Meghalaya Infrastructure Development Finance Board Act, 2011
No: 11 Dated: Apr, 06 2011
MEGHALAYA INFRASTRUCTURE DEVELOPMENT FINANCE BOARD ACT, 2011
ACT NO. 11 OF 2011
AN ACT to provide for constitution, establishment, and sustained operation of a Board for financing of all types of infrastructure in the State and to provide for matters· connected therewith or incidental thereto.
Be it enacted by the Legislative of the State of Meghalaya in the Sixty-second Year of the Republic of India as follows: -
CHAPTER-I
PRELIMINARY
1. Short title, extent commencement and applicability:- (1) This Act may be called the Meghalaya Infrastructure Development Finance Board Act, 2011.
(2) It extends to the whole,of the State of Meghalaya.
(3) It shall come into force on such date as the State Government may by way of notification in the OfficJal Gazette, appoint:
Provided that different dates may be, appointed for different sections of this Act.
(4) It shall apply to such Infrastructure Projects as are implemented by or through the Board, under the provision of this Act.
2. Definitions:- In this Act, unless the subject or context otherwise requires, -
(a) "Act" means the Meghalaya- Infrastructure Development Finance Board Act, 2011;
(b) "Approved Detailed Project Report" means the Approved Detailed Project Report adopted and published by the Board in accordance with Section 23;
(c) "Bankable Projects" means those Infrastructure Projects which " are determined by the Board to be Viable for the purpose of finanCing;
(d) "Board" means the Meghalaya Infrastructure Development Finance Board constituted under Section 3(1);
(e) "Central Government" means the Government of India, its respective departments or any other authorities, agencies and instrumentalities functioning under the direction or control of the Government of India;
(f) "Chairperson" means the chairperson of the Board appointed under Section 4(1);
(g) "Concession" means grant of financial assistance or conferment of right on government property and public assets to a person other than the State Government or Government Agency as per the terms specified in the Concession Agreement;
(h) "Concessionaire" means a person with whom Concession Agreement is entered into by the State Government, the Government Agency or the Specified Government Agency;
(i) "Concession Agreement" means the agreement of the nature and parameter specified in Schedule II that may be entered by and between the Concessionaire and the State Government, the Government Agency or the Specified Government Agency;
(j) "Consultant" means the consultancy agency, whether belonging to the State Government or any other person(s) which is entrusted by the Board with preparing of the Detailed Project Report;
(k) "Detailed Project Report" means the Detailed Project Report prepared by the Consultant in accordance with Section 22;
(l) "Escrow Account" means a bank account in which cash is deposited or from which cash is withdrawn in the manner specified in the Concession Agreement;
(m) "Financial Year" means the period of twelve months commencing on the 1 st of April of each year and ending on the 31 st March of the following year;
(n) "Fund" means the Meghalaya Infrastructure Development Fund constituted under Section 20 (1);
(o) "Government Agency" means a corporation or a body owned or controlled . by the State Government or an authority established by or under any law and includes Local Authority; .
(p) "Infrastructure Projects" means the infrastructure projects specified in Schedule-I and such other projects as may be notified by the State Government from time to time;
(q) "Local Authority" means a municipal board or corporation, municipal council, municipal town committee or notified areas committee;
(r) "Member" means a Member of the Board including Chairperson;
(s) "prescribed" means prescribed by rules or regulation made under this Act;
(t) "Specified Government Agencies" means the State Government and Government Agencies participating jointly;
(u) "State" means the State of Meghalaya;
(v) "State Government" means the Government of the State of Meghalaya and its departments, agencies and instrumentalities functioning under its direction or control;
(w) "State Government Guarantee" means a guarantee given by the State Government to a Concessionaire;
(x) "Subsidy" means financial assistance in cash or kind provided by the Board, State Government, Government Agencies or Specified Government Agencies; and
(y) "User Charges" means the right or authority granted to the developer by the State Government to recover investment and fair return on investment and shall include toll, fee, charge, rentals or benefit by whatever, name called.