(I) This Act may be called the Assam Aid to Industries (Small and Cottage Industries) Act,
1955.
(2) It extends to the whole of Assam.
(3) I t shall come into force at once.
2. D e f in i t io n s .In this Act unless there is anything repugnant in the subject or context ;
(а) ‘Borrower’ means a person to whom a loan has oeen granted under this Act and includes the heirs, successors, assigns and sureties of a borrower.
(б) ‘Director of Cottage Industries’ means the Director of Cottage Industries, Assam.
(c) ‘Government’ means the Government of the State of Assam.
(rf) ‘Loan’ means a loan granted under this Act.
(«) ‘Prescribed’ means prescribed by rules made under this Act.
(y ) ‘Sanctioning Authority’ means the authority who sanctions a loan.
(g) ‘Small Industry’ means an industrial unit employing less than 50 workers if using power, and less than 100 workers if not using power, and having capital assets of less than Rs.5 lakhs.
(A) ‘Cottage Industry’ means an industry conducted by the members of a family or groups or organisations of artisans with or without the aid of hired labour.
(i) ‘Security’ means property mortgaged by the borrower against the loan taken from Government in shape of land, buildings, the assets of the industry and personal security and surety.