In this Act, unless the context otherwise ,requires,— ’ (a) ‘Board’ means the Kerala IndustrialRevitalisation- Fund Boaid ’ constituted unde? section 4;
(b) ‘Fund’ means the Kerala Industrial Revitalisation Fundestablished under section 3 and the Scheme;
‘Y *Received the assent of the Governor on the 29th day of April, 1999 and published in the Kerala Gazette Extraordinary No. 2185 dated 30th November 1999.
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(c) ‘Fund Manager’ means the Fund Managerof the Board appointed under section 10;
(d) ‘Financial assistance’ means the types of assistance specified in the Scheme;
(ec) ‘Government? means the Government of Kerala;
(f) ‘Otherindustrial undertakings’ means coi porate bodies established in the State under the Companies Act, 1956 (Central Act 1 of 1956) in joint sector, where the investmentof the Goveinment1s 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;
(1) ‘Scheme’ means the Scheme framed unde: this Act,
(j) ‘State’ means the State of Kerala;
(k) ‘Undertakings’ mean: public sector industrial undertakings or other industrial unde: takings;
(1) ‘Year’? means the financial year.
3. Kerala Industrial Revitalisation Fund Scheme-—(1) The Government may, by notification in the Gazette, frame a Scheme to be called the Kerala Industrial Revitalisation Fund Scheme for the establishment of a fund underthis Act for the revitalisation of Public Sector Industfial Undertakings and other industrial undertakings in the State and there shall be established, as soon as maybeafter the framing of the scheme, a fund in accordance with the provisions of this Act and the Scheme.
(2) There shall be credited to the fund,— °
(a) the contribution specified in section 7;
(b) the amount borrowed by the Board undersection 8 ;
(c) grants or loans or advances made by the Government or any institution;
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(d) any amountraised by the Board from other sources to augment, the resources of the Board; and
(ec) any other amount which, under the provisions of the Scheme, shall be credited to the fund. . .
(3) The fund shall vest in, and be administered by, the Board consututed under section 4,
(4) The fund may be utilised forall or any of the following purposes, namely :— ; (a) to revitalise public sector industrial undertakings and other industrial undertakings;
(b) to provide financial assistance to public sector industrial undertakings and other industrial undetakings.
(c) to redeam the bonds and debentures used to raise resources for the fund; aad
(d) for implementation of any other purpose specified in the scheme.
(5) All moneysspecified in sub-section (2) shall be deposited into the public account of the Government or with the approval of the Government with any Scheduled Bank or with the Financia) Instituuon owned by the State Governmentand thesaid accountshall be operated by the Fundmanager.
(6) Subject to the provisions of this Act, the Scheme framed under sub-section (1) may providefor all or any of the matters specified in sub-section
(4) and in the Schedule.
(7) The Scheme shall be laid, a soon as may be, after it 1s framed, before the Legislative Assembly while 1t 1s in session for 2 total period offourteen days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session im which it is so Jaid or the session immediately following, the Legislative Assembly makes any modification in the scheme, the schemeshall thereafter have effect only in such modified form;
so howeverthat, any such modification shall be without prejudice to the validity of anything previo&sly done under the Scheme 4, Constatuteon of Board—(1) The Government may bynotification in the Gazetté, constititute with effect from such date as may be specified therein a Board to be called “the Kerala Industrial Revitalisation Fund Board” for the administration of the fund and to supervise or carry out the activities financed from the fund.
(2) The Board shall be a body corporate by the nameaforcsaid, having perpetual succession and a common seal and shall by the said name sue and be sued.
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(3) The Board shall consist of such numberofdirectors not exceeding seven, as may be appointed by the Governmentand they shall be chosen in such manner as may bespecified in the scheme.
(4) One of the directors of the Board shall be appointed bv the Government to be its Chairman.
(5) The Board shall administer the fund vested in it in such manner as may be specified in the Scheme.
(6) The Board may, with the previous approval of the Government delegate to the Chairman or to the Fund Manager suchofits powers and funcs tions underthis Act or the Scheme,as it may consider necessary for the efficient administration of the fund, subject to such restrictions and conditions, if any, as it may specify.
5. Term of office of Dirvectors—(1) A Duarector appointed under subsection (3) of section 4 shall hold office during the pleasure of the Government.
(2) Any Director may resign hiy membership by giving notice in writing to the Governmentbutshall continuc in office until his resignation is accepted by the Government.