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Section 19 – The State Agricultural Credit Corporations Act,1968

The State Agricultural Credit Corporations Act,1968

Section 19. Business which the Corporation may transact

Subject to the provisions of this Act, the Corporation may transact the following kinds of business, namely:-

(a) The granting of loans and advances, repayable within a period, not exceeding five years, to agriculturists, agricultural marketing societies, agricultural processing societies, Central Co- operative Banks, co- operative farming societies or primary agricultural credit societies for agricultural operations or for such other operations connected therewith as the Board may by regulations determine;

(b) The drawing, making , accepting, discounting, buying, selling , collecting and dallying in bills of exchange , hundies, promissory notes, coupons, drafts, bills of lading, railway receipts, warrants, debentures, certificates, scripts and other instruments, and securities whether transferable or negotiable or not;

(c) The granting and issuing of letters of credit and acquiring, holding , issuing in commission, underwriting and dealing in stock, funds, shares , debentures, debenture stock, bonds obligations, securities and investments of all kinds;

(d) The purchasing and selling of bonds , scripts or other forms of securities on behalf of constituents or others, the negotiating of loans and advances, the receiving of all kinds of bonds, scripts or valuables on deposit vaults, and collecting and transmitting money and securities;

(e) The carrying on of agency business of any description including the clearing and forwarding of goods, given of receipts and discharges;

(f) The entering into contracts of indemnity, suretyship or guarantee with specific security or otherwise;

(g) Receiving in consideration of the services mentioned in clauses (b), (c), (d), (e) and (f) such commission as may be agreed upon;

(h) Managing or selling of any property which may come into the possession of the Corporation in satisfaction or part satisfaction of any of its claims;

(i) Acquiring or holding of any property or any right, title or interest in any property which may form the security or a part of the security for any loan or advance or which may be connected with any business of the Corporation;

(j) Any other kind of business which the Central Government may, on the recommendation of the Reserve Bank, authorise;

(k) Generally the doing of such things and matters as may be incidental to or consequential upon the discharge of its functions under this Act.

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The State Agricultural Credit Corporations Act,1968

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