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Industrial Finance Corporation Act, 1948


2. Interpretation.

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

  1. "Board" means the Board of Directors of the Corporation;

  2. "Corporation" means the Industrial Finance Corporation of India established by this Act;

ba      "Court" means the High Court (or where there is no High Court and the powers of the High Court are exercised by the Court of Judicial Commissioner, such Court) with in the local limits of whose jurisdiction,-

  1. 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 the commencement of any legal proceedings against him under this Act; or

  1. the cause of action for such legal proceedings, wholly or in part, arises;]

  1. This Act has been extended to Goa, Daman and Diu by Reg. 12 of 1962, s. 3 and Sch.; Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2.and Sch. I, and to the Laccadive, Minicoy and Amindivi Islands by Reg. 8 of 1965, s. 3 and Sch., Extended to Kohima and Mokokchung districts in the State of Nagaland by Act 52 or 1975, s. 21.2. Subs. by the A. O. 1950, for sub-section (2).3. The words "except the State of Jammu and Kashmir" omitted by Act 28 of 1955, s. 2.4. 1st July, 1948, vide Notification No. F-10(1)(a)F. 1/48, dated the 15th June, 1948, Gazette of India, Extraordinary, 1948, p. 853.5. Subs. by Act 2 of 1982, s. 2 (w.e.f. 12.3.1982)38.1*[(b) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);]

  1. 2*["industrial concern" means any limited company operative society incorporated by a Central Act or an Act of the Legislature of a State or under any law for the time being in force and registered in India which is engaged or to be engaged in-

  1. the manufacture, preservation or processing of goods;

  2. shipping;

  3. mining;

  4. the hotel industry;

  5. 3*[the generation, storage or distribution of electricity or any other form of energy;]

  6. the transport of passengers or goods by road or by water or by air or by ropeway or by lift;

  7. the maintenance, repair, testing or servicing of 3*[machinery or equipment] of any description or vehicles or vessels or motorboats or trailers or tractors;

  8. assembling, repairing or packing any article with the aid of machinery or power;

  9. 3*[(the setting up of, or development of, an industrial area or an industrial estate;]

  10. fishing or providing shore facilities for fishing or maintenance thereof;

  11. providing special or technical knowledge or other services for the promotion of industrial growth;
    4* * * * *

  12. 3*[providing engineering, technical, financial, management, marketing or other services or facilities for industry;

  13. providing medical, health or other allied services;

  14. providing services relating to information technology, tele - communication or electronics;

  15. leasing, sub-leasing or giving on hire or hire - purchase of industrial plants, equipments, machinery or other assets, including vehicles, ships and aircraft;

  16. such other activity as the Central Government may, HAVING regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or

  17. the research and development of any concept, technology, design, process or product, whether in relation to any of the matters aforesaid, including any activities specified under sub - clause (xvi), or any other matter.

Explanation.- For the purposes of sub-clause (i), the expression "processing of goods" includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operation;]

  1. "prescribed" means prescribed by rules or regulations made under this Act;

  2. "Reserve bank" menas the Reserve Bank of India:

  3. "scheduled bank" means a bank for the time being included in the second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934.);

ff        5*[ "State co-operative bank" has the same meaning as in the Reserve Bank of India Act, 1934 (2 of 1934.);]

  1. Ins. by Act. 18 of 1964, s. 38 and Sch. II (w.e.f. 1-7-1964).

  2. Subs. by Act 2 of 1982, s. 2 (w.e.f. 12-3-1982).

  3. Subs. by Act 50 of 1986, s. 2 (w.e.f. 2-2-1987).

  4. Omitted by s. 2, ibid. (w.e.f. 2-2-1987).

  5. Ins. by Act 74 of 1972, s. 2.39.1* * * * *
     



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