Chapter I Preliminary

1. (1) This Act may be called the Maharashtra Provision of Facilities for Agricultural Credit by Banks Act, 1974.
2. (2) It extends to the whole of the State of Maharashtra.
3. (3) It shall come into force on such date1 as the State Government may, by notification in the Official Gazette, appoint.

In this Act, unless the context otherwise requires,-

1. (a) "agriculture" or "agricultural purpose" includes 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 farmers, 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; and also includes the purposes enumerated in section 111 of the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961);
2. (b) "agriculturist" means a person who is engaged in agriculture;
3. (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;
4. (d) "bank" means,-
   • (i) a banking company as defined in the Banking Regulation Act, 1949 (X of 1949);
   • (ii) the State Bank of India constituted under the State Bank of India Act, 1955 (XXIII of 1955);
   • (iii) a Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (XXXVIII of 1959);
   • (iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (V of 1970);
   • (v) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (X of 1949);
   • (vi) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 (X of 1963);
   • (vii) any Agro-Industries Corporation;
   • (viii) the Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956 (I of 1956); or
   • (ix) any other financial institution notified by the State Government in the Official Gazette as a bank, for the purpose of this Act;
5. (e) "co-operative society" means a co-operative society registered or deemed to be registered under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961), and the object of which is to provide financial assistance to its members, and includes a co-operative land development bank;
6. (f) "financial assistance" means assistance granted by way of loans, advances, guarantee or otherwise for any agricultural purpose or for purchase of shares of any co-operative agricultural processing society or any co-operative society undertaking land development or improvement work including lift irrigation;
7. (g) "prescribed" means prescribed by rules made under this Act;
8. (h) "Registrar" means a person appointed to be the Registrar of Co-operative Societies under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961), and includes any person appointed to assist the Registrar under section 3 of that Act.