(2) It shall come into force at once.
In this Act, Unless the context otherwise requires:-
(a) ‘Default risk’ means the probability of default by the borrower on whose behalf the Government Guarantee is given, depending on the amount borrowed, the type of industry and the economic situation .
(b) “Government “ means the State Government of Sikkim.
(c) “government Guarantee” includes the guarantee given by the State Government on behalf of Departmental Undertakings, Public Sector Undertakings, Local Authorities , Statutory Boards and Corporations and Co-operative-Institutions.
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