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Industrial Development Bank of India Act, 1964 [Repealed] Chapter 8

Title: Miscellaneous

State: Central

Year: 1964

.....First Schedule to this Act. ___________________ 1.Inserted by Act 52 of 1975, sec. 17. Section 30 - Defects in appointments not to invalidate acts, etc. (1) No act or proceeding of the Board or of any committee of the Development 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 this appointment. Section 30A - Arrangement with Development Bank on appointment of directors to prevail 1 [30A. Arrangement with DevelopmentBank on appointment of directors to prevail (1) Where anyarrangement entered into by the Development Bank with an industrial concernprovides for the appointment by the Development Bank of one or more directorsof such industrial concern, such provision and any appointment of directorsmade in pursuance thereof shall be valid and effective notwithstanding anythingto the contrary contained in the Companies Act, 1956 (1 of 1956) or in anyother law for.....

Industrial Development Bank of India Act, 1964 [Repealed] Section 29

Title: Obligation as Tofidelity and Secrecy

State: Central

Year: 1964

.....the Central Government in this behalf,credit information or other information as it may consider useful for thepurpose, in such manner and at such times, as it may think fit. Explanation.--Forthe purpose of this sub-section, the expression "credit information"shall have the same meaning as in clause (c) of section 45A of the Reserve Bankof India Act, 1934, subject to the modification that "bankingcompany" referred to therein shall mean the State Bank, any subsidiarybank, nationalised bank or other scheduled bank, State Co-operative Bank, StateFinancial Corporation or other financial institution as aforesaid.] (2)Every director, member of a committee, auditor or officer or other employee ofthe Development Bank or for the Reserve Bank, whose services are utilised bythe Development Bank under the provision of this Act, shall, before enteringupon his duties, make a declaration of fidelity and secrecy in the form set outin the First Schedule to this Act. ___________________ 1.Inserted by Act 52 of 1975, sec. 17.

Industrial Development Bank of India Act, 1964 Complete Act

State: Central

Year: 1964

.....for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments. Be it enacted by Parliament in the Fifteenth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Industrial Development Bank of India Act, 1964.- (2) It extends2to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification3in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act. SECTION 02: DEFINITIONS - In this Act, unless the context otherwise requires,- (a) "Board" means the Board of Directors of the Development Bank; (b) "Development Bank" means the Industrial Development Bank of India established under section 3-; [(c) "Industrial concern" means any concern engaged or to be engaged in,- (i) the manufacture, preservation or processing of goods; (ii) shipping; [(iii) mining including development of mines,] (iv) the hotel industry. (v) the transport of passengers or goods by road or by water or4[by air or by ropeway or by lift]; [(vi) the generation,.....