Bare Act Search Results

Finance Act, 1989 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1989

.....suffering therefrom, to engage in a gainful employment or occupation.". Section 18 - Amendment Of Section 115B In section 115B of the Income-tax Act, [as amended by section 31 of the Finance Act, 1988 (26 of 1988)], in sub-section (2), with effect from the 1st day of April, 1990, - (a) for the words, figures and letters "the previous year relevant to the assessment year commencing on the 1st day of April, 1989", the words, figures and letters "the previous years relevant to the assessment years commencing on the 1st day of April, 1989 and the 1st day of April, 1990" shall be substituted; (b) in the proviso, for the words "previous year", the words "previous years" shall be substituted. Section 19 - Amendment Of Section 115J In section 115J of the Income-tax Act, - (i) after sub-section (1) and before the Explanation, the following sub-section shall be inserted, namely :- "(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956)."; (ii) in the Explanation, - (a) in.....

Small Industries Developement Bank of India Act, 1989 Section 13

Title: Business of Small Industries Bank

State: Central

Year: 1989

.....and promissory notes made, drawn, accepted or endorsed by industrial concerns in the small-scale sector or by any person selling products manufactured by an industrial concern in the small-scale sector; (iii) subscribing to, or purchasing stocks, shares bonds or debentures of, any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf]; (iv) granting lines of credit or loans and advances to any State Financial Corporation, State Industrial Development Corporation, State Small Industries Corporation, National Small Industries Corporation or 2 [such other financial institutions as may be approved by the Board in this behalf|; (v) granting loans and advances to any industrial concern in the small-scale sector or subscribing to, or purchasing, or under-writing the issue of stocks, shares, bonds or debentures of, any such concern: Provided that nothing contained in this clause shall be deemed to preclude the Small Industries Bank from granting loans or advances to, or subscribing to the.....

THE KERALA HANDLOOM WORKERS' WELFARE FUND [1] Complete Act

State: Kerala

Year: 1989

.....Executive Officer or to any officer of the Board authorized by the Board in this behalf. (6) Where the amount of contribution payable under this Act involves a fraction of a rupee, the scheme may provide for the rounding of such fraction to the nearest rupee. 5 . Modification of the Scheme .-(1) The Government may by notification in the Gazette, add to amend or vary the scheme framed under this Act. (2) Every notification under sub-section (1) shall be laid as soon as may be, after it is issued , before the Legislative Assembly while it is in session for a total period of fourteen days, which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, the Legislative Assembly agrees in making any modification in the notification or decides that the notification should not be issued, the notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that notification. 6. Constitution of Board .-(1) The.....

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).....

Small Industries Developement Bank of India Act, 1989 Section 47

Title: Arrangement with Small Industries Bank on Appointment of Directors to Prevail

State: Central

Year: 1989

.....valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, (1 of 1956) or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to that industrial concern, and any provision regarding share qualification, age-limit, number of directorships, removal from office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the Small Industries Bank in pursuance of the arrangement as aforesaid. (2) Any Director appointed as aforesaid shall-- (a) hold office during the pleasure of the Small Industries Bank and may be removed or substituted by any person by order in writing of the Small Industries Bank; (b) not incur any obligation or liability by reason only of his being a Director or for anything done or omitted to be done in good faith in the discharge of his duties as a Director or anything in relation thereto; (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of Directors liable to such retirement.

Small Industries Developement Bank of India Act, 1989 Section 41

Title: Special Provisions for Enforcement of Claims by Small Industries Bank

State: Central

Year: 1989

.....advance under section 40 and such industrial concern fails to make such repayment, then, without prejudice to the provisions of section 38 of this Act and section 69 of the Transfer of Property Act, 1882 (4 of 1882), any officer of that Bank, generally or specially authorised by that Bank in this behalf, may apply to the court for one or more of the following reliefs, namely:-- (a) for an order for the sale of the property assigned, charged, hypothecated, mortgaged or pledged to that Bank as security for the loan or advance; or (b) for enforcing the liability of any surety; or (c) for an ad interim injunction restraining the industrial concern in the small-scale sector from transferring or removing its machinery, plant or equipment from the premises of such industrial concern without the permission of the Small Industries Bank, where such transfer or removal is apprehended. (2) An application under sub-section (1) shall state the nature and extent of the liability of the industrial concern in the small-scale sector to the Small Industries Bank, the ground on which it is made and such other particulars as may be necessary for obtaining the relief prayed for. (3) Where.....

Small Industries Developement Bank of India Act, 1989 Section 40

Title: Power to Call for Repayment Before Agreed Period

State: Central

Year: 1989

.....that the industrial concern in the small-scale sector is unable to pay its debt or that proceedings for liquidation may be commenced in respect thereof; or (d) if the property pledged, mortgaged, hypothecated or assigned to the Small Industries Bank as security for the loan or advance is not insured and kept insured by the industrial concern in the small-scale sector to the satisfaction of the Small Industries Bank; or depreciates in value to such an extent that, in the opinion of the Board, further security to the satisfaction of the Board should be given and such security is not given; or (e) if, without the permission of the Board, any machinery, plant or other equipment, whether forming part of the security or otherwise, is removed from the premises of the industrial concern in the small-scale sector without being replaced; or (f) if for any reason it is necessary to protect the interests of the Small Industries Bank.

Small Industries Developement Bank of India Act, 1989 Section 38

Title: Rights of Small Industries Bank in Case of Default

State: Central

Year: 1989

.....transfer had been made by the owner of the property. (3) The Small Industries Bank shall have the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of the security held by it as it had with respect to the original goods. (4) Where any action has been taken against an industrial concern in the small-scale sector under the provisions of sub-section (1), all costs, charges and expenses which in the opinion of the Small Industries Bank have been properly incurred by it as incidental thereto shall be recoverable from the industrial concern in the small-scale sector and the money which is received by it shall, in the absence of any contract to the contrary, be held by it in trust to be applied firstly, in payment of such costs, charges and expenses and, secondly, in discharge of the debt due to the Small Industries Bank, and the residue of the money so received shall be paid to the person entitled thereto in accordance with his rights and interests. (5) Where the Small Industries Bank takes over the management or possession of an industrial concern in the small-scale sector under the provisions of sub-section (1), the.....

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 20A

Title: Free Transferability of Shares

State: Central

Year: 1989

(1) Save as otherwise provided in sub-section (2), the equity shares of the Small Industries Bank shall be freely transferable. (2) Nothing contained in sub-section (1) shall entitle the Development Bank, the public sector banks, the General Insurance Corporation, the Life Insurance Corporation and other institutions owned or controlled by the Central Government to transfer any shares held by them in the Small Industries Bank if such transfer will result in reducing the equity shares held in aggregate by them to less than fifty-one per cent. of the issued equity share capital of the Small Industries Bank.