Amendment status not verified — confirm the current text below against the official source.
This Chapter shall apply to— (a.) Co-operative Banks advancing loans, other than short term loans for purposes herein enumerated (hereinafter referred to as Land Development Banks) that is to say :— (i) land improvement and productive purposes ; (ii) the creation, rebuilding or repairing of house for agricultural purposes; (iii) the purchase or acquisition of title to agricultural lands by tenant purchasers or tenants under the Manipur Land Revenue and Land Reforms Act, 1960 and any corresponding law for the time being in force in any part of the ‘State ; or 5 (iv) the liquidation of debts under law for the time being in force in any part of the State ; and (b) any other co-operative bank permitted by the Registrar under Section 142 to function as a Land Development Bank. Explanation 1.—For the purpOSes of this section, short term 1 an means a. loan for a duration of less than 15 months. Explanation 2.——Land improvement and productive purposes means any work, construction or activity which adds to the productivxty of the land and, in particular, includes the following, that is to say — (a) construction and repair of wells (including tube wells), tanks and other work for the storage, supply or distribution of water for the purpose of agriculture, or for the use of men and cattle employed in agriculture ; (b) renewal or reconstruction of any of the foregoing works, or alterations therein, or additions thereto ; (0) preparation of land for irrigation ; (d) drainage, reclamation from rivers or other waters, or protec- tion from floods or from erosion or other damage by water, of land used for agricultural purposes, or waste land Which is cultivable ; (e) bunding and similar improvements ; (f) reclamation, clearance and enclosure or permanent improve- ment of land for agricultural purposes ; (g) horticulture ; (h) purchase of oil engines, pumping sets and electrical motors for any of the purposes mentioned herein ; (i) purchase of tractors or other agricultural machinery ; (5) increase of the productive capacity of land by addition to it of special variety of Soil ; (51:) construction of permanent farm-houses, cattle-sheds, and sheds for processing of agricultural produce at any stage ; (1) purchase of machinery for crushing sugarcane, manufactu- ring gur or khandsary or sugar ; (m) purchase of land for consolidation of holdings under the Manipur Land Revenue and Land Reforms Act. 1960. \n) such other purposes as the State Government may, from time to time, by notification in the Official Gazette, declare to be improvement or productive purpose for the purpose of this Chapter.