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Section 2 – The State Financial Corporations (Amendment) Act,2000

The State Financial Corporations (Amendment) Act,2000

Section 2. Amendment of section 2

In section 2 of the State Financial Corporations Act,1951 (63 of 1951) (hereinafter referred to as the principal Act),-

(a) In clause (c),-

(i) For sub-clauses (x) to (xiii), the following sub-clauses shall be substituted, namely:-

“(x) Providing weigh bridge facilities;

(xi) Providing engineering, technical, financial, management, marketing or other services or facilities for industry;

(xii) Providing medical, health or other allied services;

(xiii) Providing software or hardware services relating to information technology, telecommunications or electronics including satellite linkage and audio or visual cable communication;

(xiv) Setting up or development of tourism related facilities including amusement parks, convention centres, restaurants, travel and transport (including those at airports), tourist service agencies and guidance and counselling services to the tourists;

(xv) construction;

(xvi) Development, maintenance and construction of roads;

(xvii) Providing commercial complex facilities and community centres including conference halls;

(xviii) Floriculture;

(xix) Tissue culture, fish culture, poultry farming, breeding and hatcheries;

(xx) Service industry, such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view to its use, sale, transport, delivery or disposal;

(xxi) Research and development of any concept, technology, design, process or product, whether in relation to any of the matters aforesaid, including any activities approved by the Small Industries Bank; or

(xxii) Such other activity as may be approved by the Small Industries Bank;”;

(ii) In Explanation 2, for the words “Development Bank”, in both the places wherever they occur, the words “Small Industries Bank” shall be substituted;

(b) After clause (d), the following clause shall be inserted, namely:-

‘(da) The expression ”public sector bank” means the State Bank of India constituted under the State Bank of India Act,1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959), a corresponding new bank constituted unde section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act,1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act,1980 (40 of 1980);’;

(c) Clauses (ff) and (fff) shall be re-lettered as clauses (fb) and (fc) thereof and before clause (fb) as so re-lettered, the following clause shall be inserted, namely:-

‘(fa) “Small Industries Bank” means the Small Industries Development Bank of India established under sub-section (1) of section 3 of the Small Industries Development Bank of India Act,1989 (39 of 1989);’;

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The State Financial Corporations (Amendment) Act,2000

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