Bare Act Search Results

Unit Trust of India Act, 1963 (52 of 1963) Complete Act

Title: Unit Trust of India Act, 1963 (52 of 1963)

State: Central

Year: 1963

.....- Distribution of income Section25B - Reserve Funds Section25C - Definition Chapter VI Section26 - Preparation of balance-sheet, etc. of Trust Section27 - Audit Section28 - Publication of annual accounts and reports Section29 - Furnishing of information Chapter VII Section30 - Power of Reserve Bank to give directions Section31 - Staff of Trust Section32 - Income-tax and other taxes Section33 - Act 18 of 1891 to apply in relation to Trust Section34 - Declaration of fidelity and secrecy Section35 - Defects in appointments not to invalidate acts, etc. Section36 - Indemnity of trustees Section37 - Protection of action taken under this Act Section38 - Delegation of powers Section39 - No Trust to be taken notice of Section39A - Nomination by unit holders and agents Section39B - Protection of certain amounts from attachment Section40 - Re-payment of contribution in case of winding-up of contributing institution Section41 - Power of Central Government to re-constitute Board Section42 - Liquidation of Trust Section43 - Regulations Section44 - Amendment of certain enactments [Repealed] Section45 - Power to remove difficulty Schedule1 - THE FIRST SCHEDULE .....

Unit Trust of India Act, 1963 (52 of 1963) Section 21

Title: Unit Scheme

State: Central

Year: 1963

.....and in the event of the death of the said parent, such payment shall be made to the lawful guardian of the minor. Explanation.--References in this section to "parent" shall be construed as including references to step-parent.] (3) The Board may, from time to time, add to or otherwise amend 3[any scheme] made under sub-section (1). (4)5[Every scheme] made under sub-section (1) and every amendment thereof under sub-section (3) shall be notified in the official Gazette. ______________________ 1. Substituted by Act 17 of 1966, Section 7, (w.e.f. 10th June, 1966). 2. Substituted by Act 63 of 1985, Section 9 (w.e.f. 23rd April, 1985). 3. Substituted by Act 63 of 1985, Section 9. 4. Inserted by Act 16 of 1975, Section 5 (came into force at once). 5. Substituted by Act 17 of 1966, Section 7.

Unit Trust of India Act, 1963 (52 of 1963) Chapter II

Title: Establishment of the Unit Trust of India Andthe Initial Capital Thereof

State: Central

Year: 1963

.....Companies Act, 1956, declared as such. 2. Substituted by Act 63 of 1985, Section 3 (w.e.f. 23rd April, 1985). 3. Substituted by Act 17 of 1966, Section 3. Section 4A - Transfer of initial capital to Development Bank 1 [4-A. Transfer of initial capital to DevelopmentBank On such date as the Central Government may, by notification in the official Gazette, appoint (hereinafter referred to as the notified date), all the contributions made by the Reserve Bank to the initial capital of the Trust, as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Development Bank. ______________________ 1. Inserted by Act 52 of 1975, Section 46 (w.e.f. 16th February, 1976). Section 4B - Payment of amount The Reserve Bank shall be given by the Development Bank, in cash, for the transfer to, and vesting in, the Development Bank of the contributions made to the initial capital of the Trust by the Reserve Bank, an amount equal to contributions to the initial capital so transferred.] Section 5 - Maintenance of register of contributories The Board shall maintain in such manner as may be prescribed a register containing the name of the.....

Unit Trust of India Act, 1963 (52 of 1963) Section 3A

Title: Prohibition Against the Use of Words "unit Trust", "unit" or "units" as a Part of the Name of Any Person Other Than the Trust

State: Central

Year: 1963

.....accordingly. (5) No Court shall take cognizance of any offence punishable under this section except upon a complaint in writing made by an officer of the Trust generally or specially authorised in writing in this behalf by the Trust and no Court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try such offence. Explanation.--For the purposes of this section,-- (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm.] _____________________________ 1. Inserted by Act 16 of 1975, Section 3 (came into force at once).

Unit Trust of India Act, 1963 (52 of 1963) Section 39A

Title: Nomination by Unit Holders and Agents

State: Central

Year: 1963

.....as an agent for soliciting or procuring any business, including the sale of units, has nominated, in accordance with the regulations made under this Act, any person or a social or charitable institution, to receive the commission or other remuneration payable to him after his death, such commission or other remmuneration shall, on the death of the person making the nomination, be payable to his nominee: Provided that nothing contained in this section shall affect any nomination made before the date on which the Trust Laws (Amendment) Act, 1975, receives the assent of the President. (2) A payment by the Trust under sub-section (1) shall be a full discharge to the Trust, from all liability in respect of the units, or, as the case may be, the commission or other remuneration.

Unit Trust of India Act, 1963 (52 of 1963) Section 24

Title: Allocation of Income in Respect of First Unit Scheme

State: Central

Year: 1963

The income of the Trust in any year arising out of the capital of the Trust relating to the first unit scheme shall be allocated to the initial capital and the unit capital thereof in the same proportion as the former bears to the latter at the end of that year.

Unit Trust of India Act, 1963 (52 of 1963) Preamble 1

Title: The Unit Trust of India Act, 1963

State: Central

Year: 1963

THE UNIT TRUST OF INDIA ACT, 1963 (Act No. 52 of 1963) [30th December, 1963] PREAMBLE An Act to provide for the establishment of a Corporation with a view to encouraging saving and investment and participation in the income, profits and gains accruing to the Corporation from the acquisition, holding, management and disposal of securities Be it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:

Unit Trust of India Act, 1963 (52 of 1963) Section 3

Title: Establishment and Incorporation of Unit Trust of India

State: Central

Year: 1963

(1) The Central Government shall, by notification in the official Gazette, establish a corporation by the name of the Unit Trust of India which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued. (2) The head office of the Trust shall be at Bombay or at such other place as the 1 [Development Bank] may, by notification in the official Gazette, specify. (3) The Trust may establish local offices, branches or agencies at any places in or outside India. ________________________________ 1. Substituted by Act 52 of 1975, Section 45 (w.e.f. 16th February, 1976).

Unit Trust of India Act, 1963 Complete Act

State: Central

Year: 1963

.....all powers and do all acts and things which may be exercised or done by the Trust. (2) The Board shall, in discharging its functions under this Act, act on business principles regard being had to the interest of the unit holders. SECTION 10: BOARD OF TRUSTEES The Board of trustees shall consist of the following namely- (a) the Chairman to be appointed by the16[Central Government in Consultation with the Development Bank]; 17[(aa) one trustee to be nominated by the Reserve Bank;] (b) four trustees to be nominated by the16[Development Bank], of whom not less than three shall be persons having special knowledge of, or experience in, commerce, industry, banking, finance or investment; (c) one trustee to be nominated by the Life Insurance Corporation; (d) one trustee to be nominated by the State Bank; (e) two trustees to be elected in the prescribed manner by the contributing institutions referred to in clause (d) of sub-section (2) of section 4-, and (f) an executive trustee to be appointed by the16[Development Bank]. Provided that if the appointment of the Chairman is whole -time it shall not be necessary to appoint an executive trustee: Provided further that on the first.....

Unit Trust of India Act, 1963 (52 of 1963) Chapter IV

Title: Powers and Functions of the Trust

State: Central

Year: 1963

.....(2), (4), (6), (7), sub-clause (c) of Cl. (8) and Cls. (11), (12), (13) and (15) of sub-section (1).] _____________________ 1. Substituted by Act 63 of 1985, Section 5 (w.e.f. 23rd April, 1985). Section 19A - Power to impose conditions, etc. 1[19A. Power to impose conditions, etc. (1) In entering into any arrangement, under Section 19, with any concern, the Trust may impose such conditions as it may think necessary or expedient for protecting the interest of the Trust and for securing that the accommodation granted by it is put to the best use by the industrial concern. (2) Where any arrangement entered into by the Trust under Section 19 with any concern provides for the appointment by the Trust of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the concern, and any provision regarding share qualification, age limit, number of directorships, removal from.....