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Start Free TrialUnit Trust of India Act, 1963 (52 of 1963) Chapter IV
Title: Powers and Functions of the Trust
State: Central
Year: 1963
.....(2), (4), (6), (7), sub-clause (c) of Cl. (8) and Cls. (11), (12), (13) and (15) of sub-section (1).] _____________________ 1. Substituted by Act 63 of 1985, Section 5 (w.e.f. 23rd April, 1985). Section 19A - Power to impose conditions, etc. 1[19A. Power to impose conditions, etc. (1) In entering into any arrangement, under Section 19, with any concern, the Trust may impose such conditions as it may think necessary or expedient for protecting the interest of the Trust and for securing that the accommodation granted by it is put to the best use by the industrial concern. (2) Where any arrangement entered into by the Trust under Section 19 with any concern provides for the appointment by the Trust of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be 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 the concern, and any provision regarding share qualification, age limit, number of directorships, removal from.....
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 19B
Title: Special Provision for Enforcement of Claim by the Trust
State: Central
Year: 1963
.....specified in the notice why the management of the company or other body corporate should not be transferred to the Trust. (5) Before passing any order under sub-section (3) or sub-section (4), the Court may, if it thinks fit, examine the officer making the application. (6) At the same time as it passes an order under sub-section (3), the Court shall issue to the company or other body corporate a notice accompanied by copies of the order, the application and the evidence, if any, recorded by it calling upon the company or other body corporate to show cause on a date to be specified in the notice why the ad interim order of attachment should not be made absolute or the injunction confirmed. (7) If no cause is shown on or before the date specified in the notice under sub-sections (4) and (6), the Court shall forthwith make the ad interim order absolute and direct the sale of the attached property or transfer the management of the company or other body corporate to the Trust or confirm the injunction. (8) If cause is shown the Court shall proceed to investigate the claim of the Trust and the provisions of the Code of Civil Procedure, 1908 (5 of 1908), shall, as far as.....
View Complete Act List Judgments citing this sectionBOMBAY CITY (INAMI AND SPECIAL TENURES) ABOLITION AND MAHARASHTRA LAND REVENUE CODE (AMENDMENT) ACT, 1969, (Maharashtra) Section 4
Title: Abolition of inami tenure and special tenures; extinguishment of superior holder's rights; and liability to pay land revenue
State: Maharashtra
Year: 1969
.....be liable to the State Government for the payment of land revenue equal to the amount of cess, rent or assessment which is payable in respect thereof immediately before the appointed day to the superior holder, or as the case may be, to the State Government under the terms of the tenure, or (ii) shall be held free from payment of land revenue, if no such cess, rent or assessment is payable in respect thereof immediately before the appointed day. NOTES The intention of the section indicates that it is meant for "extending the benefit to the public trusts even in the cases where the property is let out and not necessarily used physically, therefore the trustees are entitled to claim exemption certificates under section 4(2) in respect of the lands in question". Now roji Jehangir Gamadia & others v. Dy. Collector, Bombay, 1986 Mah. L. J. 582.
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Complete Act
Title: Unit Trust of India Act, 1963 (52 of 1963)
State: Central
Year: 1963
.....- Distribution of income Section25B - Reserve Funds Section25C - Definition Chapter VI Section26 - Preparation of balance-sheet, etc. of Trust Section27 - Audit Section28 - Publication of annual accounts and reports Section29 - Furnishing of information Chapter VII Section30 - Power of Reserve Bank to give directions Section31 - Staff of Trust Section32 - Income-tax and other taxes Section33 - Act 18 of 1891 to apply in relation to Trust Section34 - Declaration of fidelity and secrecy Section35 - Defects in appointments not to invalidate acts, etc. Section36 - Indemnity of trustees Section37 - Protection of action taken under this Act Section38 - Delegation of powers Section39 - No Trust to be taken notice of Section39A - Nomination by unit holders and agents Section39B - Protection of certain amounts from attachment Section40 - Re-payment of contribution in case of winding-up of contributing institution Section41 - Power of Central Government to re-constitute Board Section42 - Liquidation of Trust Section43 - Regulations Section44 - Amendment of certain enactments [Repealed] Section45 - Power to remove difficulty Schedule1 - THE FIRST SCHEDULE .....
List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Chapter III
Title: Management of the Trust
State: Central
Year: 1963
.....all powers and do all acts and things which may be exercised or done by the Trust. (2) The Board shall, in discharging its functions under this Act, act on business principles, regard being had to the interest of the unit holders. Section 10 - Board of Trustees The Board of Trustees shall consist of the following, namely: (a) the Chairman to be appointed by the 1 [Central Government in consultation with the Development Bank]; 2 [(aa) one trustee to be nominated by the Reserve Bank]; (b) four trustees to be nominated by the 1 [Development Bank], of whom not less than three shall be persons having special knowledge of, or experience in, commerce, industry, banking finance or investment; (c) one trustee to be nominated by the Life Insurance Corporation; (d) one trustee to be nominated by the State Bank; (e) two trustees to be elected in the prescribed manner by the contributing institutions referred to in Cl. (d) of sub-section (2) of Section4; and (f) an executive trustee to be appointed by the 1 [Development Bank): Provided that if the appointment of the Chairman is whole-time, it shall not be necessary to appoint an executive trustee: Provided further.....
View Complete Act List Judgments citing this sectionUnit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 2
Title: Transfer and Vesting of the Undertaking of Trust in the Specified Company and Transfer and Vesting of the Specified Undertaking of Trust in the Administrator
State: Central
Year: 2002
.....in which the undertaking or specified undertaking has vested by virtue of this Act as it might have been enforced by or against the Trust if this Act had not been enacted and shall cease to be enforceable by or against the Trust. Section 6 - Provisions in respect of officers and other employees of Trust (1) Every officer or other employee of the Trust (except a trustee of the Board, the Chairman and executive trustee) serving in the employment immediately before the appointed day shall become, as from the appointed day, an officer or, as the case may be, other employee of the specified company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave fare concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds retirement, voluntary retirement, gratuity and other benefits as he would have held under the Trust if its undertaking had not vested in the specified company and shall continue to do so as an officer or, as the case may be, other employee of the specified company or until the.....
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Complete Act
Title: Indian Trusts Act, 1882
State: Central
Year: 1882
.....to settlement of accounts Section36 - General authority of trustee Section37 - Power to sell in lots and either by public auction or private contract Section38 - Power to sell under special conditions. Power to buy-in and re-sell Section39 - Power to convey Section40 - Power to vary investments Section41 - Power to apply property of minors, etc. for their maintenance, etc Section42 - Power to give receipts Section43 - Power to compound, etc Section44 - Power to several trustees of whom one disclaims or dies Section45 - Suspension of trustee's powers by decree Chapter V Section46 - Trustee cannot renounce after acceptance Section47 - Trustee cannot delegate Section48 - Co-trustees cannot act singly Section49 - Control of discretionary power Section50 - Trustee may not charge for services Section51 - Trustee may not use trust-property for his own profit Section52 - Trustee for sale or his agent may not buy Section53 - Trustee may not buy beneficiary's interest without permission Section54 - Co-trustees may not lend to one of themselves Chapter VI Section55 - Right to rents and profits Section56 - Right to specific execution Section57 - Bight to inspect and.....
List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Chapter II
Title: Establishment of the Unit Trust of India Andthe Initial Capital Thereof
State: Central
Year: 1963
.....Companies Act, 1956, declared as such. 2. Substituted by Act 63 of 1985, Section 3 (w.e.f. 23rd April, 1985). 3. Substituted by Act 17 of 1966, Section 3. Section 4A - Transfer of initial capital to Development Bank 1 [4-A. Transfer of initial capital to DevelopmentBank On such date as the Central Government may, by notification in the official Gazette, appoint (hereinafter referred to as the notified date), all the contributions made by the Reserve Bank to the initial capital of the Trust, as on the date immediately preceding the notified date, shall stand transferred to, and vested in, the Development Bank. ______________________ 1. Inserted by Act 52 of 1975, Section 46 (w.e.f. 16th February, 1976). Section 4B - Payment of amount The Reserve Bank shall be given by the Development Bank, in cash, for the transfer to, and vesting in, the Development Bank of the contributions made to the initial capital of the Trust by the Reserve Bank, an amount equal to contributions to the initial capital so transferred.] Section 5 - Maintenance of register of contributories The Board shall maintain in such manner as may be prescribed a register containing the name of the.....
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 3A
Title: Prohibition Against the Use of Words "unit Trust", "unit" or "units" as a Part of the Name of Any Person Other Than the Trust
State: Central
Year: 1963
.....accordingly. (5) No Court shall take cognizance of any offence punishable under this section except upon a complaint in writing made by an officer of the Trust generally or specially authorised in writing in this behalf by the Trust and no Court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try such offence. Explanation.--For the purposes of this section,-- (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm.] _____________________________ 1. Inserted by Act 16 of 1975, Section 3 (came into force at once).
View Complete Act List Judgments citing this sectionUnit Trust of India Act, 1963 (52 of 1963) Section 20A
Title: Special Contribution by Reserve Bank
State: Central
Year: 1963
1[20A. Special contribution by Reserve Bank 2[The Reserve Bank or the Development Bank may], from time to time, in its discretion pay to the Trust from out of the amount2[payable to the Reserve Bank or, as the case may be, the Development Bank] under sub-section (1) of Section 25-A any sum to be utilized by the Trust solely for meeting the losses arising out of or any additional amount required in connection with any variation made by the Trust in the sale or re-purchase price of a unit. ______________________ 1. Inserted by Act 17 of l966, Section 6 (w.e.f. 10th June, 1966). 2. Substituted by Act 52 of 1975, Section 54 (w.e.f. 16th February, 1976).
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