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The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

Central

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.

Act number
7 of 1997
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
19 Mar 1997

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

15 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Undertakings of the Reconstruction Bank to vest in company.
  4. Section 4General effect of vesting of undertaking in Company.
  5. Section 5Provisions in respect of officers and other employees of Reconstruction Bank.
  6. Section 6Concession, etc., to be deemed to have been granted to Company.
  7. Section 7Tax exemption or benefit to continue to have effect.
  8. Section 8Guarantee to be operative.
  9. Section 9Arrangement with Company on appointment of directors to prevail.
  10. Section 10Act 18 of 1891 to apply to the books of Company.
  11. Section 11Shares, bonds and debentures to be deemed to be approved securities.
  12. Section 12Substitution in Act, rules or regulations of company in place of the Reconstruction Bank.
  13. Section 13Repeal and saving of Act 62 of 1984.
  14. Section 14Repealed.
  15. Section 15Repeal and Saving.