the Rajpatra, Himachal Pradesh.

² Substituted vide H.P. Act No. 25 of 1978.