Section 378A: Definitions

Section 378A: Definitions · Complied AI

(2)

(g)

“officer” includes any director or Chief Executive or Secretary or any person in accordance with whose directions or instructions part or whole of the business of the Producer Company is carried on;

(h)

“patronage” means the use of services offered by the Producer Company to its Members by participation in its business activities;

(i)

“patronage bonus” means payments made by a Producer Company out of its surplus income to the Members in proportion to their respective patronage;

(j)

“primary produce” means —

(i)

produce of farmers, arising from agriculture (including animal husbandry, horticulture, floriculture, pisciculture, viticulture, forestry, forest products, re-vegetation, bee raising and farming plantation products), or from any other primary activity or service which promotes the interest of the farmers or consumers; or

(ii)

produce of persons engaged in handloom, handicraft and other cottage industries; or

(iii)

any product resulting from any of the above activities, including by-products of such products; or

(iv)

any product resulting from an ancillary activity that may assist or promote any of the aforesaid activities or anything ancillary thereto; or

(v)

any activity which is intended to increase the production of anything referred to in sub-clauses (i) to (iv) or improve the quality thereof;

(k)

“producer” means any person engaged in any activity connected with or relatable to any primary produce;

(l)

“Producer Company” means a body corporate having objects or activities specified in section 378B and registered as Producer Company under this Act or under the Companies Act, 1956;

(m)

“Producer Institution” means a Producer Company or any other institution having only producer or producers or Producer Company or Producer Companies as its member whether incorporated or not having any of the objects referred to in section 378B and which agrees to make use of the services of the Producer Company or Producer Companies as provided in its articles;

(n)

“withheld price” means part of the price due and payable for goods supplied by any Member to the Producer Company; and as withheld by the Producer Company for payment on a subsequent date.