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Section 2 – The Small Industries Development Bank of India Act,1989

The Small Industries Development Bank of India Act,1989

Section 2. Definitions

In this, Act, unless the context otherwise requires,–

(a) “Board” means the Board Directors of the Small Industries Development Bank of India referred to in section 5;

(b) 1[“chairman and managing director” means the Chairman and Managing Director referred to in clause (a) of sub-section (1) of section 6;]

(c) “Court” means the High Court within the local limits of whose jurisdiction,-

(i) The defendant or respondent or, where there is more than one defendant or respondent, any one of them-

(1) Has his registered office, or

(2) Carries on the whole or part of his business, at the time of commencement of any legal proceedings against him under this Act, or

(ii) The cause of action for such legal proceedings, wholly or in part, arises;

(d) “Development Bank” means the Industrial Development Bank of India established under section 3 of the Industrial Development Bank of India Act,1946 (18 of 1964);

(e) ” Director” means a Director nominated under sub-section (1) of section 6 and includes the 1[chairman and managing director and whole-time director;]

(f) “Export” means export from India or products or services of any industrial concern in small-scale sector;

(g) “Import” means import into India of services or goods including all materials, commodities and articles in a solid, liquid or gaseous state and all forms or energy for the use of any industrial concern in the small-scale sector;

(h) “Industrial concern in the small-scale sector” means an industrial concern as defined in clause (c) of section 2 of the Industrial Development Bank of India Act,1964 (18 of 1964), and which is regarded as a small-scale undertaking under section 11B of the Industries (Development and Regulation) Act,1951 (65 of 1951);

(i) “Managing Director” means the Managing Director appointed under sub-section (1) of section 7;

(j) “National Small Industries Corporation” means the National Small Industries Corporation Limited registered under the Companies Act,1956 (1 of 1956);

(k) “Notification” means a notification published in the Official Gazette;

(l) “Prescribed” means prescribed by regulations made under this Act;

(m) “Small Industries Bank” means the Small Industries Development Bank of India established under sub-section (1) of section 3;

(n) “State Small Industries Corporation” means a State Corporation, registered under the Companies Act,1956 (1 of 1956), for small industries in a State;

(o) “State Financial Corporation” means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act,1951 (63 of 1951);

(p) “State Industrial Development Corporation” means a State Corporation registered under the Companies Act,1956 (1 of 1956), for the development of industries in a State;

(q) Words and expressions used herein and not defined but defined in the Industrial Development Bank of India Act,1964 (18 of 1964), shall have the meanings respectively assigned to them in that Act.

——————–

1. Substituted by Act 7 of The Small Industries Development Bank of India (Amendment) Act,2000, dt. 27-03-2000.

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The Small Industries Development Bank of India Act,1989

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