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Section 16B: Amount and security to be held in trust.

The National Housing Bank Act, 1987Central Act · Act 53 of 1987

[16B. Amount and security to be held in trust.--(1) Any sums received by a borrowing institution in repayment or realisation of loans and advances financed or refinanced either wholly or partly by the National Housing Bank shall, to the extent of the accommodation granted by the National Housing Bank and remaining outstanding, be deemed to have been received by the borrowing institution in trust for the National Housing Bank, and shall accordingly be paid by such institution to the National Housing Bank.

(2) Where any accommodation has been granted by the National Housing Bank to a borrowing institution, all securities held, or which may be held, by such borrowing institution on account of any transaction in respect of which such accommodation has been granted, shall be held by such institution in trust for the National Housing Bank.]

Where this provision sits

ActThe National Housing Bank Act, 1987
Section16B
Marginal noteAmount and security to be held in trust.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 15 of 2000. . Ins. by Act 15 of 2000, s. 9 (w.e.f. 12-6-2000).

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