Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires:- (a) agriculture and agricultural purposes shall include making land fit for cultivation, cultivation of land, improvement of land including development of sources of irrigation, raising and harvesting of crops, horticulture, forestry, planting and farming, and cattle breeding, animal husbandry, dairy farming, seed farming, pisciculture, apiculture, sericulture, piggery, poultry farming and such other activities as are generally carried on by agriculturists, dairy farmers, cattle breeders, poultry farmers and other categories of persons engaged in similar activities including marketing of agricultural products, their storage and transport and the acquisition of implements and machinery in connection with such activity; (b) agriculturist means a person who is engaged in agriculture ; (c) Agro-Industries Corporation means a company or other body corporate, one of the principal objectives of which is to undertake activities connected with or intended for the development of agriculture and not less than fifty-one percent of the paid-up share capital of which is held by the Central Government or by any State Government or State Governments or partly by the Central Government and partly by one or more State Governments ; (d) bank means,- (i) the Meghalaya Co-operative Apex Bank Ltd.; (ii) a banking company as defined in the Banking Regulation Act, 1949 ; (iii) the State Bank of India constituted under the State Bank of India Act,1955; (iv) a Subsidiary Bank of India constituted under the State Bank of India (Subsidiary Banks) Act, 1959 ; (v) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; (vi) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 ; (vii) the Agriculture Refinance Corporation constituted under the Agricultural Refinance Corporation Act,1963. (viii)the Agro-Industries Corporation as defined in clause (c); (ix) the Agricultural Finance Corporation Limited a company incorporated under the Indian Companies Act, 1956 ; and (x) any other financial institution notified by the State Government in the Official Gazette as a bank for the purpose of this Act. (e) Co-operative Society means a Co-operative Society registered or deemed to be registered or deemed to be registered under the Meghalaya Co-operative Societies Act (Assam Act I of 1950 as adapted by Meghalaya) the object of which is to provide financial assistance as defined in clause (g) to its members and includes a Co-operative Land Mortgage or Development Bank ; (f) Crop loan means a loan advanced to an agriculturist for the purpose of seasonal agricultural operations or the marketing of crops and is recoverable within fifteen months from the date of advancement of such loan ; (g) financial assistance for the purposes of this Act means assistance granted by way of loan, advance, guarantee or otherwise for agricultural purpose ; (h) Land includes crops, trees, houses, and/or other structures standing thereon. (i) Term loan means a loan advanced to any agriculturist for meeting outlay relating to the replacement or maintenance of wasting assets including machineries or for capital investment designed to increase the crop output and is repayable within any period exceeding fifteen months but not exceeding twenty years.