Agriculture Credit Operation and Miscellaneous Provision Act, 1974 Chapter 1 - Bare Act

Act Info:

(1) This Act may be called the Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974.

(2) It extends to the whole of the State of Karnataka.

(3) It shall come into force in such areas on such¹[date] as the State Government may, by notification, appoint, and different dates may be appointed for different provisions of the Act and for different areas.

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1. Act came into force w.e.f. 17.07.1975 by notification No. PD 87 PCM 71, dated 17.7.1975.

In this Act, unless the context otherwise requires,-

¹[(a) 'agriculture' or 'agricultural purposes' includes making land fit for cultivation, cultivation of land, improvement of land including development of sources of irrigation, raising and harvesting of crops, horticulture, forestry plantation (including tree crops), cattle breeding, animal husbandry, dairy farming, seed farming, pisciculture including²[the development of fisheries both inland and marine and] catching fish and all activities connected therewith or incidental thereto, apiculture, sericulture, piggery, poultry, farming and such other activities as are generally carried on by agriculturists, dairy farmers, cattle breeders, poultry farmers and other categories of persons engaged in similar activities, including processing, marketing, storage and transport of agricultural produce and the acquisition of drought animals, implements and machinery in connection with such activities and such other purposes as the State Government may specify in this behalf;]

(b) ''agriculturist'' means a person who is engaged in agriculture;

(c) ''Agro-Industries Corporation'' means the Karnataka State Agro-Industries Corporation, a company registered under the Companies Act, 1956;

(d) ''co-operative society'' means a co-operative society registered or deemed to be registered under the Karnataka Co-operative Societies Act, 1959, the object of which is to provide financial assistance as defined in clause (f) of this section to its members and includes a Co-operative Land Development Bank;

(e) ''Credit Agency'' 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) Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;

(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;

(v) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963;

(vi) Agro-Industries Corporation as defined in clause (c);

(vii) the Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956; and

²[(vii-a) the regional rural banks constituted under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976);]

(viii) any other financial institution notified by the State-Government as a credit agency for the purpose of this Act;

(f) "financial assistance'' for the purpose of this Act means, assistance granted³[whether before or after the commencement of this Act] by way of⁴[loan, advance, guarantee] or otherwise for agricultural purposes.

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1. Clause (A) substituted by Act 34 of 1978 w.e.f. 29.12.1978.

2. Inserted by Act 26 of 1984 w.e.f. 28.4.1984.

3. Substituted by Act 26 of 1984 w.e.f. 28.4.1984

4. Substituted by Act 34 of 1978 w.e.f. 29.12.1978.