Amendment status not verified — confirm the current text below against the official source.
Performance Guarantee. * * * * STATEMENT OF OBJECTS AND REASONS I Act 11 of 1999.- To give effect to the proposals made in the Budget Speech and also for implementing the recommendations of the Technical Committee of State Finance Secretaries to fix limit on Government Guarantees, it is considered necessary to bring out legislation to provide for limits on Government Guarantees issued on behalf of the Government Departments, Public Sector undertakings, Local Authorities, Statutory Boards and Corporations and Co-operative Institutions etc., for promoting fiscal discipline in the State. Hence the Bill. (Obtained from L.A. Bill No.13 of 1999 - File No. É⪠ÀâX µÖ E , 13 µÖÉâ}â 99 ) II Act No. 15 of 2002.- It is considered necessary to amend the Karnataka Ceiling on Government Guarantees Act, 1999 (Karnataka Act 11 of 1999) to provide that no guarantee commission shall be charged in respect of guarantees extended during the period from 1.4.2001 to 31.3.2002 for loans granted by the Karnataka State Co- operative Apex Bank Limited and Karnataka State Co-operative Agriculture and Rural Land Development Bank Limited for the purpose of Agriculture and in turn to require them to reduce one percent interest in their lending rate in respect of the agricultural loans disbursed by them during the said period. Hence the Bill. (L.A. Bill No. 4 fo 2002) 2 KARNATAKA ACT NO. 11 OF 1999 (First Published in the Karnataka Extraordinary Gazette on the Twenty ninth day of April, 1999) THE KARNATAKA CEILING ON GOVERNMENT GUARANTEES ACT, 1999. (Received the assent of the Governor on the Twenty Sixth day of April, 1999) (As Amended by Act 15 of 2002) An Act to provide for ceiling on Government Guarantees and other matters connected therewith. WHEREAS it is expedient to provide for ceiling on the Government guarantees issued on behalf of the Government Departments, Public Sector Undertakings, Local Authorities, Statutory Boards and Corporations and Co-operative Institutions and for promoting fiscal discipline of the State; BE it enacted by the Karnataka State Legislature in the fiftieth year of the Republic of India, as follows:-