Bare Act Search Results

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter II

Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions

State: Central

Year: 2002

.....2004 2. Substituted for "such order of rejection or cancellation" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5 - Acquisition of rights or interest in financial assets (1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any securitisation company or reconstruction company may acquire financial assets of any bank or financial institution-- (a) by issuing a debenture or bond or any other security in the nature of debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or (b) . by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them. (2) If the bank or financial institution is a lender in relation to any financial assets acquired under sub-section (1) by the securitisation company or the reconstruction company, such securitisation company or reconstruction company shall, on such acquisition, be deemed to be.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 7

Title: Issue of Security by Raising of Receipts or Funds by Securitisation Company or Reconstruction Company

State: Central

Year: 2002

.....and Exchange Board of India Act, 1992, any securitisation company or reconstruction company, may, after acquisition of any financial asset under sub-section (1) of section 5, offer security receipts to qualified institutional buyers (other than by offer to public) for subscription in accordance with the provisions of those Acts. (2) A securitisation company or reconstruction company may raise funds from the qualified institutional buyers by formulating schemes for acquiring financial assets and shall keep and maintain separate and distinct accounts in respect of each such scheme for every financial asset acquired out of investments made by a qualified institutional buyer and ensure that realisations of such financial asset is held and applied towards redemption of investments and payment of returns assured on such investments under the relevant scheme. 1[(2A) (a) The theme for the purpose of offering security receipts under sub-section (1) or raising funds funds under sub-section (2), may be in the nature of a trust to be managed by the securitisation company or reconstruction company, and the securitisation company or reconstruction company shall hold the assets so acquired.....

General Insurance Business (Nationalisation) Amendment Act, 2002 Section 3

Title: Insertion of New Section 10a

State: Central

Year: 2002

After section 10 of the principal Act, the following section shall be inserted, namely :-- "10A. Transfer to Central Government of shares vested in Corporation.--All the shares in the capital of the acquiring companies, being-- (a) the National Insurance Company Limited; (b) the New India Assurance Company Limited; (c) the Oriental Insurance Company Limited; (d) the United India Insurance Company Limited, and vested in the Corporation before the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002 shall, on such commencement, stand transferred to the Central Government.".

Multi-state Co-operative Societies Act, 2002 Chapter II

Title: Central Registrar and Registration of Multi-state Co-operative Societies

State: Central

Year: 2002

.....require. Section 7 - Registration (1) If the Central Registrar is satisfied-- (a) that the application complies with the provisions of this Act and the rules; (b) that the proposed multi-State co-operative society satisfies the basic criterion that its objects are to serve the interests of members in more than one State; (c) that its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the co-operative principles; (d) that the proposed bye-laws are not contrary to the provisions of this Act and the rules, he may register the multi-State co-operative society and its bye-laws. (2) The application for registration shall be disposed of by the Central Registrar within a period of four months from the date of receipt thereof by him. (3) Where the Central Registrar refuses to register a multi-State co-operative society, he shall communicate, within a period of four months from the date of receipt of the application for registration, the order of refusal together with the reasons therefor to the applicant or applicants, as the case may be: Provided that no order of refusal shall be made unless the.....

Multi-state Co-operative Societies Act, 2002 Section 17

Title: Amalgamation or Transfer of Assets and Liabilities, or Division of Multi-state Co-operative Societies

State: Central

Year: 2002

.....formed by amalgamation in accordance with the resolution passed under sub-section (2), the Central Registrar, on being satisfied that the resolution has become effective under sub-section (6) shall, unless for reasons to be recorded in writing he thinks fit to refuse so to do, register the new society or societies, as the case may be, and the bye-laws thereof. (8) On the issue of an order under sub-section (7), the provisions of section 21 shall, so far as may be, apply to the multi-State co-operative society so divided or the multi-State co-operative societies so amalgamated. (9) Where a resolution passed by a multi-State co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any other law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.

Merchant Shipping (Amendment) Act, 2002 Chapter 2

Title: Amendment of the Merchant Shipping Act, 1958

State: Central

Year: 2002

.....constitute an admission of liability. Explanation 2. - For the purpose of this Part, the liability of a ship owner shall include liability in an action brought against the ship herself.". Section 18 - Substitution of new section for section 352B For section 352B of the principal Act, the following section shall be substituted, namely:- "352B. Limitation of liability. The amount to which any person referred to in sub-section (1) of section 352A may limit his liability in accordance with the provisions of the Convention and in cases where the provisions of the Convention are not applicable, the limit shall be in accordance with the rules made in this behalf prescribe.". Section 19 - Amendment of section 352C In section 352C of the principal Act,- (a) in the marginal heading, the words "against owner" shall be omitted; (b) for sub-section (1), the following sub-section shall be substituted, namely:- "(1) Where any liability is alleged to have been incurred by a person referred to in sub-section (1) of section 352A in respect of claims arising out of an occurrence, and legal proceedings are instituted in respect of claims subject to limitation, then such person.....

Merchant Shipping (Amendment) Act, 2002 Section 17

Title: Substitution of New Section for Section 352a

State: Central

Year: 2002

.....is not entitled to limit his liability in respect of such claims, or if he is by such law only permitted to limit his liability to an amount greater than that provided for in the provision of the Convention or the rules made under this Part prescribe; (d) claims subject to any International Convention or any law for the time being in force in India governing or prohibiting limitation of liability for nuclear damage; (e) claims against the ship owner of a nuclear ship for nuclear damage. Explanation 1.-For the purpose of this section, the act of involving limitation of liability shall not constitute an admission of liability. Explanation 2. - For the purpose of this Part, the liability of a ship owner shall include liability in an action brought against the ship herself.".

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (PROTECTION OF POLICY HOLDERS'INTERESTS) REGULATIONS, 2002 Complete Act

State: Central

Year: 2002

.....and Development Authority Act, 1999 (41 of 1999) or the Insurance Rules, 1939 shall have the meanings respectively assigned to them in those Acts or the rules. Regulation 3 Point of Sale (1) Notwithstanding anything mentioned in Regulation 2(e) above, a prospectus of any insurance product shall clearly state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, in case of life insurance, whether the product is participating (with profits) or non-participating (without profits). The allowable rider or riders on the product shall be clearly spelt out with regard to their scope of benefits, and in no case, the premium relatable to all the riders put together shall exceed 30% of the premium of the main product. Explanation. The rider or riders attached to a life policy shall bear the nature and character of the main policy, viz. participating or non-participating and accordingly the life insurer shall make provisions, etc. in its books. (2) An insurer or its agent or other intermediary shall provide all material information in respect of a proposed cover to the prospect.....

Multistate Cooperative Societies Act, 2002 Complete Act

State: Central

Year: 2002

MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002 MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002 39 of 2002 3rd July, 2002 An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operatives as people's institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Multi-State Co-operative Societies Act, 2002. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Complete Act

State: Central

Year: 2002

.....of the State Bank of India (Subsidiary Banks) Act, 1959. (2) Words and expressions used and not defined in this Act but defined in the Indian Contracts Act, 1872 (9 of 1872) or the Transfer of Property Act, 1882 (4 of 1882) or the Companies Act, 1956 (1 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall have the same meanings respectively assigned to them in those Acts. CHAPTER 2 REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS SECTION 03: REGISTRATION OF SECURITISATION COMPANIES OR RECONSTRUCTION COMPANIES (1) No securitisation company or reconstruction company shall commence or carry on the business of securitisation or asset reconstruction without- (a) obtaining a certificate of registration granted under this section; and (b) having the owned fund of not less than two crore rupees or such other amount not exceeding fifteen per cent of total financial assets acquired or to be acquired by the securitisation company or reconstruction company, as the Reserve Bank may, by notification, specify: Provided that the Reserve Bank may, by notification, specify different amounts of owned fund.....