(1) This Act may be called the Kerala Local Authorities Loans Act, 1963.
(2) It extends to the whole of the State of Kerala.
(3) It shall come into force on such date as the Government may, by notification in the Gazette, appoint.
2. Definitions.–— In this Act, unless the context otherwise requires,— 1[(a) “accrual period” means a financial year beginning on and from the 1st day of April and ending with the 31st day of March of the following year or part thereof ending with 31st March;
(b) “Board” means the Board of Management appointed under sub-section
(2) of section 3A;
(c) “Development Fund” means the Kerala Local Government Development Fund constituted under sub-section (1) of section 3A and includes the aggregate of the contribution by the Government, investments, loans and all other properties];
2[(d)] “funds” used with reference to any local authority includes any local, panchayat or municipal fund to the control or management of which such authority is legally entitled, and any cess, rate, duty or tax which such authority is legally entitled to impose and any property vested in such authority;
3[(e) “Fund Manager” means the asset management company to be constituted as specified in sub-section (4) of section 3A;
* Received the assent of the Governor on the 10th day of October, 1963 and published in the Kerala Gazette Extraordinary No.108 dated 11 th October, 1963.
1. Inserted by Act 11 of 2012 (w.e.f 30-01-2010 ).
2. Renumbered by Act 11 of 2012 (w.e.f 30-01-2010 ).
3. Inserted by Act 11 of 2012(w.e.f 30-01-2010 ).
(f) “fund period” means the period on and from the date of constitution of the Development Fund to the date of its revocation or transfer to the Consolidated Fund of the State under the provisions of section 3A;
(g) “Government" means the Government of Kerala;
(h) “infrastructure projects” includes water supply, solid waste management, sanitation, storm water drains, roads, transportation systems, sites and services, area development and other remunerative and non-remunerative infrastructure projects for public use;
(i) “investment” means money lent or to be lent by the Development Fund only for infrastructure projects and includes money placed by the Development Fund in instruments such as Government promissory notes or other Government securities, stock or share in any banking company or other public company, or stocks, funds, shares, debenture, debenture stock, commercial papers, financial papers, short term or long term corporate deposits, securitised debt, mortgage, bonds, obligations and securities of any description whatsoever;
(j) “lender” means any person who has given money to the Development Fund by way of loan];
1[(k)] 2[“local authority” means any person legally entitled to the control or management of any local fund or legally entitled to impose any cess, rate, duty, fee or tax and includes the Panchayat or the Council of the Municipality, as the case may be, and also includes the Secretary of such local authority if he has been specifically authorised by the local authority for discharging the duties and functions under this Act.
Explanation.–A person means and includes any authority or body corporate.]
3[(l) “management agreement” means the management agreement between the Fund Manager and the Board;
(m) “net income” means in relation to any accrual period, the net income earned by the Development Fund as shown in its audited statements of account for that accrual period, net of all costs, taxes and expenses, Fund Manager’s remuneration and interest paid or payable on the borrowing by the Development Fund;]
1. Renumbered by Act 11 of 2012 (w.e.f 30-01-2010 ).
2. Substituted by Act 16 of 2000 (w.e.f 12-05-2000 ).
3. Inserted by Act 11 of 2012(w.e.f 30-01-2010 ).
1[(n)] “prescribed” means prescribed by rules made under this Act;
2[(o) “State” means the State of Kerala;]
3[(p)] “work” includes a survey whether incidental to any other work or not.