Section 2 in The Punjab Public Moneys (Recovery of Dues) Act, 1983
2. Definition.
- In this Act, unless the context otherwise requires, -(a)'Banking company' means -(i)a banking company as defined in the Banking Regulation Act, 1949;(ii)the State Bank of India constituted under the State Bank of India Act, 1955;(iii)a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;(iv)the Agricultural Finance Corporation Limited, a company incorporated under the Indian Companies Act, 1956;(v)the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance and Development Corporation Act, 1963;(vi)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;(vii)a regional rural bank constituted under the Regional Rural Banks Act, 1976; or(viii)a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.(b)"Collector" means a Collector of the district and includes any person appointed by the State Government to perform the functions of a Collector under this Act;(c)"Corporation" means the Punjab Financial Corporation established under the State Financial Corporations Act, 1951 and includes any other corporation owned or controlled by the Central Government or the State Government which the State Government may, by notification specify;(d)"Financial Assistance" means any financial Assistance -(i)for establishing, expanding, modernising, renovating, or running any industrial undertaking; or(ii)for purposes of vocational training; or(iii)for development of agriculture, horticulture, animal husbandry or agro-industry; or(iv)for purposes of any other planned development; or(v)for relief against distress;(e)"Government Company" means a Government company as defined in section 617 of the Companies Act, 1956;(f)"Industrial Concern" has the meaning assigned to this expression in the State Financial Corporations Act, 1951;(g)"Industrial Undertaking" includes an undertaking for the manufacture, preservation, storage or processing of goods, or for mining, or hotel keeping, or transportation of passengers or goods, or generation or distribution of electricity or any other form of power or development of any contiguous area of land as an industrial estate;Explanation. - 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;(h)"State-sponsored scheme" means a scheme sponsored by way of financial assistance by the State Government under which it -(i)advances money to a Corporation or a Government Company for the purpose of disbursing loans, advances or grants or for the purpose 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.
