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2. Definitions.-

In this Act, unless the context otherwise requires,-

5[(a) "agricultural produce" includes the following:-

(i) edible and non-edible oil seeds;

(ii) cattle feed, including oilcakes and other ingredients;

(iii) produce of horticulture and animal husbandry;

(iv) produce of forestry;

(v) produce of poultry farming;

(vi) produce of pisciculture; and

(vii) produce of other allied activities, whether or not undertaken jointly with agriculture;]

6[(aa) "bank" means a nationalised bank and includes a scheduled bank;

(ab) "Board" means the Board of Management of the Corporation constituted under section 10;]

7[(aba) "Central financing institution" means Industrial Development Bank of India established under sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964) or the Industrial Finance Corporation of India Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), or the Industrial Credit and Investment Corporation of India Limited, a Company formed and registered under the Indian Companies Act, 1913 (7 of 1913);]

8[(b) "Central Warehousing Corporation" means the Central Warehousing Corporation established under sub-section (1) of section 3 of the Warehousing Corporations Act, 1962 (58 of 1962);

(c) "co-operative society" means a society registered or deemed to be registered under the Co-operative Societies Act, 1912 (2 of 1912) or under the Multi-State Co-operative Societies Act, 1984 (51 of 1984) or under any other law with respect to cooperative societies for the time being in force in any State, which is engaged in any of the activities specified in sub-section (1) of section 9 and includes a Co-operative Land Development Bank, by whatever name called;]

(d) "Corporation" means the National Co-operative Development Corporation established under 1[sub-section (1) of section 3];

2[(da) "foodstuffs", include-

(i) coconuts and areca-nuts;

(ii) eggs and egg products;

(iii) fish, whether fresh, frozen, dried or preserved;

(iv) fruits, whether fresh, dried or dehydrated;

(v) honey;

(vi) meat, whether fresh, frozen, dried or preserved;

(vii) milk and milk products;

(viii) vegetables;

(db) "General Council" means the General Council of the Corporation constituted under sub-section (4) of section 3;

3[(dba) "industrial goods" means the products of industrial co-operatives or cottage and village industries or products of allied industries in the rural area and includes any handicrafts or rural crafts;

(dbb) "livestock" includes all animals to be raised for milk, meat, fleece, skin, wool and other by-products;]

(dc) "Managing director" means the managing director of the Corporation;

4[(dd) "nationalised bank" means a corresponding new bank constituted under 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);]]

(e) "notified commodity" means any commodity (other than agricultural produce 2[and foodstuffs]) which the Central Government may, by notification in the Official Gazette, declare to be a notified commodity for the purposes of this Act, being a commodity with respect to which Parliament has power to make laws by virtue of entry 33 in List III in the Seventh Schedule to the Constitution;

3[(ea) "notified services" means any service which the Central Government may, by notification in the Official Gazette, declare to be notified services for the purposes of this Act;]

(f) "prescribed" means prescribed by rules made under this Act;

(g) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

2[(ga) "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);]

1[(h) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955)or any of the subsidiary banks of the State Bank of India;

(ha) "State Co-operative Bank" has the same meaning as in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]

(i) "year" means the financial year.

1. Subs. by Act 3 of 1974, s. 2, for the long title (w.e.f. 1-4-1974).

2. Subs. by Act 45 of 2002, s. 2, for "and certain other commodities on co-operative principles and for matters connected therewith" (w.e.f. 16-9-2002).

3. The words "except the State of Jammu and Kashmir" omitted by Act 32 of 1973, s. 2 (w.e.f. 21-8-1973).

4. 14th March, 1963, vide notification No. G.S.R. 456, dated 14th March, 1963, see Gazette of India, Extraordinary, Part II, sec. 3(i).

5. Subs. by Act 45 of 2002, s. 3, for clause (a) (w.e.f. 16-9-2002).

6. Ins. by Act 3 of 1974, s. 3 (w.e.f. 1-4-1974).

7. Ins. by Act 45 of 2002, s. 3 (w.e.f. 16-9-2002).

8. Subs. by s. 3, ibid., for clauses (b) and (c) (w.e.f. 16-9-2002).



National Co-Operative Development Corporation Act, 1962 Back




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