Bare Act Search Results

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.....

Unit Trust of India Act, 1963 (52 of 1963) Section 19A

Title: Power to Impose Conditions, Etc.

State: Central

Year: 1963

.....Trust in pursuance of the arrangement as aforesaid. (3) Any director appointed as aforesaid shall-- (a) hold office during the pleasure of the Trust and may be removed or substituted by any person by order in writing by the Trust; (b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto; (c) not be liable to retire by rotation and shall not be taken into account for computing the number of directors liable to such retirement]. ______________________ 1. Inserted by Act 52 of 1975, Section 53 (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.....