Bare Act Search Results

Finance Act, 1997 Complete Act

State: Central

Year: 1997

.....actually paid and the subsequent previous year or years during which the licence, for which the fee is paid, shall be in force; (ii) 'appropriate fraction' means the fraction the numerator of which is one and the denominator of which is the total number of the relevant previous years; (iii) 'payment has actually been made' means the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accounting regularly employed by the assessee. (2) Where the licence is transferred and the proceeds of the transfer (so far as they consist of capital sums) are less than the expenditure incurred remaining unallowed, a deduction equal to such expenditure remaining unallowed, as reduced by the proceeds of the transfer, shall be allowed in respect of the previous year in which the licence is transferred. (3) Where the whole or any part of the licence is transferred and the proceeds of the transfer (so far as they consist of capital sums) exceed the amount of the expenditure incurred remaining unallowed, so much of the excess as does not exceed the difference between the expenditure incurred to obtain the.....

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Chapter IV

Title: Amendment to the Industrial Reconstruction Bank of India Act, 1984

State: Central

Year: 1997

In the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984), after section 4, the following section shall be inserted, namely:-- "4A. Transitional Provisions regarding adjustment of capital of the Reconstruction Bank. (1) The Central Government may reduce share capital of the Reconstruction Bank by,-- (a) extinguishing or reducing the liability of any of its equity shares; (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid up share capital which is lost, or is unrepresented by available assets; or (c) either with or without extinguishing or reducing liability on any of its equity shares, paying of any paid up share capital which is in excess of the wants of the Reconstruction Bank. (2) The Central Government may at any time, by notification in the Official Gazette, convert such number of equity shares held by it, as it may decide into redeemable preference shares. (3) The redeemable preference shares referred to in sub-section (2) shall carry such fixed rates of dividend as the Central Government may specify at the time of such conversion." Section 15 - Repeal and Saving (1) The Industrial.....

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Section 14

Title: Insertion of New Section 4a

State: Central

Year: 1997

In the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984), after section 4, the following section shall be inserted, namely:-- "4A. Transitional Provisions regarding adjustment of capital of the Reconstruction Bank. (1) The Central Government may reduce share capital of the Reconstruction Bank by,-- (a) extinguishing or reducing the liability of any of its equity shares; (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid up share capital which is lost, or is unrepresented by available assets; or (c) either with or without extinguishing or reducing liability on any of its equity shares, paying of any paid up share capital which is in excess of the wants of the Reconstruction Bank. (2) The Central Government may at any time, by notification in the Official Gazette, convert such number of equity shares held by it, as it may decide into redeemable preference shares. (3) The redeemable preference shares referred to in sub-section (2) shall carry such fixed rates of dividend as the Central Government may specify at the time of such conversion."

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Complete Act

State: Central

Year: 1997

.....Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938)-and the Banking Regulation Act, 1949 (10 of 1949)- SECTION 12: SUBSTITUTION IN ACTS, RULES OR REGULATIONS OF COMPANY IN PLACE OF THE RECONSTRUCTION BANK -In every Act, rule or regulation in force on the appointed day,- (a) for the words "Industrial Reconstruction Bank of India", wherever they occur, the words "Industrial Investment Bank of India Limited" shall be substituted, (b) for the words "Reconstruction Bank", wherever they occur, the words "Industrial Investment Bank" shall be substituted. SECTION 13: REPEAL AND SAVING OF ACT 62 OF 1984 - (1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984-shall stand repealed. (2) Notwithstanding the repeal of the Industrial Reconstruction Bank of India Act, 1984-- (a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank; (b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial.....