The Madhya Pradesh State Aid to Industries Act, 1958
madhya-pradesh · 1958
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Madhya Pradesh State Aid to Industries Act, 1958 establishes the act's name, application across Madhya Pradesh, and its commencement date.
- S. 2Definitions
- S. 3Section 3 classifies industries into large-scale, medium-scale, and small-scale based on capital outlay.
- S. 4Constitution of State Industries Committee
- S. 5Term of Office
- S. 6Section 6 states that a member elected from the Legislative Assembly ceases to be on the committee if they leave the Assembly before their term ends.
- S. 7Casual vacancies
- S. 8Section 8 prohibits Committee members from sharing confidential information and allows the Committee to recommend member termination for violations.
- S. 9Forms of State aid:-
- S. 10Section 10 allows state aid to various industries and mandates that aided companies may be required to locate their head office in Madhya Pradesh.
- S. 11Section 11 authorizes the State Government to form and regulate a company for industrial credit and delegate its powers, except rule-making.
- S. 12Section 12 outlines the application process and approval procedure for state aid in Madhya Pradesh industries.
- S. 13Section 13 prohibits committee members from voting or discussing matters where they have a financial interest.
- S. 14Section 14 allows the State Government to impose conditions for training apprentices when granting or continuing state aid to industries.
- S. 15Section 15 limits loan amounts for industries based on net asset value, with potential government exceptions and asset valuation rules.
- S. 16Loan how secured
- S. 17Inspection and returns
- S. 18Section 18 allows the State Government to recover excess loan balances or accept additional security if they exceed a fixed percentage.
- S. 19Section 19 allows the State Government to withdraw state aid and recover loans, guarantees, and assets if the grantee breaches conditions or fails inspections.
- S. 20Repayment of loans
- S. 21—
- S. 22Guarantee of minimum return on capital
- S. 23Subsidies
- S. 24Disposal of profits when conditions of State aid not fulfilled
- S. 25—
- S. 26Section penalizes breaches of State aid conditions by company officials and voids contracts made in contravention.
- S. 27Section 27 allows the Collector to recover dues from aided persons and their sureties as land revenue arrears.
- S. 28Special provision for small scale industries
- S. 29Section 29 finalizes State Government decisions and bars suits against government servants acting under the Act.
- S. 30Section 30 empowers the State Government to make rules for implementing the Act, including industry aid procedures and conditions.
- S. 31Section 31 outlines exceptions to the general rule that state aid must comply with the Madhya Pradesh State Aid to Industries Act, allowing the state to provide aid in specific circumstances.
- S. 32Section 32 repeals previous state aid acts but preserves existing rights, obligations, and legal proceedings under them.