Agricultural Credit Act, 1961
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Participation by the Corporation in certain schemes and projects relating to agriculture. |
8.—The following section is hereby substituted for section 13 of the Principal Act, namely: | |
“13. (1) The Corporation may, if it so thinks fit and after such alteration of its memorandum and articles of association as it deems necessary, do all or any of the following: | ||
(a) undertake, promote, engage or participate in, manage or supervise any scheme or project which, in the opinion of the Corporation, will, or is likely to, increase the productivity of, or be otherwise of benefit to, agriculture or horticulture, | ||
(b) appoint and remunerate clerical, technical and managerial staff for schemes and projects referred to in paragraph (a) of this section and assist and advise in relation to the appointment of such staff, | ||
(c) provide the whole or part of the moneys required for any scheme or project referred to in paragraph (a) of this section, | ||
(d) agree with the undertakers or promoters of any scheme or project referred to in paragraph (a) of this sectionto pay and discharge the whole or a part of any losses incurred by them in relation to that scheme or project, | ||
(e) form or take part in the formation of bodies corporate for the purpose of undertaking, promoting, engaging or participating in, managing or supervising schemes or projects referred to in paragraph (a) of this section and acquire, hold and dispose of the capital, or such part of the capital as it thinks fit, of any such bodies corporate, | ||
(f) subject to the provisions of the Industrial and Provident Societies Acts, 1893 to 1936, acquire, hold and dispose of the capital, or such part of the capital as it thinks fit, of any body corporate undertaking, promoting, engaging or participating in, managing or supervising schemes or projects referred to in paragraph (a) of this section, | ||
(g) assist in and facilitate, in any manner it thinks proper, the formation, promotion, establishment, reconstruction or reorganisation of bodies corporate referred to in paragraph (e) of this section. | ||
(2) In this section and in section 9 of this Act ‘agriculture’ includes— | ||
(a) the breeding, rearing or keeping of animals of any kind (including birds and insects), | ||
(b) fish culture, | ||
(c) dairying, | ||
(d) the pasturing of animals, | ||
(e) afforestation, | ||
(f) the processing, manufacture, preparation or completion for sale of any farm produce, and | ||
(g) the marketing of any farm produce.”. |