The Odisha State-Aid to Industries Act, 1978
odisha · 1978
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(I) This Act may be called the Orissa State-Aid Short lltbD to Industries Act, 1978
- S. 2Cam: iotoFora with cffccl horn the 1st February 1979, Vidc-Industria Dcpartmcnt Notification No
- S. 3(13 The ;State ~Meriltnent shall ~~omtituteta consliturloa Board of Iadus tries consisting of -
- S. 4Section 4 of the Odisha State-Aid to Industries Act, 1978 provides various forms of state aid including loans, guarantees, shares, subsidies, and favorable terms for raw materials.
- S. 5The section allows the State Government to delegate its authority to provide state-aid to certain authorities.
- S. 6(1) State-aid may be given in any of the forms ,,,,,, i,, ,, specified in section 4
- S. 7Section 7 outlines the application process, limits, objections, and approval procedures for State-aid in Odisha.
- S. 8(1) No loan shall be granted to any indushy, of amount of other than a smalI scale industry, of an amount excee- lo an
- S. 9Every loan granted to an industry shall, sub- Loan how to ject to the provisions of section 8, be secured by a seCUrC
- S. 10Section 10 mandates grantees to comply with state inspections, audits, and reporting requirements for industry operations.
- S. 11Section 11 allows the State Government to recover excess loan amounts or require additional security if the loan exceeds specified limits.
- S. 12Section 12 allows application of certain provisions to bank guarantees and debentures, except for small industries and individuals with limited state aid.
- S. 13Section 13 allows the State Government to terminate state-aid to industries for breaches of Act provisions, false statements, non-compliance, or mismanagement.
- S. 14Section 14 outlines the repayment terms and interest rates for loans granted under the Odisha State-Aid to Industries Act, 1978.
- S. 15Section 15 allows the State Government to recover terminated state-aid loans or grants, plus interest and recovery costs.
- S. 16Section 16 outlines conditions for state government investments in industries, including inspection requirements and reciprocal share/debt obligations.
- S. 17Section 17 limits subsidies to a prescribed percentage and mandates discontinuing aid if industries earn profits above a set rate.
- S. 18Section 18 restricts recipients of state aid from paying excessive dividends or profits, directing excess profits to a reserve fund as per government approval.
- S. 19Notwithstanding anything contained in any aidd indust- 0 t h provision of this Chapter, if in any case thc HCS
- S. 20Section 20 mandates the Director to recover dues from aided industrial concerns and authorizes the State Government to seize assets or manage the industry if defaults occur.
- S. 21Section 21 allows the levy of fees for the supply of machinery on hire purchase system.
- S. 22—
- S. 23—
- S. 24—
- S. 25—
- S. 26Section 26 allows the hirer to buy seized machinery within a month or longer period allowed by the Director, paying the remaining cost, interest, and removal expenses.
- S. 27Section allows the hirer to end the hiring agreement by returning machinery to the government as prescribed.
- S. 28Section 28 denies refund to hirer if machinery is not purchased or returned under specified sections.
- S. 29When the hirer, after deposit of the per-
- S. 30(1)
- S. 32(1) If at any time
- S. 33The section allows the State Government to remove Board members for absenteeism, misconduct, or hindrance to Board operations.
- S. 34No State-aid shall be given to any industry, pb::~:id except Agriculture save in accordance with the pro- save rn visi
- S. 35If the owner of an industry or any other m-t
- S. 36Section 36 exempts certain provisions for loans or machinery for small industries run by low-income or SC/ST individuals.
- S. 37Section 37 finalizes state government decisions on industry aid conditions and protects officers from legal actions for good faith actions under the Act.
- S. 38(1) The State Government may, after previ-povVcr lo I I ous publication make rules for carrying out all or make rule^
- S. 39(1) The Bihar and Odssa State-aid to R ~ ~ I and z;gz:~t 6 Industries Act, 1923 is hereby repealed
- S. 1996Section 1996 specifies conditions for government involvement in industries or government companies.