Lawgist4Application of Fund
(1) The Fund shall be applied by the Central Government,
(a) for making loans for facilitating the rehabilitation and modernisation of any sugar factory or any unit thereof or the undertaking of any scheme for development of sugarcane in the area in which any sugar factory is situated;
1[(aa) for making loans to any sugar factory or any unit thereof for bagasse-based co-generation power projects with a view to improving their viability;
(aaa) for making loans to any sugar factory or any unit thereof for production of anhydrous alcohol or ethanol from alcohol with a view to improving their viability;]
(b) for making grants for the purpose of any research project aimed at development of sugar industry;
2[(bb) for defraying expenditure for the purpose of building up and maintenance of buffer stocks of sugar with a view to establishing price of sugar;]
1[(bbb) for defraying expenditure on internal transport and freight charge to the sugar factories on export shipments of sugar with a view to promoting its export;]
3[(bbbb) for defraying expenditure for the purpose of financial assistance to sugar factories towards interest on loans given in terms of any scheme approved by the Central Government from time to time;]
(c) for defraying any other expenditure for the purposes of this Act.
(2) The manner in which any loans or grants may be made under this section and the terms and conditions subject to which such loans or grants may be made shall be such as may be prescribed.
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1 Ins.by Act 30 of 2002, s. 2 (w.e.f. 21-6-2002).
2 Ins. by Act 64 of 1982, s. 2 (w.e.f.12-11-1982).
3 Ins. by Act 4 of 2008, s. 2 (w.e.f. 5-2-2008).
