Bare Act Search Results

Reserve Bank of India Act, 1934 Complete Act

State: Central

Year: 1934

RESERVE BANK OF INDIA ACT, 1934 RESERVE BANK OF INDIA ACT, 1934 1934 An Act to constitute a Reserve Bank of India WHEREAS it is expedient to constitute a Reserve Bank for India to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage ; AND WHEREAS in the present disorganisation of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system ; BUT WHEREAS it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures; It is hereby enacted as follows :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Reserve Bank of India Act, 1934. (2) It extends to the whole of India. (3) This section shall come into force at once, and the remaining provisions of this Act shall come into.....

National Housing Bank Act, 1987 Chapter V

Title: Provision Relating to Housing Finance Institutions Receiving Deposits

State: Central

Year: 1987

In this Chapter the term 'deposit' shall have the meaning assigned to it in section 45-I of the Reserve Bank of India Act, 1934. Section 29 - Chapter not to apply in certain cases (1) The provisions of this Chapter shall not apply to deposits accepted by a housing finance institution which is a firm or an unincorporated association of individuals. (2) For the removal of doubts, it is hereby declared that the firms and unincorporated associations of individuals referred to in sub-section (1) shall continue to be governed by the provisions of Chapter III C of the Reserve Bank of India Act, 1934. Section 29A - Requirement of registration and net owned fund 1[29A. Requirement of registration and net owned fund (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no housing finance institution which is a company shall commence or carry on the business of a housing finance institution without- (a) obtaining a certificate of registration issued under this Chapter; and (b) having the net owned fund of twenty-five lakh rupees or such other higher amount, as the National Housing Bank may, by notification, specify. (2).....

National Housing Bank Act, 1987 Section 29B

Title: Maintenance of Percentage of Assets

State: Central

Year: 1987

.....Bank. (4) If the amount invested by a housing finance institution at the close of business on any day is less than the rate specified under sub-section (1) or sub-section (2), such housing finance institution shall be liable to pay to the National Housing Bank, in respect of such shortfall, a penal interest at a rate of three per cent, per annum above the bank rate on such amount by which the amount actually maintained or invested falls short of the specified percentage, and where the shortfall continues in the subsequent quarters, the rate of penal interest shall be five per cent, per annum above the bank rate on such shortfall for each subsequent quarter. (5) (a) The penal interest payable under sub-section (4) shall be payable within a period of fourteen days from the date on which a notice issued by the National Housing Bank demanding payment of the same is served on the housing finance institution and, in the event of a failure of the housing finance institution to pay the same within such period, may be levied by a direction of the principal civil court having jurisdiction in the area where an office of the defaulting housing finance institution is situated and such.....

Reserve Bank of India Act, 1934 (2 of 1934) Section 45IB

Title: Maintenance of Percentage of Assets

State: Central

Year: 1934

.....of any State Government or of the Central Government and such bonds, both the principal whereof and the interest whereon shall have been fully and unconditionally guaranteed by any such Government; (ii) "unencumbered approved securities" includes the approved securities lodged by the non-banking financial company with another institution for an advance or any other arrangement to the extent to which such securities have not been drawn against or availed of or encumbered in any manner; (iii) "quarter" means the period of three months ending on the last day of March, June, September or December.] ______________________ 1. Inserted by Act 23 of 1997, section 3 (w.e.f. 9-1-1997).

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....section 2 and Schedule, for "theStates" (w.e.f. 1-11-1956). Section 2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act The provisions of this Act shall not apply to an insurer as defined in paragraph (i) or (iii) of sub-clause (a) of clause (9) of section 2 in relation to any class of his insurance business where such insurer has ceased, before the commencement of this Act, to enter into any new contracts of that class of business.] Section 3 - Registration (1) No 1 [person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 2 [India] and no insurer carrying on any class of insurance business in 2 [India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3 [Authority] a certificate of registration 4 [for the particular class of insurance business]: 5 [Provided that in case an insurer who was carrying on any class of insurance business in 2 [India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this.....

Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....to the business of insurance. Whereas it is expedient to consolidate and amend the law relating to the business of insurance; It is hereby enacted as foltows :- This Act has been applied to- (i) the partially excluded areas in the District of Darjesling, see Bengal Government Notification No. 1902-Com., dated 28-6-1939, Calcutta Gazette, dated 16-7-1939; (ii) the partially excluded areas in the Province of Orissa with effect from 14-10-1939, see Orissa Laws Validating Regulation, 1943 (1 of 1943). The Act has been extended to the new Provinces and Merged States by the S.3OF THE Merged States (Laws) Act, 1949 (1-1-1950) and to the States of Manipur, Tripura and Vindhya Pradesh by the Union Territories (Laws) Act, 1950 (30 of 1950), section 3 (16-4-1950). Manipur and Tripura are Union territories now and Vindhya Pradesh has been merged with the State of Madhya Pradesh -- See Act 37 of 1956, section 9(1)(e). It has been extended to the Union territories of- (1) Goa, Daman and Diu by Regn. 12 of 1962 (15-12-1963); (2) Dadra and Nagar Haveli, by Regn. 6 of 1963 (1-7-1965); (3) Pondicherry, by Regn. 7 of 1963 (1-10-1963); and (4) Laccadiv, Minicoy and Amindivi Islands, by Regn......

Insurance Rules, 1939 Complete Act

State: Central

Year: 1939

.....ries of Pondicherry and Lakshadweep; and (vii) words used but not defined in these rules have the meanings respectively assigned to them in the Act. CHAPTER 2 Actuaries Rule 3 Qualifications of actuaries Any person signing as actuary under the Act shall be a Fellow of the Institute of Actuaries, London, or a Fellow of the Faculty of Actuaries in Scotland 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [or a Fellow of Actuarial Society of India]: Provided that where application is made to the Controller of Insurance and it Is shown to his satisfaction that the employment of an Associate of such institute of actuaries or of such Faculty of Actuaries 33. Ins. by S.O. 961 (E), dated 24th March. 1992. [or of such Actuarial Society] or of any other person having actuarial knowledge for any specified purpose is expedient in order to enable an Insurer or a provident society to carry out any of his or its obligations under the Act, the Controller of Insurance may grant the application and permit such person to sign as actuary for the specified purpose, subject to such conditions and restric- tions as the Controller of Insurance thinks fit to impose. Rule 4 . . [* * * * * * * .....

Insurance Act, 1938 (4 of 1938) Section 27

Title: Investment of Assets

State: Central

Year: 1938

.....( 2 ) of that section, in any other investment. (2) For the purposes of sub-section ( 1 ),-- (a) the amount of any deposit made under section 7 or section 98 by the insurer in respect of his life insurance business shall be deemed to be assets invested or kept invested in Government securities; (b) the securities of, or guaranteed as to principal and interest by, the Government of the United Kingdom shall be regarded as approved securities other than Government securities for a period of four years from the Commencement2of the Insurance (Amendment) Act, 1950 , in the manner and to the extent hereinafter specified, namely:-- (i) during the first year, to the extent of twenty-five per cent in value of the sum referred to in sub-section ( 1 ); (ii) during the second year, to the extent of eighteen and three fourths per cent . i n value of the said sum; (iii) during the third year, to the extent of twelve and a half per cent in value of the said sum; and (iv) during the fourth year, to the extent of six and a quarter per cent in value of the said sum: Provided that, if the3[Authority] so directs in any case, the securities specified in (b) shall be regarded.....

Insurance Act, 1938 (4 of 1938) Section 27A

Title: Further Provisions Regarding Investments

State: Central

Year: 1938

.....fund of any employee or to any security taken from any employee or other moneys of a like nature are required to be held by or under any Central Act, or Act of a State legislature. Explanation --In this section "controlled fund" me ans-- (a) in the case of any insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause ( 9 ) of section 2 carrying on life insurance business -- (i) all hi s funds, if he carries on no other class of insurance business; (ii) all the funds appertaining to hi s life insurance business if he carries on some other class of insurance business also; and (b) in the case of any other insurer carrying on life insurance business- (i) all hi s funds in India, if he carries on no other class of insurance business; (ii) all the funds in India appertaining to hi s life insurance business if he carries on some other class of insurance business also; but does not include any fund or portion thereof in respect of which the4[ Authority] is satisfied that such fund or portion thereof, as the case may be, is regulated by the law of any country outside India or in respect of which the4[ Authority] is satisfied that it would not be in the.....

Insurance Act, 1938 (4 of 1938) Section 28

Title: Statement of Investment of Assets

State: Central

Year: 1938

.....with section 27.] 5 [(2A) In respect of the Government securities and other approved securities invested and kept invested in accordance with sub-section (1) of section 27 an insurer shall submit along with the returns referred to in sub-sections (1) and (2) a certificate, where such assets are in the custody of a banking company, from that company, and in any other case, from the chairman, two directors and a principal officer, if the insurer is a company, or otherwise from a principal officer of the insurer, to the effect that the securities are held free of any encumbrance, charge, hypothecation, or lien, and every such certificate after the first shall also state that since the date of the certificate immediately preceding all the securities have been so held. (2B) In respect of the assets forming the controlled fund within the meaning of section 27A, and which do not form part of the Government securities and approved securities invested and kept invested in accordance with section 27, an insurer shall submit, along with the returns referred to in sub-sections (1) and (2), a statement, where such assets are in the custody of a banking company, from that company, and, in.....