Act Number: 61

Act Name: The National Bank for Agriculture and Rural Development Act, 1981

Year: 1981

Enactment Date: 1981-12-30

Long Title: An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 44: Research and Development Fund.
    (1) The National Bank shall establish and maintain a Fund to be known as the Research and Development Fund, to which shall be credited--
        (a) such sums of money as are transferable to this Fund in accordance with section 47;
        (b) such sums of money as the Board may contribute every year to this Fund from out of its annual profits; and
        (c) such gifts, grants, donations or benefactions which the National Bank may receive and which the Board may earmark for this purpose.
     (2) The Research and Development Fund shall be expended on matters of importance to agriculture, agricultural operations and rural development, including the provision of training and research facilities and the 1[making of loans or advances or grants] under clause (iii) of section 38.
Notes:
1. Subs. by Act 55 of 2000, s. 26, for "making of grants" (w.e.f. 1-2-2001).
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