Kerala Industrial Revitalisation Fund Act, 1999

No: 19 Dated: Nov, 30 1999

THE KERALA INDUSTRIAL REVITALISATION FUND ACT, 1999

ACT 19 OF 1999

    An Act to provide for the constitution of a fund to revitalise public sector industral undertakings and other industrial undertakings under the control of the State and for matters connected therewith or incidental thereto.

    Preamble.—WHERAS it is expedient to constitute a fund to revitalise public sector industrial undertakings and other industrial undertakings under the control of the State and for matters connected therewith or incidental thereto;

Be it enacted in the Fiftieth Year of the Republic of India as follows:—

1. Short title, extent and commencement.—(1) This Act may be called the Kerala Industrial Revitalisation Fund Act, 1999.

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

(3) It shall be deemed to have come into force on the 8th day of December, 1998.

2. Definitions.—In this Act, unless the context otherwise ,requires,—

(a) ‘Board’ means the Kerala Industrial Revitalisation Fund Board constituted under section 4;

(b) ‘Fund’ means the Kerala Industrial Revitalisation Fund established under section 3 and the Scheme;

(c) ‘Fund Manager’ means the Fund Manager of the Board appointed under section 10;

(d) ‘Financial assistance’ means the types of assistance specified in the Scheme;

(e) ‘Government' means the Government of Kerala;

(f) ‘Other industrial undertakings’ means corporate bodies established in the State under the Companies Act, 1956 (Central Act 1 of 1956) in joint sector, where the investment of the Governments not less than forty per cent of the total paid up share capital, and under the Industries Department of the Government.

(g) ‘Public sector industrial undertakings’ means any Company established under the Companies Act, 1956 (Central Act 1 of 1956) or a Co-operative Society registered or deemed to have been registered under the Kerala Co-opcrative Societies Act, 1969 (21 of 1969), and under the control of Industrics Department of the Government

(h) ‘Schedule’ means the Schedule to this Act;

(i) ‘Scheme’ means the Scheme framed under this Act,

(j) ‘State’ means the State of Kerala;

(k) ‘Undertakings’ mean public sector industrial undertakings or other industrial under takings;

(l) ‘Year’ means the financial year.