Vidhi Codex

The Jammu and Kashmir State Aid to Industries Act, 1961

The Jammu and Kashmir State Aid to Industries Act, 1961

General196147 sections6 chapters

The Jammu and Kashmir State Aid to Industries Act, 1961, establishes a legal framework for the government to provide financial and material support to industrial enterprises within the state. It creates a "Board of Industries" to advise the government on granting aid, which includes loans, subsidies, land grants, and the supply of machinery on a hire-purchase basis. The Act ensures accountability by requiring borrowers to provide security, submit to inspections, and adhere to strict repayment schedules. For citizens and business owners, it serves as a mechanism for industrial growth, while providing the government with robust powers to recover public funds if conditions are violated.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title and extent
  2. 2Definitions

Chapter II Chapter II →

  1. 3Establishment of a Board of Industries
  2. 4Procedure in default of election of members
  3. 5Vice-Chairman
  4. 6Elections and appointments to be notified in Government Gazette
  5. 7Term of office
  6. 8Removal of members
  7. 9Casual vacancies
  8. 10Allowances and fees
  9. 11President at meetings
  10. 12Interested members not to vote
  11. 13Power of Board to make regulations
  12. 14Supersession of Board
  13. 15Duty of Board
  14. 16Documents and reports to be furnished to the Government

Chapter III GENERAL PROVISIONS REGARDING THE GIVING OF STATE AID →

  1. 17Forms of State Aid
  2. 18Industries to which several forms of State Aid may be given
  3. 19Application for State Aid

Chapter IV Chapter IV →

  1. 20Power to grant loans
  2. 21Security for repayment
  3. 22Loan how repayable
  4. 23Notices to pay
  5. 24Effect of declaration
  6. 25Execution of declaration
  7. 26Inspection and returns
  8. 27Penalty for default in applying the loan
  9. 28Power to adjust security during currency of loan
  10. 29Power to recover loans
  11. 30Appeal
  12. 31Government guarantee of a minimum return
  13. 32Subsidies
  14. 33Disposal of profits when conditions on which State Aid is given are not fulfilled
  15. 34Government control of aided industry
  16. 35Method of recovery of money due

Chapter V SUPPLY OF MACHINERY ON HIRE-PURCHASE SYSTEM →

  1. 36Percentages of cost to be deposited by hirer
  2. 37Particulars to be specified in order when application is allowed
  3. 38Conditions of supply of machinery on hire purchase system
  4. 39Consequences of default by hirer
  5. 40Option of hirer to purchase machinery seized for default
  6. 41Liability of hirer on termination of hiring under sections 24 and 25
  7. 42Termination of hiring on payment of cost of machinery
  8. 43Provided that if at any time during the hiring the hirer pays in advance the remaining instalments of rent, the interest payable in respect thereof shall be remitted.
  9. 44Sums due under this Chapter recoverable as loans under Chapter IV

Chapter VI SUPPLEMENTAL →

  1. 45Finality of decisions of Government and bar of suits and proceedings in Civil and Criminal Courts
  2. 46Power to make rules
  3. 47Repeal

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