Amendment status not verified — confirm the current text below against the official source.
Definitions.— In this Act, unless the context otherwise requires,— (a) “Agriculture” includes horticulture, raising of crops, grass or garden produce, animal husbandry, dairy farming, poultry farming and breeding of livestock; (b) “Bank” means (i) a banking company as defined in the Banking Regulation Act, 1949; (ii) the State Bank of India constituted under the State Bank of India Act, 1955; (iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959; (iv) a corresponding new bank constituted, under the Banking Companies (Acquisition and Transfer of undertakings) Act, 1970; (v) any banking Institution notified by the Central Government under section 51 of the Banking Regulations Act, 1949; (vi) any other financial institution notified by the State Government by a notification in the Official Gazette as a bank for the purposes of this Act. 1[(bb) ‘Collector’ means the Collector of a district and includes any other officer appointed by the State Government to exercise and perform all or any of the powers and functions of a Collector under this Act;]. (c) “Corporation” means the Financial Corporation established or functioning in this Union territory and includes any other Corporation owned or controlled by the Central or the State Government specified by the State Government by a notification in the Official Gazette. (d) “Financial Assistance” means any kind of financial assistance given:— (i) for establishing, expanding, modernising, renovating or running any industrial undertaking; or (ii) for the purpose of vocational training; or (iii) for the development of agriculture or agro industry; or 1 Inserted by the Amendment Act 14 of 1990. Manual of Goa Laws (Vol. III) – 857 – Public Moneys (Recovery of Dues) Act (iv) for the purpose of any kind of planned development recognised by the State Government; or (v) for relief against distress caused by fire, or serious drought, flood, or other natural calamities; or (vi) for the purpose of carrying out any Government sponsored scheme; or (vii) for any other prescribed purpose; (e) “Government Company” means a Government Company as defined under section 617 of the Companies Act, 1956. (f) “Industrial concern” shall have the same meaning as is assigned to that expression in the State Financial Corporation Act, 1951. (g) “Industrial undertaking” includes any undertaking for the manufacture, preservation, storage or processing of goods or the generation or distribution of electricity or any other form of energy, or for the development of any contiguous area of land as an industrial estate. Explanation: The expression “processing of goods” includes any act or process for producing, repairing or making an article by subjecting any material to a manual, chemical, electrical or any other like operation; (i) “prescribed” means prescribed by rules made under this Act. (ii) “Government sponsored scheme” means a scheme sponsored or adopted by the State Government or an Officer authorised by it in this behalf for development of agriculture or industry and notified as such by the Government or the authorised officer, by a notification in the Official Gazette for the purpose of this Act. (h) “State Government” means the Government of Goa, Daman and Diu.