THE ASSAM MONEY-LENDERS' (AMENDMENt) . ACT, 1948

Preamble. ASSAM ACT XVIii OF i948 · THE ASSAM MONEY-LENDERS' (AMENDMENt) . ACT, 1948 (Passed by the Assembly) [Received the assent of the Governor on the'] 15th October~ 1948] [PLiblished in the Assam Ga<;ette of the 20th October, 1948) An Act further to amend ithe Assam Money-Lenders' Act, 1934. WHEREAS it is expedient further to amend the Assam Money-Lenders' Act, 1934, hereinafter called the princi­ pal Act, in the manner hereinafter appearing ; It is hereby enacted as follows:­ Short title, commence- . l. (l) This Act may be called · the Assam Money­ ment and Lenders' (Amendment) Act, 1948. extent. Amendment of section 2 (2) It shall come into force on such date as the Pro- vincial Government may, by notification in · the official Gazette, appoint. (3) It extends to the whole of Assam . 2. In section 2 of the principal Act,-- of Assam ed Act IV of ' . (a) for mb-section ( 1), the following shall be substitut­ namely :- 1934. "'Money-lender' means a person including any Com­ pany or Association or . body of individuals, whether incorporated or not, who grants a loan ; " . and (b) for sub-section (3), the following shall be substitut­ ed , namely: - " 'Loan' means an advance, whether of money or in kind, made on condition of repayment with interest and includes any bond bearing interest executed in respect of past liabilities and any transaction which is in substance a loan, but does not include- . Assam Act IV of 1934. (a) a loa n to, or by, or a deposit with, any Society or Association registered under the Societies Registration ..Act, 1860 or under any other law relating to public, Act XXI of I. . h . bl b' 1860 re 1gwus or c anta e o ~ectsl · (b) a loan advanced before or after the commence­ ment of this Act- (i) by a Co-operative Life Insurance Society, or a Co-operative Society ; or (ii) by a Bank which has been declared to be a notified Bank under section 2A whether or not such Bank was declared to be a notified Bank at the time the loan was advanced." Insertion of . 3. After se~tion 2 of the principal Act, the follo,wing aection 2A sectiOn shall be mserted, namely :- in Assam Act IV of 1934. Notified Bank. "2A. The Provincial Government may, by notification in the official Gazette, declar:e any Bank to be a notified Bank fur the purpose of this Act." [ Price 1 anna or 2d. ] A.G . P. (L.A.) N6.22f48 ··· 500·- 22 .1-1949.