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Definitions - In this Act, unless the context otherwise requires,- (1) ‘Accounts’ means as defined under Indian Accounting Standards or Indian Generally Accepted Accounting Principles issued from time to time; (2) ‘Act’ means the Andhra Pradesh State Development Corporation Act, 2020; (3) ‘Board’ means the Board of Directors of the Corporation; (4) ‘Chairman’ means an executive elected by a company's board of directors who is responsible for presiding over board or committee meetings; (5) ‘Corporation’ means the ANDHRA PRADESH STATE DEVELOPMENT CORPORATION LIMITED (APSDC) constituted under section3(1) of this Act; (6) ‘Government’ means the Government of Andhra Pradesh; (7) ‘Member’ means Shareholder as defined in Companies Act, 2013(Central Act No.18 of 2013); (8) ‘Prescribed’ means prescribed by rules, regulations and/or standing orders made under this Act; (9) ‘Rule’ means a rule made under this Act by Government and laid before the State Legislature; (10) ‘Social and Economic Development’ with its grammatical variations means and includes provision of basic amenities like Quality Education, Reliable Healthcare, Clean Water & Sanitation, Farmer Welfare, Women Empowerment, Housing for Poor, Rural Development, Poverty Eradication and to undertake various economic and social development projects& activities in the State of Andhra Pradesh; 4 (11) ‘State’ means the State of Andhra Pradesh; (12) ‘Vice Chairman & Managing Director’ means Vice-Chairman & Managing Director of Andhra Pradesh State Development Corporation Limited and appointed vide G.O.MS.No.80, of Finance (PMU-CASPS, FC&IF) Department, dated 27.08.2020. CHAPTER II STATUTORY STATUS, STRENGTHENING, CONDUCT OF BUSINESS AND EMPLOYEES OF THE CORPORATION 3.Statutory status, and strengthening of APSDC Ltd., -(1) The State Government has established a Corporation by the name “Andhra Pradesh State Development Corporation Limited”(hereinafter referred to as the ‘Corporation’)vide G.O.MS. No. 80, of Finance (PMU-CASPS, FC&IF) Department, dated 27-08-2020 as a public limited company incorporated under the Companies Act, 2013 by the name aforesaid, having perpetual succession and a common seal. (2) The Corporation shall operate in accordance with the provisions of the Companies Act, 2013 (Central Act No.18 of 2013). (3)This Act is to provide statutory status and strengthen the Corporation for long term sustainability & to enable the Corporation to raise long term financing in line with its objectives from banks, financial institutions, non-banking financial companies, investors, contributors, capital markets (domestic & international)& others by establishing it under the statute. (4) The Government shall issue necessary Government Orders from time to time for giving effect to the provisions of this Act. Any action taken by Government under G.O.Ms. No.80 Finance (PMU – CASPS, FC&IF) Department dated 27-08-2020,prior to enactment of this Act shall stand protected. 4.Shareholding Pattern and Board of Directors - The shareholding pattern and composition of the Board of Directors of the Corporation shall be as per G.O.Ms. No. 80 Finance (PMU – CASPS, FC&IF) Department,dated 27-08-2020, and further orders issued by Government from time-to-time under the applicable rules. 5.Provision for inviting Officers of Government etc., - (1) The Corporation or any of its Committees may invite any officer of the Central Government, State Governments, local authority or any Organisation or any other person to attend its meeting or meetings as a special invitee for the purpose of assisting or advising on any matter or matters. The person so invited may take part in the proceedings but shall have no right to vote. (2) The person so invited shall be entitled to draw such honorarium or compensatory allowance for the purpose of meeting the personal expenditure in attending the meetings of the Corporation or any of its Committees as the Corporation may determine, from time to time. 6.Officers and Employees of the Corporation - (1) The Corporation may, with the prior approval of the State Government, appoint on deputation from the various departments of the State Government such officers and employees as it considers necessary for the efficient performance of its duties and functions. (2) The period of deputation of any such officer or employee to the Corporation shall ordinarily be two years. On expiry of which such officer or employee shall stand repatriated to his parent department except when any such person is required by the Government to be repatriated earlier on such grounds as promotion, reversion, termination or superannuation or any other reason: 5 Provided that during the period of such deputation all matters relating to the pay, level, allowances, retirement, pension, provident fund and other conditions of service of such matters at the time of the deputation or such other rules as may, from time to time, be made by the State Government. (3) All such persons on deputation to the Corporation, shall continue to have a lien on their posts in their parent department and upon repatriation, the period of their service on deputation under the Corporation shall count for their pension and other matters relating to their service. (4) The Corporation shall have the authority to transfer the officers, employees and servants to any area of its operation. (5) Save as otherwise provided in this section, the terms and conditions of service of the officers and employees on deputation to the Corporation shall not be less advantageous than those applicable to them immediately before such deputation and shall not be varied to their disadvantage. (6) The Corporation may also appoint subject matter experts in the areas of fund raising, financial management, treasury, etc. as required from outside the Government and at market rates. (7) Subject to the superintendence of the Corporation, the Vice-Chairman & Managing Director shall supervise and control all its officers and employees including any officer and employee of the Government appointed on deputation to the Corporation. 7.Authentication of orders etc., of the Corporation - All proceedings of the Corporation shall be authenticated by the Chairman or ViceChairman & Managing Director and all orders and instruments of the Corporation shall be authenticated by the ViceChairman &Managing Director. CHAPTER III OBJECTIVES AND SCOPE OF ACTIVITIES 8.Objectives of the Corporation - Subject to the provisions of this Act and the rules and regulations made there under, the objectives of the Corporation shall be the following: (a) to raise funding and financing from various avenues, providing necessary support and acting as an enabler for the key socio- economic Sustainable Development Goals across multiple domains viz. Poverty Eradication & Livelihood Enhancement [SDG-1], Doubling Agricultural Productivity and Farmer’s Incomes [SDG-2], Reliable & Universal Healthcare[SDG-3], Inclusive & Equitable Quality Education [SDG-4], Women Empowerment [SDG-5], Clean Water & Sanitation[SDG-6], Housing for Poor [SDG-11] and to undertake various economic and social development projects in the State of Andhra Pradesh; (b) to operate in accordance with principles of fiscal prudence, sustainability and focusing on reforms to achieve the Millennium Development Goals/Sustainable Development Goals.