Section 5 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
5. Objective.
(1)The object of the Bank shall be to do all things necessary to promote and develop the agricultural economic interest by providing long-term and short term loans for the purposes of agricultural development and activities incidental thereto and in particular for horticulture, fishery, dairy live stock, construction of houses in rural areas. The Bank shall also promote rural industrialisation by providing loans to artisans, craftsman and small entrepreneurs and advance loans to institutions and corporate bodies engaged in activities which directly or indirectly help the farmers and rural people-(i)to issue to its members through the branches within its area of operation.(ii)to grant loans on Government Guarantee ;(iii)to grant loans to Government Corporation, engaged in any of the activities indicated at 5(i) above ;(iv)to grant loans to tenants under various land reforms and Tenancy Acts, in force;(v)to grant loans to Farming Societies, Corporations, Fishery Societies, Irrigation Societies and Tea Gardens belonging to individual owner/owners or organised as a joint stock company, partnerships, Co-operative ;(vi)to grant loans for raising coffee, rubber plantation and for activities connected therewith;(vii)to do all other things conductive to the attainment of objectives at 1 above.(2)In order to fulfil such objects the Bank shall have power-(a)to float debentures on such terms and conditions as may be approved by the Government on the Security of its assets and mortgages of immovable property as well as the assets and mortgages of the Bank vesteel through the branches under provision of Act."(b)to receive deposits and borrow money from Government, Reserve Bank of India, State Bank of India, Assam Co-operative Apex Bank Ltd., and from any other sources with approval of Registrar of Co-operative Societies;(c)Deleted.(d)to acquire such immovable ;e property and construct such buildings as it may consider necessary for the proper conduct of its business ;(e)to appoint salaried Staff, fix pay scale and take disciplinary of action including dismissal for the conduct of its own affairs and for supervision of branches."(f)(i)to inspect and supervise the working of the branches and inspect the properties mortgaged to such branches."(ii)to inspect and supervise the Societies as referred to under bye-law No. 5(l)(m) and to inspect the properties mortgaged by them to the bank ;(g)to open branch or branches in places within the area of operation of the Bank(h)Deleted.(i)to create a pool of supervisors, Accountants and other officers for official service to branches at the cost of the Bank ;
