Bare Act Search Results

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter II

Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions

State: Central

Year: 2002

.....of this Act; (e) settlement of dues payable by the borrower; (f) taking possession of secured assets in accordance with the provisions of this Act. Section 10 - Other functions of securitisation company or reconstruction company (1) Any securitisation company or reconstruction company registered under section 3 may-- (a) act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower on payment of such fees or charges as may be mutually agreed upon between the parties; (b) act as a manager referred to in clause (c) of sub-section (4) of section 13 on such fee as may be mutually agreed upon between the parties; (c) act as receiver if appointed by any court or tribunal: Provided that no securitisation company or reconstruction company shall act as a manager if acting as such gives rise to any pecuniary liability. (2) Save as otherwise provided in sub-section (1), no securitisation company or reconstruction company which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 3

Title: Registration of Securitisation Companies or Reconstruction Companies

State: Central

Year: 2002

.....or asset reconstruction, subject to such conditions, which it may consider, fit to impose. (5) The Reserve Bank may reject the application made under sub-section (2) if it is satisfied that the conditions specified in sub-section (3) are not fulfilled: Provided that before rejecting the application, the applicant shall be given a reasonable opportunity of being heard. (6) Every securitisation company or reconstruction company, shall obtain prior approval of the Reserve Bank for any substantial change in its management or change of location of its registered office or change in its name: Provided that the decision of the Reserve Bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final. Explanation--For the purposes of this section, the expression "substantial change in management" means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company. ____________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.

Fiscal Responsibility and Budget Management Act 2003 Preamble 1

Title: Fiscal Responsibility and Budget Management Act, 2003

State: Central

Year: 2003

THE FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003 [Act, No. 39 of 2003] PREAMBLE to provide for the responsibility of the Central Government to ensure inter-generational equity in fiscal management and long-term macro-economic stability by achieving sufficient revenue surplus and removing fiscal impediments in the effective conduct of monetary policy and prudential debt management consistent with fiscal sustainability through limits on the Central Government borrowings, debt and deficits, greater transparency in fiscal operations of the Central Government and conducting fiscal policy in a medium-term framework and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows:--

State Financial Corporations Act, 1951 Chapter IV

Title: Investment of Funds, Accounts and Audit

State: Central

Year: 1951

.....Corporation, and in case they had called for any explanation or information from the Board, whether it has been given and whether it is satisfactory. (4) The State Government may, in consultation with the Comptroller and Auditor-General of India, at any time issue directions to the auditors requiring them to report to it upon the adequacy of measures taken by the Financial Corporation for the protection of its shareholders and creditors or upon the sufficiency of their procedure in auditing the affairs of the Financial Corporation and may enlarge or extend the scope of the audit or direct that a different procedure in audit be adopted, or direct that any other examination be made by the auditors, if in its opinion public interest so requires. (5) The Financial Corporation shall send a copy of every report of the auditors to the Comptroller and Auditor-General of India at least one month before it is placed before the shareholders. (6) Notwithstanding anything contained in the preceding sub-sections, the Comptroller and Auditor-General of India may, either of his own motion or on a request received in this behalf from a State Government, undertake such audit and at.....

State Financial Corporations Act, 1951 Section 34

Title: Investment of Funds

State: Central

Year: 1951

1[34. Investment of funds The Financial Corporation may invest its funds in accordance with applicable guidelines and prudential norms as may be prescribed and in such securities as the Board may decide from time to time.] ______________________ 1. Substituted by Act 39 of 2000, section 21, for section 34 (w.e.f. 5-9-2000).

State Financial Corporations Act, 1951 Chapter V

Title: Miscellaneous

State: Central

Year: 1951

..... 5. Inserted by Act 77 of 1972, section 27 (w.e.f. 30-12-1972). Section 46B - Effect of Act on other laws The provision of this Act and of any rule or orders made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in the memorandum or articles of association of an industrial concern or in any other instrument having effect by virtue of any law other than this Act, but save as aforesaid, the provisions of this Act shall be in addition to, and not in derogation of, any other law for the time being applicable to an industrial concern.] Section 47 - Omitted 1[* * *] ________________________ 1. Inserted by Act 56 of 1956, section 24 (w.e.f. 1-10-1956). Section 48 - Power of Board to make regulations (1) The Board may, after consultation with the1[Small Industries Bank] and with the previous sanction of the State Government, make regulations not inconsistent with this Act and the rules made thereunder to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act. (2) In particular, and without prejudice to the.....

State Financial Corporations Act, 1951 Section 48

Title: Power of Board to Make Regulations

State: Central

Year: 1951

.....under Clause (d) of Section 10; (cc) the entrusting or delegation of duties to the managing director by the Board under Clause (c) of Sub-section (1) of Section 17; (cd) the functions of Executive Committee under Sub-section (2) of Section 18; (ce) the guidelines and prudential norms in accordance with which investment may be made under Section 34; (cf) the manner in which nomination may be made under Section 4IB; and (eg) the investments (whether by way of deposits in bank or otherwise) of the amounts which are not for the time being required for transaction of business;] (d) the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised; (e) the calling of meetings of the Board, and of the Executive Committee, fees for attending meetings thereof and the conduct of business thereat; (f) the manner and terms of issue and repayment of bonds and debentures by the Financial Corporation; (g) the conditions which the Financial Corporation may impose in granting loans or advances; 3[* * *] (i) the forms of returns and statements required under this Act; (j) the duties.....

Fiscal Responsibility and Budget Management Act, 2003 Complete Act

State: Central

Year: 2003

.....in good faith done or intended to be done under this Act or the rules made thereunder. SECTION 11: JURISDICTION OF CIVIL COURTS BARRED No civil court shall have jurisdiction to question the legality of any action taken by, or any decision of, the Central Government, under this Act. SECTION 12: APPLICATION OF OTHER LAWS NOT BARRED The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force. SECTION 13: POWER TO REMOVE DIFFICULTIES (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to be necessary for removing the difficulty : Provided that no order shall be made under this section after the expiry of two years from the commencement of this Act. (2) Every order made under this section shall be laid, as soon ;;s may be after it is made, before each House of Parliament. Central Bare Acts

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Complete Act

State: Central

Year: 2002

.....to such modification of such security interest. SECTION 25: SECURITISATION COMPANY OR RECONSTRUCTION COMPANY OR SECURED CREDITORS TO REPORT SATISFACTION OF SECURITY INTEREST (1) The securitisation company or reconstruction company or the secured creditors, as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the securitisation company or the reconstruction company or the secured creditor and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction. (2) The Central Registrar shall, on receipt of such intimation, cause a notice to be sent to the securitisation company or reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. (3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (4) If cause is shown, the Central Registrar shall record a note to that effect in the Central.....

Tamil Nadu Cooperative Societies (Third Amendment) Act, 2008 Complete Act

State: Tamil Nadu

Year: 2008

.....Registrar shall order the winding up of such society forthwith. (22) Save as otherwise provided in this Section, the existing provisions of the Act, Rules and guidelines shall continue to be in force till the guidelines or stipulations are issued by the Reserve Bank or the National Bank wherever required for effective implementation of the provisions of this Section. (23) There shall be no cadre system in short term co-operative credit structure society and cadre system in such society shall be abolished. (24) No short term co-operative credit structure society shall be exempted by the Government from the application of the provisions of this Chapter without the prior approval of the Reserve Bank or the National Bank, as the case may be. (25) The Government or the Registrar shall not do anything or take action or issue any order or direction which may have the effect of, curtailing any of the freedoms or powers given under this Chapter to any short term co operative credit structure society or adversely affecting other provisions of this Chapter.". 3. Repeal and saving." (1) The Tamil Nadu Co-operative Societies (Third Amendment) Ordinance, 2008 (Tamil Nadu.....