Section 2. Definitions

2. Definitions.— In this Act, unless the 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 managing director" means the chairman and managing director referred to in clause (a) of sub-section (1) of section 6;] (c) "Court" means the High Court within 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 this 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); (e) "Director" means a Director nominated under sub-section (1) of section 6 and includes the[3] [chairman and managing director and whole-time director]; (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);] CHAPTER VIII MISCELLANEOUS 33. Staff of Small Industries Bank. 34. Delegation of powers. 35. Returns. 36. Obligations as to fidelity and secrecy. 37. Defects in appointment not to invalidate acts, etc. - 37A. Amounts and securities to be held in trust. 38. Rights of Small Industries Bank in case of default. 39. Power to seek assistance of Chief Metropolitan Magistrate or District Magistrate. 40. Power to call for repayment before agreed period. 41. Special provisions for enforcement of claims by Small Industries Bank. 42. Small Industries Bank to have access to records. 43. Validity of loan or advance not to be questioned. 44. Indemnity of Directors. 45. Protection of action taken under this Act. SECTIONS 46. Nomination by depositors or holders of bonds or other securities. 47. Arrangement with Small Industries Bank on appointment of directors to prevail. 48. Act 18 of 1891 to apply in relation to Small Industries Bank. 49. Act 10 of 1949 not to apply to Small Industries Bank. 50. [ Omitted .] 51. Liquidation of Small Industries Bank. - 51A. Power to make rules by Central Government. 52. Power to make regulations. 53. [ Repealed .] 54. Power to remove difficulties. THE FIRST SCHEDULE. THE SECOND SCHEDULE. [ REPEALED .] ACT NO. 39 OF 1989 THE SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA ACT, 1989 [25 th October , 1989.] - An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fortieth Year of the Republic of India as follows: — 2. In this Bill, it is proposed to establish a statutory corporation known as 'the Small Industries Development Bank of India', wholly owned subsidiary of the Industrial Development Bank of India, to function as principal financial institution for the promotion, financing and development of industry in the small-scale sector and to coordinate the functions of the institutions engaged in the promotion, financing or developing industry in that sector. It is also proposed that the Bank would give Special attention to the export oriented industrial units in that sector.