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Securities Contracts Regulation Act, 1956 (42 of 1956) Section 27B

Title: Right to Receive Income from Mutual Fund

State: Central

Year: 1956

.....lodging of any security, being units or other instruments issued by the mutual fund, and other documents relating to the transfer due to causes connected with the post, by the actual period of the delay. (2) Nothing contained in sub-Section (1) shall affect- (a) the right of a mutual fund to pay any income from units or other instruments issued by the mutual fund which has become due to any person whose name is for the time being registered in the books of the mutual fund as the holder of the security being units or other instruments issued by the mutual fund in respect of which the income in respect of units or other instruments issued by mutual fund has become due; or (b) the right of transferee of any security, being units or other instruments issued by the mutual fund, to enforce against the transferor or any other person his rights, if any, in relation to the transfer in any case where the mutual fund has refused to register the transfer of the security being units or other instruments issued by the mutual fund in the name of the transferee."] ___________________________ 1. Inserted vide The Securities Laws (Amendment) Act, 2004

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Insurance Act, 1938 (4 of 1938) Part IV

Title: Mutual Insurance Companies and Co-operative Life Insurance Societies

State: Central

Year: 1938

..... 4. Substituted by Act 13 of 1941, section 53, for "equal to one-third of the gross premium" (with restrospective effect). 5. Substituted by Act 6 of 1946, section 43, for "gross premium income received in the previous calendar year" (w.e.f. 20-3-1946). 6. Added by Act 13 of 1941, section 53 (with retrospective effect). 7. The words "Mutual Insurance Company and" omitted by Act 62 of 1968, section 32 (w.e.f. 1-6-1969). Section 98A - Prohibition of loans 1[ 98A . Prohibition of loans The provisions of section 29 shall apply to Cooperative Life Insurance Societies as they apply to other insurers,2[ * ** ].] _________________ 1. Inserted by Act 6 of 1946, section 44 (w.e.f. 20-3-1946). 2. Certain words omitted by Act 47 of 1950, section 56 (w.e.f. 1-6-1950). Section 99 - Transferees and assignees of policies not to become members No transferee or assignee of a policy issued by an insurer to whom this Part applies shall become a member of a Mutual Insurance Company or Co-operative Life Insurance Society merely by reason of any such transfer or assignment. Section 100 - Publication of notices and documents of Mutual Insurance Companies and.....

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Income Tax Act, 1961 Section 115T

Title: Unit Trust of India or Mutual Fund to Be an Assessee in Default

State: Central

Year: 1961

.....or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply. Explanation : For the purposes of this Chapter, (a) Mutual Fund means a Mutual Fund specified under clause (23D) of section 10 ; (b) 2[***] equity-oriented fund means (i) the Unit Scheme, 1964 made by the Unit Trust of India ; and (ii) such fund where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 3[sixty-five per cent] of the total proceeds of such fund : Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures ; (c) Unit Trust of India means the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963);] 4[(d) money market mutual fund means a money market mutual fund as defined.....

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Securities and Exchange Board of India Act, 1992 Section 15D

Title: Penalty for Certain Defaults in Case of Mutual Funds

State: Central

Year: 1992

.....be liable to 5 [a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less]. ______________________ 1. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme, including mutual funds, or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 2. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 3. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five thousand rupees for each day during which such failure continues or five lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 4. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding one thousand rupees for each day during which such failure continues" (w.r.e.f. 29-10-2002). 5. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five lakh rupees for each such failure" (w.r.e.f. 29-10-2002).

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Income Tax Act, 1961 Section 115BBB

Title: Tax on Income from Units of an Open-ended Equity Oriented Fund of the Unit Trust of India or of Mutual Funds

State: Central

Year: 1961

1[(1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of (a) the amount of income-tax calculated on income from units of an open-ended equity-oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent ; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity-oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003. Explanation : For the purposes of this section, the expressions Mutual Fund, open-ended equity-oriented fund and Unit Trust of India shall have the meanings respectively assigned to them in the Explanation to section 115T.] ________________________ 1. Inserted by the Finance Act, 2002, with effect from 1st April, 2003.

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Hindu Marriage Act, 1955 Section 13B

Title: Divorce by Mutual Consent

State: Central

Year: 1955

.....should be dissolved. (2) On the motion of both the parties made not earlier than six months after the date of the presentation of the petition referred to in sub-section (1) and not later than eighteen months after the said date, if the petition is not withdrawn in the meantime, the court shall, on being satisfied, after hearing the parties and after making such inquiry as it thinks fit, that a marriage has been solemnized and that the averments in the petition are true, pass a decree of divorce declaring the marriage to be dissolved with effect from the date of the decree.] _________________________ 1. Inserted by Act 68 of 1976, section 8.(w.e.f. 27-5-1976) . 2. 27th May, 1976 .

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Provincial Insolvency Act, 1920 Section 46

Title: Mutual Dealings and Setoff

State: Central

Year: 1920

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Insurance Act, 1938 (4 of 1938) Section 98

Title: Deposits to Be Made by Mutual Insurance Companies and Co-operative Life Insurance Societies

State: Central

Year: 1938

.....and figures "under the provisions of section 98 " were substituted.] _______________________ 1. The words" Mutual Insurance Company and every" omitted by Act 62 of 1968, section 32 (w.e.f. 1-6-1969). 2. Substituted by Act 13 of 1941, section 53, for "of twenty-five thousand rupees" (with retrospective effect). 3. Substituted by Act 11 of 1939, section 30, for "year". 4. Substituted by Act 13 of 1941, section 53, for "equal to one-third of the gross premium" (with restrospective effect). 5. Substituted by Act 6 of 1946, section 43, for "gross premium income received in the previous calendar year" (w.e.f. 20-3-1946). 6. Added by Act 13 of 1941, section 53 (with retrospective effect). 7. The words "Mutual Insurance Company and" omitted by Act 62 of 1968, section 32 (w.e.f. 1-6-1969).

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Presidency-towns Insolvency Act, 1909 Section 47

Title: Mutual Dealings and Set-off

State: Central

Year: 1909

Where there have been mutual dealings between an insolvent and a creditor proving or claiming to prove a debt under this Act, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings, and the sum due from the one party shall be set off against any sum due from the other party, and the balance of the account, and no more, shall be claimed or paid on either side respectively: Provided that a person shall not be entitled under this section to claim the benefits of any set-off against the property of an insolvent in any case where he had at the time of giving credit to the insolvent notice of the presentation of any insolvency petition by or against him.

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Divorce Act, 1869 Section 10A

Title: Dissolution of Marriage by Mutual Consent

State: Central

Year: 1869

.....should be dissolved. ( 2 ) On the motion of both the parties made not earlier than six months after the date of presentation of the petition referred to in sub-section ( 1 ) and not later than eighteen months after the said date, if the petition is not withdrawn by both the parties in the me antime, the Court shall, on being satisfied, after hearing the parties and making such inquiry, as it thinks fit, that a marriage has been solemnized and that the averments in the petition are true, pass a decree declaring the marriage to be dissolved with effect from the date of decree.". ] ________________________ 1. Inserted by Act 51 of 2001, section 6, (w.e.f. 3-10-2001). 2. 3rd October, 2001.

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