Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part I · Preliminary
2. Application
Feedback & supportThis Act shall apply to such development financial institutions as may be prescribed by the Minister by order published in the Gazette.
development
“development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;
For the avoidance of doubt, the Minister may, by order published in the Gazette, on the recommendation of the Bank, provide
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
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that all or any part of the provisions of this Act shall not apply in respect of any development financial institution, or shall apply with such modifications as may be set out in the order and such modifications must be consistent with the intent and purpose of this
development financial institution
“development financial institution” means an institution which carries on any activity, whether for profit or otherwise, with or without any Government funding, with the purpose of promoting development in the industrial, agricultural, commercial or other economic sector, including the provision of capital or other financing facility; and for the purposes of this definition,
Act.