The Small Industries Development Bank of India Act, 1989

Act No. 39

25-Oct-1989

Section 1 — Short title, extent and commencement

1. Short title, extent and commencement .

(1)This Act may be called the Small Industries Development Bank of India Act, 1989.

(2)It extends to the whole of India.

(3)It shall come into force on such date1 as the Central Government may, by notification, appoint a nd different dates may be appointed for different provisions of this Act.

Section 2 — Definitions

2. Definitions .-In this Act, unless t he context otherwise requires, -

(a)“Board ” means the Board of directors of the Small Industries Development Bank of India referred to in section 5; 2[(b) “chairman and m anaging director ” means the chairman and m anaging d irector referred to in clause ( a) of sub -section ( 1) of section 6;]

(c)“Court ” means the High Court with in the local limits of whose jurisdiction, -

(i)the defendant or respondent or, where there is more than one defendant or respondent, any one of them -

(1)has his registered office, or

(2)carries on the whole or part of his business, at the time of commencement of any legal proceedings against him under t his Act, or

(ii)the cause of action for such legal proceedings, wholly or in part, arises;

(d)“Development Bank ” means the Industrial Development Bank of India established under

Section 3 — of the Industrial Development Bank of India Act,1964 (18 of 1964)

section 3 of the Industrial Development Bank of India Act,1964 (18 of 1964);

(e)“Director ” means a Director nominated under sub -section ( 1) of section 6 and includes the 3[chairman and m anaging director and whole -time d irector];

(f)“export ” means export from India of products or services of any industrial concern in small -scale sector; 4[(fa) “General Insurance Corporation ” means the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972);]

Section 1 — 7th March, 1990, vide notification No. S.O. 197(E), dated 7th March, 1990, see Gazette of India, Extraordinary,

1.7th March, 1990, vide notification No. S.O. 197(E), dated 7th March, 1990, see Gazette of India, Extraordinary, Part II, sec. 3( ii).