Definitions.- In this Act, unless the context otherwise requires,(a) “Banking Company” means,-

In this Act, unless the context otherwise requires,- (a) “Banking Company” 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) the Agricultural Finance Corporation Limited, a Company incorporated under the Indian Companies Act, 1956 (1 of 1956); (v) the National Bank for Agricultural Rural Development established under the National Bank of Agricultural and Rural Development Act, 1981 (61 of 1981); (vi) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 (5 of 1970); (vii) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949); (viii) the Regional Rural Banks constituted under the Regional Rural Banks Act, 1976 (21 of 1976); and (ix) a corresponding new Bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980); (b) “Collector” means a Collector of the District and includes any person appointed by the State Government to perform functions of the Collector under this Act; (c) “Corporation” means the Himachal Pradesh Financial Corporation established under the State Financial Corporation Act, 1951(63 of 1951) and includes any other Corporation owned or controlled by the Central Government or the State Government which the State Government may, by notification specify; (d) “financial assistance” means any financial assistance rendered,- (i) for the purposes of vocational or technical training; or (ii) for the construction of residential buildings; or (iii) for providing drinking water, kuhl or pipe line; or (iv) for the development of animal husbandry, agriculture or horticulture; or (v) for the establishing, expanding, modernising, renovating or running any village or cottage industry, industrial undertaking or agro industry; or (vi) for purposes of any other kind of planned development; or (vii) for relief against distress; or (viii) for loans under the National Loans Scholarship Scheme; or (ix) for professional/specialised training, as may be notified, in the Official Gazette, by the State Government, in relation to which scholarship/stipend is paid out of the public funds and is imparted by the institutions of the State Government; (e) “Government Company” means a Government Company as defined in section 617 of the Companies Act, 1956 (1 of 1956) and which is notified as such by the State Government from time to time; (f) “industrial undertaking” includes any undertaking for the manufacture, preservation, storage or processing of goods, or mining or the hotel industry, or the transport of passengers or goods, or the generation or distribution of electricity or any other form of power or the maintenance, repair, testing or servicing of machinery, vehicles, vessels, motor boats, trailers or tractors or assembling, repairing or packing of any articles with the aid of machinery or power or fishing or providing shore facilities for fishing or maintenance thereof, or for the development of any contiguous area of land as an industrial estate or providing special or technical knowledge or other services for promotion of industrial growth; Explanation.- The expression “processing of goods” includes any act or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation; (g) “sponsored scheme” means a scheme sponsored by way of financial assistance by the State Government or the Central Government under which the concerned Government, either- (i) advances money to the Corporation or the Government Company for the purposes of disbursing loans, advances, grants or subsidies or for the purpose of sale of goods on credit or hire purchase; or (ii) guarantees or agrees to guarantee the payment of loan, advances, grant or subsidies or the payment of price of goods sold on credit or hire purchase; and (h) “State Government” means the Government of Himachal Pradesh.