Chapter VI ACCOUNTS AND AUDIT

MISCELLANOEOUS

1THE PUNJAB EX-SERVICEMEN CORPORATION ACT, 1978 (Punjab Act No. 33 of 1978) [Received the assent of the President of India on the 10th October, 1978 and was first published for general information in the Punjab Government Gazette (Extraordinary), Legislative Supplement, dated the 13th October, 1978.] 1 2 3 4 Year No. Short Title Whether repealed or otherwise affected by the legislation 1978 33 The Punjab ExServicemen Corporation Act, 1978 Amended by Punjab Act No. 8 of 1983 Amended by Punjab Act No. 11 of 2012 An Act to provide for the establishment of the Punjab Ex-Servicemen Corporation. BE it enacted by the Legislature of the State Punjab in the Twenty-ninth Year of the Republic of India as follows:- 1. (1) This Act may be called the Punjab Ex- Servicemen Corporation Act, 1978. Short title and commencement. (2) It shall be deemed to have come into force on the 10th day of August, 1978. Definitions. 2. In this Act, unless there is anything repugnant in the subject or context,- (a) "agricultural development" includes development of dairy, poultry, piggery, sheep and cattle breeding, pisciculture and sericulture; (b) "Board" means the Board of Directors of the Corporation; (c) "Chairman" means the Chairman of the Corporation; 1For Statement of Objects and Reasons. seePunjab Government Gazette (Extraordinary), 1978, Page1463 (d) "Corporation" means the Punjab Ex-Servicemen Corporation; (e) "Ex-serviceman" means a person who is ordinarily residing in the State of Punjab and has served in any rank, whether as combatant or non-combatant, in the Indian armed forces or the armed forced of the former Indian States (but excluding the Assam Rifles, Defence Security Corps, General Reserve Engineering Force, Lok Sahayak Sena, Jammu and Kashmir Militia and Territorial Army) for a continuous period of not less than six months after attestation and has been released, otherwise than by way of dismissal or discharge on account of misconduct or inefficiency, and in the case of a deceased or incapacitated ex-serviceman includes his wife, children, father, mother, minor brother, widowed daughter and widowed sister, wholly dependent upon ex-serviceman immediately before his death or incapacitation; (f) "Ex-servicemen Organisation" means a firm registered under the Partnership Act, 1932, an association registered under the Societies Registration Act, 1860, or a co-operative society registered under the Punjab Co-operative Societies Act, 1961, all the partners or members, whereof, as the case may be, are ex-servicemen; (g) "Government" means Government of the State of Punjab; (h) "Managing Director" means the Managing Director of the Corporation; (i) "marketing" means all activities relating to the transport, grading, pooling, marketing and sale of agricultural or industrial produce whether in the primary form in semi-processed or processed form; (j) "prescribed" means prescribed by rules made under this Act; (k) "processing" means all activities relating to the processing of agricultural produce so as to make it marketable or fit for consumption and includes purchase and storage of raw material, purchase of equipment, and purchase, installation and running of machinery, required for processing and storage of finished produce; (l) "small-scale industry" means a cottage and small-scale industry and includes industry engaged in fabrication, repairs and maintenance of agricultural machinery and equipment, in which capital investment does not exceed five lacs of rupees; (m) "supply and storage" means supply and storage of agricultural inputs and establishment, maintenance and running of storage, cold storages and warehouses1[; and] 2[(n) “Vice-Chairman” means the Vice-Chairman of the Corporation.] CHAPTER II INCORPORATION OF PUNJAB EX-SERVICEMEN CORPORATION AND ITS CAPITAL Establishment of Punjab ExServicemen Corporation. 3. (1) With effect from such date as the Government may, by notification, appoint, there shall be established for the purpose of this Act a Corporation to be known as the Punjab Ex-Servicemen Corporation. (2) The Corporation shall be a body corporate with the name aforesaid having perpetual succession and a common seal with powers, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. Head Office Head office and other offices of the corporation. Corporation. 4. (1) The Head office of the Corporation shall be at Chandigarh or at such other place as the Government may, by notification, specify. 1Substituted by Punjab Act No. 11 of 2012, Section 2, on and with effect from the 20th day of August, 2010. 2Addedby Punjab Act No. 11 of 2012, Section 2, on and with effect from the 20th day of August, 2010. (2) The Corporation may establish offices or agencies at such places as it may think fit. Capital of Corporation. Management. Constitution of Board. 5. The authorised capital of the Corporation shall be such sum not exceeding five crores of rupees as the Government may initially fix: Provided that where the capital initially fixed is less than five crores of rupees, the Government may, from time to time, increase the capital to such sum not exceeding five crores of rupees as it may think fit.