The Rehabilitation Finance Administration Act, 1948

(1) This Act may be called the Rehabilitation FinanceAdministration Act, 1948. 1(2) [It extends to the whole of India except the State of Jammu and Kashmir*.] (3) It shall come into force on such date2as the Central Government may, by notification in theOfficial Gazette, appoint in this behalf.

In this Act, unless there is anything repugnant in the subject or context, (a) "Act" means the Rehabilitation Finance Administration Act, 1948; (b) "Administration" means the Rehabilitation Finance Administration constituted under this Act; (c) "borrower" means an individual, company, association or body of individuals, whetherincorporated or not, to whom a loan has been advanced under this Act; (d) "displaced person" means (i) a person who, being displaced from any area 1[now forming part of Pakistan] on accountof civil disturbances or fear of such disturbances, has settled and is engaged or intends to engagein any business or industry in India, or (ii) a person in India who, having had his business, industry or property, wholly or partially1[in any area now forming part of Pakistan], has lost, wholly or partially, such business, industry,or property on account of civil disturbances or the fear of such disturbances, and who is engaged,or intends to engage in any business or industry in India; 2[(e) "loan" means a sum of money advanced by the Administration (i) to a displaced person for the purpose of any business or industry in which he is engaged orintends to engage himself, or (ii) in respect of any business or industry, a substantial portion of which is owned bydisplaced persons; and] (f) "prescribed" means prescribed by rules made under section 23 or regulations made undersection 24.

(1) The Central Government shall constitute a Corporationcalled the Rehabilitation Finance Administration for giving financial assistance on reasonable terms todisplaced persons to enable them to settle in business and industry 1[or to any business or industry, asubstantial portion of which is owned by displaced persons] (2) The Corporation shall be a body corporate by the name of the Rehabilitation FinanceAdministration having perpetual succession and a common seal, with power, subject to the provisions ofthis Act, to acquire, hold and transfer property, both movable and immovable, and shall by the said namesue and be sued. (3) The administration shall have its head office at Delhi and may, with the previous approval of theCentral Government, open branches at such places in India as it may consider necessary to dischargeeffectively its functions under this Act.

(1) The Administration shall consist of the followingmembers, namely: (a) a Chairman to be appointed by the Central Government who shall be called the ChiefAdministrator; (b)1[four] officials appointed by the Central Government; and (c)1[four] non-officials nominated by the Central Government. (2) No act done by the Administration shall be called in question on the ground merely of theexistence of any vacancy or any defect in the constitution of the Administration.

(1) The Central Government shall constitute an Advisory Board to advise theAdministration on matters of policy and may where necessary constitute a Regional Committee to adviceeach branch of the Administration. (2) The Advisory Board shall consist of such members, not exceeding fifteen in number, as may benominated by the Central Government.