(1) This Act may be called the Tripura Agricualtural Credit Operations Act, 1976.
(2) It shall extend to the whole of Tripura.
(3) It shall come into force from such date as the State Government may, by notification in the Official Gazette, appoint in this behalf and different dates may be appointed for different provisions of the Act and for different areas of the State.
2. In this Act, unless otherwise requires,--
(a) "agriculture" and "agricultural purpose" shall include making land fit for cultivation, cultivation of land, improvement of land including development of sources of irrigation, raising and harvesting of crops, horticulture, forestry, planting and farming and cattle breading, animal husbandry, dairy farming, seed farming, pisciculture, apiculture, sericulture, piggery, poultry farming and such other activities as are generally carried on by agriculturists, dairy farmers, cattle breeders, poultry farmers and other categories of persons engaged in similar activities including marketing of agricultural products, their storage and transport and the acquistion of implements and machinery in connection with any such activity ;
Short title extent and Commencement.
Definition.
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(b) "agriculturist" means a person who is engaged in agriculture ;
(c) "Agro-Industries Corporation" means a company or other body corporate, one of the principal objectives of which is to undertake activities connected with or intended for the development of agriculture and not less than fifty-one percent of the paid-up share capital of which is held by the Central Government or by any State Government or Governments or partly by the Central Government and partly by one or more State Government ;
(d) "bank" means --
(i) a banking company as defined in the Banking Regulation Act, 1949 ;
(ii) the State Bank of India constituted under the State Bank of India Act, 1955 ;
(iii) a Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 ;
(iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 ;
(v) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 ;
(vi) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 ;
(vii) the Agro-Industries Corporation as defined in clause (c) ;
(viii) Agricultural Finance Corporation Limited, a company incorporated under the Companies Act, 1956 ; and
(ix) any other financial institution notified by the State Government in the Official Gazette as a bank for the purpose of this Act ;
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(e) "co-operative society" means a co-operative society registered or deemed to be registered unde the Tripura Cooperative Societies Act,1974 the object of which is to provide financial assistance as difined in clause (f) of this section to its members and includes a co-operative land mortgage/ development bank ; and
(f) "financial assistance" for the purpose of this Act means assistance granted by way of loans, advances, gurantee or otherwise for agricultural purpose.
CHAPTER--II Rights of agriculturists to alienate land/ interest in land in favour of banks
3. Notwithstanding anything contained in any law for the time being in force or any custom or tradition, it shall be lawful for an agriculturist whose rights of alienation of land or of any interest therein are restricted to alienate the land or his interest therein, including by creation of a charge or mortgage on such land or interest in favour of a bank or a Co-operative Society for the purpose of obtaining financial assistance.
4. Notwithstanding anything contained in any law for the time being in force, the State Government may, by notification in the Official Gazette, vest any class or classes of agruculturists not having rights of alienation in land or any interest therein, with rights of alienation including the right to create a charge or mortgage on such land or interest in favour of a bank or a Co-operative Society for the purpose of obtaining financial assistance without any restrictions, or subject to such restructions as may be specified in the notification.