Bare Act Search Results

Small Industries Developement Bank of India Act, 1989 Chapter VIII

Title: Miscellaneous

State: Central

Year: 1989

.....2. The words "or the Development Bank" omitted by Act 7 of 2000, sec. 21 (w.e.f. 27-3-2000). Section 37 - Defects in appointment not to invalidate acts etc. (1) No act or proceeding of the Board or of any committee of the Small Industries Bank shall be questioned on the ground merely of the existence of any vacancy in, or defect in the constitution of, the Board or the committee, as the case may be. (2) No act done by any person acting in good faith as a Director shall be deemed to be invalid merely on the ground that he was disqualified to be a Director or that there was any other defect in his appointment, Section 37A - Amounts and securities to be held in trust 1[37A. Amounts and securities to be held in trust (1) Any sums received by a borrowing institution in repayment or realisation of loans and advances refinanced either wholly or partly by the Small Industries Bank shall, to the extent of the accommodation granted by the Small Industries Bank and remaining outstanding, be deemed to have been received by the borrowing institution in trust for the Small Industries Bank, and shall accordingly be paid by such institution to the Small Industries Bank, as per the.....

Small Industries Developement Bank of India Act, 1989 Section 36

Title: Obligations as to Fidelity and Secrecy

State: Central

Year: 1989

.....information or other information as it may consider useful for the purpose, in such manner and at such times, as it may think fit. Explanation.--For the purpose of this sub-section, the expression "credit information" shall have the same meaning as in clause (c) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934), subject to the modification that "banking company" referred to therein shall mean a bank, corporation or other institution referred to in this sub-section. (3) Every Director, member of a committee, auditor, officer or other employee of the Small Industries Bank2[***] whose services are utilised by the Small Industries Bank under the provisions of this Act, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act. ________________________ 1. Substituted by Act 7 of 2000, sec. 21, for "as may be specified by the Development Bank" (w.e.f. 27-3-2000). 2. The words "or the Development Bank" omitted by Act 7 of 2000, sec. 21 (w.e.f. 27-3-2000).

Small Industries Development Bank of India Act, 1989 Complete Act

State: Central

Year: 1989

.....registered office, or (2) carries on the whole or part of his business, at the time of commencement of any legal proceedings against him under this Act, or (ii) the cause of action for such legal proceedings, wholly or in part, arises; (d) "Development Bank" means the Industries Development Bank of India established under Section 3 of the Industries Development Bank of India Act, 1964 (18 of 1964)-; (e) "Director" means a Director nominated under sub-section (1) of Section 6-and includes the "Chairman and Managing Director and whole time director"; (f) "export" means export from India of products or services of any industrial concern in small-scale sector ; 2(fa) "General Insurance Corporation" means the General Insurance Corporation of India formed under Sec. 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972)" (g) "import" means import into India of services or goods including all materials, commodities and articles in a solid, liquid or gaseous state and all forms of energy for the use of any industrial concern in the small-scale sector ; (h) "industrial concern in the small-scale sector" means an industrial concern as defined in clause (c).....