The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
Central Act · Act 53 of 200315 provisions
The enactment
| Long title | An Act to provide for the transfer and vesting of the undertaking of the Industrial Development Bank of India to, and in, the Company to be formed and registered as a Company under the Companies Act, 1956 to carry on banking business and for matters connected therewith or incidental thereto and also to repeal the Industrial Development Bank of India Act, 1964. |
|---|---|
| Type | Act |
| Citation | Act 53 of 2003 |
| Year | 2003 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 15 |
| Subjects | financial |
Full text, provision by provision
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- Section 1 Short title and commencement.
- Section 2 Definitions.
- Section 3 Undertaking of Development Bank to vest in Company.
- Section 4 General effect of transfer and vesting of undertaking.
- Section 5 Provisions in respect of officers and other employees of Development Bank.
- Section 6 Concession, etc., to be deemed to have been granted to Company.
- Section 7 Tax exemption or benefit to continue to have effect.
- Section 8 Guarantee to be operative.
- Section 9 Shares, bonds and debentures to be deemed to be approved securities.
- Section 10 Act to have overriding effect.
- Section 11 Application of other laws not barred.
- Section 12 Amendment to certain enactments.
- Section 13 Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank.
- Section 14 Power to remove difficulties.
- Section 15 Repeal and saving of Act 18 of 1964.
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