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Section 2 – The Rehabilitation Finance Administration Act,1948

The Rehabilitation Finance Administration Act,1948

Section 2. Definitions

In this Act unless there is anything repugnant in the subject or context,-

(a) “Act” means the Rehabilitation Finance Administration Act,1948;

(b) “Administration” means the Rehabilitation Finance Administration constituted under this Act;

(c) “Borrower” means an individual, company, association or body of individuals, whether incorporated or not to, to whom a loan has been advanced under this Act;

(d) “Displaced person” means” ”

(i) A person who, being displaced from any area 1[now forming part of Pakistan] on account of civil disturbances or fear of such disturbances, has settled and is engaged or intends to engage in any business or industry in India, or

(ii) A person in India who, having had his business, industry or property, wholly or partially 1[in any area now forming part of Pakistan], has lost, wholly or partially, such business, industry, or property on account of civil disturbances or the fear of such disturbances, and who is engaged, or intends to engage in any business or industry in India:

2[(e) “loan” means a sum of money advanced by the Administration” ”

(i) To a displaced person for the purpose of any business or industry in which he is engaged or intends to engage himself, or

(ii) In respect of any business or industry, a substantial portion of which is owned under section 24.

——————–

1. Subs. by Act 1 of 1950, s.3, for “outside India”.

2. Subs. by s.3, Act 1 of 1950, for the original clause.

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The Rehabilitation Finance Administration Act,1948

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