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10 of 1963
24th March, 1963
2. Definitions
In this Act, unless the context otherwise requires,-
(a) "agriculture" includes animal husbandry, dairy farming, pisciculture and poultry farming;
1[ Explanation.-For the purposes of this clause, 'pisciculture' includes the development of fisheries, both inland and marine, catching the fish and all activities connected therewith or incidental there to;]
(b) "Board" means the Board of directors of the Corporation;
2[(c) 'central land development bank' means the principal land development bank in a State (by whatever name called), which is registered, or deemed to be registered, under the Co-operative Societies Act, 1912 (2 of 1912)-, or any other law for the time being in force in any State relating to co-operative societies and the primary object of which is the providing of long-term finance for agricultural development :
Provided that, in addition to such principal land development bank in a State, or where there is no such bank in a State, the State Government may, with the previous approval of the Reserve Bank, declare any co-operative society carrying on business in that State and authorised by the bye-laws of such co-operative society to provide long-term finance for agriculture development, to be a central land development bank within the meaning of this Act;];
(d) "co-operative society" means a society registered, or deemed to be registered, under the Co-operative Societies Act, 1912 (2of 1912)-, or any other law for the time being in force in any State relating to co-operative societies;
(e) "Corporation" means the Agricultural Refinance [and Development] 3Corporation established under this Act;
(f) "eligible institution" means-
(i) a 4[central land development bank] or a State co-operative bank or a scheduled bank, being in each case a shareholder of the Corporation; 5[***]
(ii) a co-operative society (other than a[central land development bank] or a State co-operative bank) approved by the- Reserve Bank in this behalf;
6[(iii) an Agricultural Credit Corporation established under Section 3 of the State Agricultural Credit Corporation Act,1968;][and]
4[(iv) such other institution as may, on the recommendation of the Reserve Bank, be approved by the Central Government in his behalf;].
(g) "Life Insurance Corporation" means the Life Insurance Corporation of India established under Section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956)-;
(h) "prescribed" means prescribed by regulations made under this Act;
(i) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934)-;
(j) "scheduled bank" means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934-;and
(k) "State co-operative Bank" has the same meaning as in the Reserve Bank of India Act, 1934-.
1. Ins. by Act 39 of 1971, S. 2 and shall be deemed always to have been inserted.
2. Subs. by Act 45 of 1975, S. 3, w.e.f. 15-11-1975.
3. Ins. by Act 45 of 1975, S. 3, w.e.f. 15-11-1975.
4. Subs. by ., w.e.f. 15-11-1975.
5. Omitted by Nos. S.O. 452 (E), dated 28-8-1975 and S.O. 615(E), dated 24-10-1975. and inserted ai the end of Cl. (til).
6. 1ns. by Act 60 of 19t)8, S. 48.
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