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The Sikkim Ceiling on Government Guarantees Act, 2000 Complete Act

State: Sikkim

Year: 2000

.....assent of the Governor on 13th day of December , 2000 is hereby published for general information:- THE SIKKIM CEILING ON GOVERNMENT GUARANTEES ACT, 2000 (ACT NO. 21 OF 2000) An Act To provide ceiling on Government Guarantees and other matters connected therewith. Be it enacted by the Legislature of Sikkim in the fifty-first year of the Republic of India as follows:- Short title and Commencement. 1. (1) This Act may be called the Sikkim Ceiling on Government Guarantees Act, 2000. Definitions. 2. (2) It shall come into force at once. In this Act, Unless the context otherwise requires:- (a) ˜Default risk' means the probability of default by the borrower on whose behalf the Government Guarantee is given, depending on the amount borrowed, the type of industry and the economic situation . (b) "Government " means the State Government of Sikkim. (c) "government Guarantee" includes the guarantee given by the State Government on behalf of Departmental Undertakings, Public Sector Undertakings, Local Authorities , Statutory Boards and Corporations and Co-operative-Institutions. Ceiling on Government Guarantees 3. The total outstanding Government.....