Bare Act Search Results

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act 1987 Complete Act

State: Central

Year: 1987

.....and the order, if any, for payment of the claim, being treated as an order for the refund of revenue, CHAPTER 07: MISCELLANEOUS SECTION 24: ACT TO HAVE OVERRIDING EFFECT - The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act or in any decree or order of any Court, tribunal or other authority. SECTION 25: CONTRACTS TO CEASE TO HAVE EFFECT UNLESS FATIFIED - Every contract entered into by the Company in relation lo its undertaking which has vested in the Central Government under section 3-, for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty day from the date on which this Act receives the assent of the President, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or Andrew Yule in which such undertakings have been vested under this Act, and in ratifying such contract, the Central Government or Andrew Yule may make such.....

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Chapter II

Title: Acquisition and Transfer of the Undertakings of the Company

State: Central

Year: 1987

.....of the Company in relation to its undertakings, which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government vest in Andrew Yule, either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification. (2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the Company in relation to its undertakings vest in Andrew Yule under sub-section (1), Andrew Yule shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of Andrew Yule.

Brentford Electric (India) Limited (Acquisition and Transfer of Undertakings) Act, 1987 Section 4

Title: General Effect of Vesting

State: Central

Year: 1987

.....claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, cut of the amount specified in section 7 and also out of the amounts determined under section 8, but no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (5) Any licence or other instrument granted to the Company in relation to any undertaking which has vested in the Central Government under section 3 at any time before the appointed day and in force immediately before that day shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking, and on and from the date of vesting of such undertaking under section 6, in Andrew Yule, that Company shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to Andrew Yule and that Company shall hold it for the remainder of the period for which the Company would have held it under the terms thereof. (6) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to.....

National Housing Bank Act, 1987 Complete Act

State: Central

Year: 1987

.....Act, 1934, shall have the meanings respectively assigned to them in that Act; (k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act 1934, but defined in the Banking Regulation Act, 1949, shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949. SECTION 03: ESTABLISHMENT AND INCORPORATION OF NATIONAL HOUSING BANK (1) With effect from such date2as the Central Government may, by notification, appoint, there shall be established for the purposes of this Act, a bank to be known as the National Housing Bank. (2) the National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. (3) The head office of the National Housing Bank shall be at Bombay or at such other place as the Reserve Bank may, by notification, specify. (4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Reserve Bank, at any place outside India. .....

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.....

National Housing Bank Act, 1987 Section 16A

Title: Assistance to Borrower when to Operate or a Charge in the Property Offered as Security

State: Central

Year: 1987

.....for the financial assistance referred to in sub-section (1), such person or institution may execute a fresh declaration, as far as may be in the form set out in the Third Schedule to this Act, whereupon the dues relating to such assistance shall, by virtue of the provisions of this section, also be a charge on the property specified in such fresh declaration. (3) A declaration made under sub-section (1) or sub-section (2) may be varied or revoked at any time by the person or institution as aforesaid, with the prior approval of the National Housing Bank. (4) Every declaration made under sub-section (1) or sub-section (2) shall be deemed to be a document registrable as an agreement under the provisions of the Registration Act, 1908 (16 of 1908) and no such declaration shall have effect unless it is so registered. ________________________ 1. Inserted by National Housing Bank (Amendment) Act, 2000 (15 of 2000)

National Housing Bank Act, 1987 Section 36H

Title: Chief Metropolitan Magistrate and District Magistrate to Assist Recovery Officer in Taking Charge of Property

State: Central

Year: 1987

(1) Where any property is sold or leased in pursuance of any power conferred by section 36E, the recovery officer may, for the purpose of taking into custody or under control any such property, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such property or other documents relating thereto may be situated or found to take possession thereof, and the Chief Metropolitan Magistrate or as the case may be, the District Magistrate shall, on such request being made to him,-- (a) take possession of such property and documents relating thereto; and (b) forward them to the recovery officer. (2) For the purpose of securing compliance with the provisions of sub-section (/), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this section shall be called in question in any court or before any authority.

Mental Health Act, 1987 Section 73

Title: Power to Order Transfer of Stock, Securities or Shares of Mentally Ill Persons Residing out of India

State: Central

Year: 1987

Where any slock or Government securities or share in a company is or are standing in the name of, or vested in, any person residing out of India, the District Court upon being satisfied that such person has been declared to be mentally ill and that his personal estate has been vested in a person appointed for the management thereof, according to thelaw of the place where he is residing, may direct the company or Government concerned to make such transfer of the stock, securities or shares or of any part thereof, to or into the name of the person so appointed or otherwise, and also to receive and pay over the dividends and proceeds, as the District Court thinks fit.

Mental Health Act, 1987 Section 72

Title: Power to Order Transfer of Stock, Securities or Shares Belonging to Mentally Ill Person in Certain Cases

State: Central

Year: 1987

Where any slock or Government securities or any share in a company (transferable within India or the dividends of which are payable therein) is or are standing in the name of, or vested in, a mentally ill person beneficially entitled thereto, or in the manager appointed under this Aci or in a trustee for him, and the manager dies intestate, or himself becomes mentally ill. or is out of the jurisdiction of the District Court, or it is uncertain whether the manager is living or dead, or he neglects or refuses (o transfer the slock, securities or shares, or to receive and pay over thereof the dividends to a new manager appointed in his place, within fourteen days after being required by the Court to do so, then theDistrict Court may direcl the company or Government concerned to make such transfer or 10 transfer the same, and to receive and pay over the dividends in such manner as it may direct.