Bare Act Search Results

Finance Act, 1987 Chapter III

Title: Direct Taxes

State: Central

Year: 1987

.....immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property. Explanation : For the purposes of sub-clauses (v) and (vi), "immovable property" shall have the same meaning as in clause (d) of section 269UA Section 4 - Amendment Of Section 10 In section 10 of the Income-tax Act, - (a) after clause (10B), the following clause shall be inserted, namely :- "(10C) any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the Central Government may, having regard to the economic viability of such company and other relevant circumstances, approve in this behalf." (b) in clause (15), - (i) in sub-clause (ii), - (A) in the opening paragraph, for the words, brackets.....

National Dairy Development Board Act, 1987 Chapter IV

Title: Powers and Functions of the National Dairy of Development Board

State: Central

Year: 1987

.....may be required, and the provisions of sub-sections (1) and (2) shall, so far as may be, apply in relation to that article or product, as if any reference therein to milk and milk products or to dairy and allied industries had been a reference to that article or product or service or activity. (4) Where the Central Government or the Government of any State considers that, having regard to the special expertise of the National Dairy Development Board and the needs of the public, it is necessary or advisable to entrust the National Dairy Development Board with any activity, other than that to which the foregoing sub-sections apply, it may, entrust such activity to the National Dairy Development Board, whereupon it shall be competent for the National Dairy Development Board to carry on such activity. (5) Without prejudice to the generality of the foregoing powers, it shall be competent for the National Dairy Development Board to participate, with the prior approval of the Central Government, in any other organisation, financially, managerially or in any other manner.

National Dairy Development Board Act, 1987 Section 16

Title: Powers and Functions of National Dairy Development Board

State: Central

Year: 1987

.....may be required, and the provisions of sub-sections (1) and (2) shall, so far as may be, apply in relation to that article or product, as if any reference therein to milk and milk products or to dairy and allied industries had been a reference to that article or product or service or activity. (4) Where the Central Government or the Government of any State considers that, having regard to the special expertise of the National Dairy Development Board and the needs of the public, it is necessary or advisable to entrust the National Dairy Development Board with any activity, other than that to which the foregoing sub-sections apply, it may, entrust such activity to the National Dairy Development Board, whereupon it shall be competent for the National Dairy Development Board to carry on such activity. (5) Without prejudice to the generality of the foregoing powers, it shall be competent for the National Dairy Development Board to participate, with the prior approval of the Central Government, in any other organisation, financially, managerially or in any other manner.

National Dairy Development Board Act, 1987 Complete Act

State: Central

Year: 1987

.....the National Dairy Development Board; (i) any reference to the society or, as the case may be, to the dissolved company, in any law other than this Act or in any contract or other instrument, shall be deemed to be reference to the National Dairy Development Board. SECTION 07: SAVING OF LEGAL PROCEEDINGS If, on the appointed day, there is pending any suit, arbitration, appeal or other legal proceedings of whatever nature by or against the society or the dissolved company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the incorporation of the National Dairy Development Board under section 4-or dissolution of the Indian Dairy Corporation under section 5-, as the case may be, but the suit, arbitration, appeal or other proceedings may be continued, prosecuted and enforced by or against the National Dairy Development Board in the same manner and to the same extent as it would or may have been continued, prosecuted and enforced by or against the society or the dissolved company, as the case may be. if this Act had not been passed. SECTION 08: MANAGEMENT OF NATIONAL DAIRY DEVELOPMENT BOARD AND COMPOSITION OF ITS BOARD OF DIRECTORS (1).....

Finance Act, 1987 Section 4

Title: Amendment of Section 10

State: Central

Year: 1987

.....substituted with effect from the 1st day of April, 1983; (B) in the proviso, for the words, brackets and figures "in item (3) in the Table below rule 3 of the Post Office Savings Banks Rules, 1965", the words and figures "in item 6 in the Table below rule 4 of the Post Office Savings Account Rules, 1981" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1983; (ii) in sub-clause (iv), after item (g) and the Explanation thereto, the following item shall be inserted, namely :- "(h) by any public sector company in respect of such bonds or debentures and subject to such conditions, including the condition that the holder of such bonds or debentures registers his name and the holding with that company, as the Central Government may, by notification in the Official Gazette, specify in this behalf;"; (c) in clause (17), - (i) in sub-clause (i), the word "and" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 1986; (ii) for sub-clause (ii), the following sub-clauses shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1986,.....

Finance Act, 1987 Section 3

Title: Amendment of Section 2

State: Central

Year: 1987

....."public sector company" means any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);'; (e) in clause (42A), before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 1988, namely :- 'Provided that in the case of a share held in a company, the provisions of this clause shall have effect as if for the words "thirty-six months", the words "twelve months" had been substituted.'; (f) after clause (42A), the following clause shall be inserted with effect from the 1st day of April, 1988, namely :- '(42B) "short-term capital gain" means capital gain arising from the transfer of a short-term capital asset;'; (g) in clause (47), with effect from the 1st day of April, 1988, - (i) in sub-clause (iv), the word "or" shall be inserted at the end; (ii) after sub-clause (iv), the following sub-clauses and Explanation shall be inserted, namely :- '(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in.....

Finance Act, 1987 Section 45

Title: Amendment of Section 192

State: Central

Year: 1987

.....(1). (2A) Where the assessee, being a government servant or an employee in a public sector undertaking, is entitled to the relief under sub-section (1) of section 89, he may furnish to the person responsible for making the payment referred to in sub-section (1), such particulars, in such form and verified in such manner as may be prescribed, and thereupon the person responsible as aforesaid shall compute the relief on the basis of such particulars and take it into account in making the deduction under sub-section (1). (2B) Where an assessee who receives any income chargeable under the head "Salaries" has, in addition, any income chargeable under any other head of income (not being a loss under any such head) for the same financial year, he may send to the person responsible for making the payment referred to in sub-section (1) the particulars of such other income and of any tax deducted thereon under any other provision of this Chapter, in such form and verified in such manner as may be prescribed, and thereupon the person responsible as aforesaid shall take such other income and the tax, if any, deducted thereon also into account for the purposes of making the.....

National Housing Bank Act, 1987 Chapter II

Title: Establishment of the National Housing Bank and Capital Thereof

State: Central

Year: 1987

.....Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued. (3) The head office of the National Housing Bank shall be at Bombay or at such other place as the Reserve Bank may, by notification, specify. (4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Reserve Bank, at any place outside India. _____________________ 1. 9-7-88 -- Date on which National Housing Bank established Section 4 - Capital 1 [ Capital (1) The authorised and paid-up capital of the National Housing Bank shall be three hundred and fifty crores of rupees: Provided that the Central Government may, in consultation with the Reserve Bank, by notification, increase the authorised capital up to two thousand crores of rupees. (2) The Board may, on such terms and conditions, as determined by it from time to time, issue the increased authorised capital to the Reserve Bank, the Central Government, scheduled banks, public financial.....

National Housing Bank Act, 1987 Section 4

Title: Capital

State: Central

Year: 1987

..... Provided that no increase in the issued capital shall be made in such manner that the Reserve Bank, the Central Government, public sector banks, public financial institutions or other institutions owned or controlled by the Central Government, hold in aggregate at any time, less than fifty-one per cent, of the issued capital of the National Housing Bank] ________________________ 1. Substituted by National Housing Bank (Amendment) Act, 2000 (15 of 2000). Prior to substitution it read as under: The authorised and paid up capital of the National Housing Bank shall be one hundred crores of rupees and shall be subscribed by the Reserve Bank. Provided that the Central Government may, in consultation with the Reserve Bank, by notification, increase the said capital up to five hundred crores of rupees and the capital so increased shall also be subscribed by the Reserve Bank."

National Housing Bank Act, 1987 Chapter V

Title: Provision Relating to Housing Finance Institutions Receiving Deposits

State: Central

Year: 1987

In this Chapter the term 'deposit' shall have the meaning assigned to it in section 45-I of the Reserve Bank of India Act, 1934. Section 29 - Chapter not to apply in certain cases (1) The provisions of this Chapter shall not apply to deposits accepted by a housing finance institution which is a firm or an unincorporated association of individuals. (2) For the removal of doubts, it is hereby declared that the firms and unincorporated associations of individuals referred to in sub-section (1) shall continue to be governed by the provisions of Chapter III C of the Reserve Bank of India Act, 1934. Section 29A - Requirement of registration and net owned fund 1[29A. Requirement of registration and net owned fund (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no housing finance institution which is a company shall commence or carry on the business of a housing finance institution without- (a) obtaining a certificate of registration issued under this Chapter; and (b) having the net owned fund of twenty-five lakh rupees or such other higher amount, as the National Housing Bank may, by notification, specify. (2).....