State Agricultural Credit Corporations Act, 1968
19. Business which the Corporation
may transact.
Subject to the provisions of this
Act, the Corporation may transact the following kinds of business, namely:-
- the granting of
loans and advances, repayable within a period, not exceeding five years, to
agriculturists, agricultural marketing societies, agricultural processing
societies, Central Co-operative Banks, co-operative farming societies or
primary agricultural credit societies for agricultural operations or for such
other operations connected there-with as the Board may by regulations
determine;
- the drawing,
making, accepting, discounting, buying, selling, collecting and dealing in
bills of exchange, hundies, promissory notes, coupons, drafts, bills of lading,
railway 1. Ins. by Act 5 of 1970, s. 20 (w.e.f. 19-7-1969).176.receipts,
warrants, debentures, certificates, scrips and other instruments, and
securities whether transferable or negotiable or not;
- the granting and
issuing of letters of credit and acquiring, holding, issuing on commission,
underwriting and dealing in stock, funds, shares, debentures, debenture stock,
bonds, obligations, securities and investments of all kinds;
- the purchasing
and selling of bonds, scrips or other forms of securities on behalf of
constituents or others, the negotiating of loans and advances, the receiving of
all kinds of bonds, scrips of valuables on deposit or for safe custody or
otherwise, providing of safe deposit vaults, and collecting and transmitting
money and securities;
- the carrying on
of agency business of any description including the clearing and forwarding of
goods, giving of receipts and discharges;
- the entering
into contracts of indemnity, surety ship or guarantee with specific security or
otherwise;
- receiving in
consideration of the services mentioned in clauses (b),(c),(d),(e) and (f) such
commission as may be agreed upon;
- managing or
selling of any property which may come into the possession of the Corporation
in satisfaction or part satisfaction of any of its claims;
- acquiring or
holding of any property or any right, title or interest in any property which
may form the security or a part of the security for any loan or advance or
which may be connected with any business of the Corporation;
- any other kind
of business which the Central Government may, on the recommendation of the
Reserve Bank, authorise;
- generally the
doing of such things and matters as may be incidental to or consequential upon
the discharge of its functions under this Act.
Back