Section 2 in The M.P. Lok Dhan (Shodhya Rashiyon Ki Vasuli) Adhiniyam, 1987
2. Definitions.
- In this Act, unless the context otherwise requires-(a)"Agriculture" shall have the meaning assigned to it in clause (a) of Section 2 of the Madhya Pradesh Krishi Udhar Pravartan Tatha Prakirn Upbandh (Bank) Adhiniyam, 1972 (No. 32 of 1973);(b)"Banking Company" means :-(i)a banking company as defined in the Banking Regulation Act, 1949 (No. 10 of 1949);(ii)the State Bank of India constituted under the State Bank of India Act, 1955 (No. 23 of 1955);(iii)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (No. 38 of 1959);(iv)a corresponding new Bank constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (No. 5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (No. 40 of 1980);(v)a Regional Rural Bank established under the Regional Rural Banks Act, 1976 (No. 21 of 1976); and(vi)a financing bank or a Central Society as defined in the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961) excluding a Co-operative Land Development Bank;(c)"Corporation" means the Madhya Pradesh Financial Corporation established under the State Financial Corporation Act, 1951 (No. 63 of 1951) and includes any other Corporation owned or controlled by the Central Government or the State Government which is declared by the State Government, by notification, to be a Corporation for the purpose of this Act;(d)"financial assistance" means any kind of financial assistance given :-(i)for establishing, expanding, modernizing, renovating or running any industrial concern; or(ii)for the purpose of vocational training; or(iii)for the development of agriculture or agro industry; or(iv)for the purpose of carrying out any State sponsored scheme or socially desirable scheme; or(v)for relief against distress; or(vi)for purposes of any other kind of planned development.(e)"Government Company" means Government company as defined in Section 617 of the Companies Act, 1956 (No. 1 of 1956);(f)"industrial concern" shall have the meaning assigned to the expression in the State Financial Corporation Act, 1951 (No. 63 of 1951), as amended from time to time;(g)"person" includes an heir, a legal representative, an assignee or a guarantor;(h)"State sponsored scheme" means a scheme sponsored by way of financial assistance by the State Government under which the State Government either :-(i)advances money to a banking company or Government company for the purposes of disbursing loans, advances or grants or for the purposes of sale of goods on credit or hire-purchase; or(ii)guarantees or agrees to guarantee the repayment of a loan, advance or grant or the payment of the price of goods sold on credit or hire purchase;(i)"socially desirable scheme" means a scheme notified as such by the State Government under which a banking company advances money to any person by way of loan.
