An Act further to amend the Kerala Relief Undertakings (Special Provisions) Act, 1961.
Preamble.-WHEREAS it is expedient further to amend the Kerala Relief Undertakings (Special Provisions) Act, 1961 for the purposes hereinafter appearing;
BE it enacted in the Forty-first Year of the Republic of India as follows:-
1. Short tile and commencement.-(1) This Act may be called the Kerala Relief Undertakings (Special Provisions) Amendment Act, 1990.
(2) It shall come into force at once.
2. Amendment of section 4.-In section 4 of the Kerala Relief Undertakings (Special Provisions) Act, 1961 (6 of 1962), to clause (b) the following proviso and explanation shall be added, namely:-
“Provided that the provisions in this clause shall not apply to the liabilities or obligations accrued or incurred in favour of the national financial institutions and banks and to any remedy for the enforcement thereof.
Explanation.-For the purposes of this clause,-
(i) “national financial institution” means any financial institution with jurisdiction all over India, set up by enacting Special Acts in the Parliament with the objective of providing financial assistance to industrial units
(ii) “bank” means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (Central Act 10 of 1949);”
