The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
Central Act · Act 7 of 199714 provisions
The enactment
| Long title | An Act to provide for the transfer and vesting of the undertakings of the Industrial Reconstruction Bank of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Industrial Reconstruction Bank of India Act, 1984. |
|---|---|
| Type | Act |
| Citation | Act 7 of 1997 |
| Year | 1997 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 14 |
| Subjects | financial |
Full text, provision by provision
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- Section 1 Short title and commencement.
- Section 2 Definitions.
- Section 3 Undertakings of the Reconstruction Bank to vest in company.
- Section 4 General effect of vesting of undertaking in Company.
- Section 5 Provisions in respect of officers and other employees of Reconstruction 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 Arrangement with Company on appointment of directors to prevail.
- Section 10 Act 18 of 1891 to apply to the books of Company.
- Section 11 Shares, bonds and debentures to be deemed to be approved securities.
- Section 12 Substitution in Act, rules or regulations of company in place of the Reconstruction Bank.
- Section 13 Repeal and saving of Act 62 of 1984.
- Section 15 Repeal and Saving.
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