Bare Act Search Results

Industrial Development Bank of India Act, 1964 [Repealed] Chapter 3

Title: Management of the Development Bank

State: Central

Year: 1964

.....sub-sections (1) and (2) (w.r.e.f. 12-10-1994). Earlier sub-section (2) was Substituted by Act 52 of 1975, sec. 6. 2. Sub-section (4) Inserted by Act 52 of 1975, sec. 6 and omitted by Act 5 of 1995, sec. 6 (w.r.e.f. 12-10-1994). Section 5 - Management 1 [(1) The general superintendence, direction and management of the affairs and business of the Development Bank shall vest in a Board of Directors which may exercise all powers and do all such acts and things, as may be exercised or done by the Development Bank and are not by this Act expressly directed or required to be done by the Development Bank in general meeting. (2) The Board may direct that any power exercisable by it under this Act shall also be exercisable in such cases and subject to such conditions, if any, as may be specified by it, by the chairman, managing director or the whole-time director] (3) Subject to the provisions of this Act, the Board in discharging its functions shall act on business principles with due regard to public interest. 2 [***] ______________________ 1. Substituted by Act 5 of 1995, sec. 6, for sub-sections (1) and (2) (w.r.e.f. 12-10-1994). Earlier sub-section (2) was.....

Industrial Development Bank of India Act, 1964 [Repealed] Section 26

Title: Staff of Development Bank

State: Central

Year: 1964

.....every member of the staff aforesaid may, before the expiry of a period ofeighteen months from the appointed day or the date notified under section 4A ofthe Unit Trust of India Act, 1963, whichever is earlier, elect to go back tothe institution from which he was so transferred by exercising an option inwriting to that effect, the option once exercised being final, and on theexercise of such option, that institution shall, before the expiration of aperiod of thirty months from the appointed day or the date notified undersection 4A of the Unit Trust of India Act, 1963, whichever is earlier, takeback such member of the staff and on such member being taken back by thatinstitution, he shall become a member of its staff and shall cease to be amember of the staff of the institution to which he was earlier transferred. (6)Notwithstanding anything contained in any other law or in any agreement, forthe time being in force, no member of the staff shall be entitled to claim anycompensation for, or in relation to any matter concerning his transfer,appointment, or as the case may be, return, under sub-sections (3) to (5) andno claim in respect thereof shall be entertained by any.....

Industrial Development Bank of India Act, 1964 [Repealed] Section 6

Title: Constitution of Board

State: Central

Year: 1964

.....as provided in sub-section (7), everydirector of the Board shall have one vote.] ______________________ 1. Substituted by Act 52 of 1995, sec. 7, for section 6. 2. Substituted by Act 5 of 1995, sec. 7, for sub-section(1) (w.r.e.f. 12-10-1994). 3. Inserted by Act 73 of 1976, sec. 5. 4. Substituted by Act 5 of 1995, sec. 7, for "the chairman or the managing director"(w.r.e.f. 12-10-1994). 5. Substituted by Act 5 of 1995, sec. 7 for "The chairman and the managing director"(w.r.e.f 12-10-1994). 6. Sub-section (4A) Inserted by Act 35 of 1986, sec. 5, Substituted by Act 66 of 1988, sec. 27 and again Substituted by Act 5 of 1995, sec. 7(w.r.e.f. 12-10-1994). 7. Inserted by Act 5 of 1995, sec. 7(w.r.e.f. 12-10-1994). 8. Substituted by Act 5 of 1995, sec. 7, for sub-section(5) (w.r.e.f. 12-10-1994).

Industrial Development Bank of India Act, 1964 Complete Act

State: Central

Year: 1964

.....for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments. Be it enacted by Parliament in the Fifteenth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Industrial Development Bank of India Act, 1964.- (2) It extends2to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification3in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act. SECTION 02: DEFINITIONS - In this Act, unless the context otherwise requires,- (a) "Board" means the Board of Directors of the Development Bank; (b) "Development Bank" means the Industrial Development Bank of India established under section 3-; [(c) "Industrial concern" means any concern engaged or to be engaged in,- (i) the manufacture, preservation or processing of goods; (ii) shipping; [(iii) mining including development of mines,] (iv) the hotel industry. (v) the transport of passengers or goods by road or by water or4[by air or by ropeway or by lift]; [(vi) the generation,.....

Industrial Development Bank of India Act, 1964 [Repealed] Chapter 8

Title: Miscellaneous

State: Central

Year: 1964

.....First Schedule to this Act. ___________________ 1.Inserted by Act 52 of 1975, sec. 17. Section 30 - Defects in appointments not to invalidate acts, etc. (1) No act or proceeding of the Board or of any committee of the Development 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 this appointment. Section 30A - Arrangement with Development Bank on appointment of directors to prevail 1 [30A. Arrangement with DevelopmentBank on appointment of directors to prevail (1) Where anyarrangement entered into by the Development Bank with an industrial concernprovides for the appointment by the Development Bank of one or more directorsof such industrial concern, such provision and any appointment of directorsmade in pursuance thereof shall be valid and effective notwithstanding anythingto the contrary contained in the Companies Act, 1956 (1 of 1956) or in anyother law for.....

Industrial Development Bank of India Act, 1964 [Repealed] Section 9A

Title: Prohibited Business

State: Central

Year: 1964

.....concern, means the beneficial interest held by one or more of the directors of the Development Bank or by any relative as defined in clause (41) of section 2 of the Companies Act, 1956 (1 of 1956), of such director, whether singly or taken together, in the shares of the industrial concern, the aggregate amount paid-up on which either exceeds five lakhs of rupees or five per cent of the paid up share capital of the industrial concern, whichever is the lesser. (2) The provisions of sub-section (1)-- (i) shall not apply to any industrial concern as specified therein if the Development Bank is satisfied that it is necessary in the public interest to enter into business with that concern, and entering into any kind of business with such industrial concern shall be in accordance with and subject to such conditions and limitations as may be prescribed; (ii) shall not apply to any transaction relating to the business entered into prior to the commencement of the Industrial Development Bank of India (Amendment) Act, 1972, and all such business and any transaction in relation thereto may be implemented or continued as if that Act had not come into force; (iii) shall apply only so.....

Industrial Development Bank of India Act, 1964 [Repealed] Chapter 4

Title: Business of the Development Bank

State: Central

Year: 1964

.....by Act 5 of 1995, sec. 12, for "which may be notified by the Central Government in this behalf (w.r.e.f. 12-10-1994). 3. Certain words Inserted by Act 75 of 1972, sec. 3 and omitted by Act 52 of 1975, sec. 11. 4. Substituted by Act 75 of 1972, sec. 3, for "on the expiry of not less than three years and not more than twenty-five years". 5. Substituted by Act 75 of 1972, sec. 3, for "on the expiry of not less than three years and not more then ten years". 6. Substituted by Act 75 of 1972, sec. 3, for "and are repayable on the expiry of not less than six months and not more than ten years". 7. Substituted by Act 75 of 1972, sec. 3, for "promissory notes of industrial concerns". 8. Substituted by Act 75 of 1972, sec. 3, for "any other financial institution". 9. Inserted by Act 35 of 1986, sec. 7. 10. Substituted by Act 75 of 1972, sec. 3, for "which may at the option of the Development Bank be convertible". 11. Inserted by Act 75 of 1972, sec. 3. 12.Substituted by Act 35 of 1986, sec. 7. 13. Substituted by Act 52 of 1975, sec. 11, for "on the recommendation of". 14. The words "on the recommendation of the Reserve Bank" omitted by Act 52 of 1975, sec. 11. .....

Food Corporations Act, 1964 Section 10

Title: Meetings

State: Central

Year: 1964

(1) The board of directors of the Corporation shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings (including the quorum at meetings) as may be provided by regulations made by the Corporation under this Act. (2) The Chairman of the Board or, if for any reason he is unable to attend any meeting, any other director elected by the directors present at the meeting, shall preside at the meeting. (3) All questions which come up before any meeting of the board shall be decided by a majority of the votes of the directors present and voting, and, in the event of an equality of votes, the Chairman, or in his absence, the person presiding, shall have and exercise a second or casting vote.

Food Corporations Act, 1964 Section 22

Title: Meetings

State: Central

Year: 1964

(1) The board of directors of a State Food Corporation shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings (including the quorum at meetings) as may be provided by regulations made by that Corporation under this Act. (2) The Chairman of the board of directors or, if for any reason he is unable to attend any meeting, any other member of the board elected by the members of the board present at the meeting, shall preside at the meeting. (3) All questions which come up before any meeting of the board of directors shall be decided by a majority of the votes of the members present and voting, and in the event of an equality of votes, the chairman or in his absence, the person presiding shall have and exercise a second or casting vote.

Industrial Development Bank of India Act, 1964 [Repealed] Section 6B

Title: Disqualification of Directors

State: Central

Year: 1964

Section 6B - Disqualification of directors 1 [6B.Disqualification of directors (1) Aperson shall not be eligible for being elected as a director under clause (e)of sub-section (1) of section 6, if he-- (a) has been found to be of unsound mind by a court ofcompetent jurisdiction and the finding is in force; (b) is an undischarged insolvent; (c) has applied to be adjudicated as an insolvent andhis application is pending; (d) has been convicted by a court of any offenceinvolving moral turpitude and sentenced in respect there of to imprisonment fornot less than six months and a period of five years has not elapsed from thedate of expiry of the sentence; or (e) has not paid any call in respect of shares of theDevelopment Bank held by him, whether along or jointly with others, and sixmonths have elapsed from the last day fixed for the payment of the call. ______________________ 1.Sections 6B and 6C inserted by Act 5 of 1995, section 9 (w.r.e.f. 12-10-1994).