Amendment status not verified — confirm the current text below against the official source.
Application of chapter to Land Development Banks.- This chapter shall apply to.- (a) Co-operative banks advancing loans, other than short-term loans, for the purposes herein enumerated (hereinafter referred to as “Land Development Banks”), that is to say.- * Now, the Arbitration and Conciliation Act, 1996 (Central Act 26 of 1997). 93 (i) land improvement and productive purposes; (ii) the erection, rebuilding or repairing of houses for agricultural purposes; (iii) to acquire land for the formation of economic holding and other like purposes; (iv) to discharge debts. Explanation-1: For the purpose of this section, short-term loans means loans repayable from the sale proceeds of the next harvest as soon as they are realised or within one year from the date of the grant of the loan whichever period is longer. Explanation-2: Land improvement and productive purposes mean any work, construction or activity which adds to the productivity 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 works for the storage, supply or distribution of water for the purpose of agriculture, 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; (c) preparation of land for irrigation; (d) drainage, reclamation from rivers or other waters or protection from floods or from erosion or other damage by water, or land used for agricultural purposes, or waste land which is cultural; (e) bunding and similar improvements; (f) reclamation, clearance and enclosure or permanent improvement of land for agricultural purposes; (g) horticulture; (h) purchases of oil engines, pumping sets and electrical motors for any of the purposes mentioned herein; (i) purchase of tractors or other agricultural machinery; (j) works undertaken by lift irrigation societies or electricity supply societies for productive purposes; (k) increase of the productive capacity of land by addition to it of special variety of soil; 94 (l) construction of permanent farm houses, cattle sheds, and sheds for processing of agricultural produce at any stage; and (m) such other purposes as the 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.