Bare Act Search Results

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Preamble 1

Title: Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

State: Central

Year: 1997

THE INDUSTRIAL RECONSTRUCTION BANK (TRANSFER OF UNDERTAKINGS AND REPEAL) ACT, 1997 [Act, No. 7 of 1997] [19th March, 1997] PREAMBLE An Act to provide for the transfer and vesting of the undertakings of the Industrial Reconstruction Bank of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Industrial Reconstruction Bank of India Act, 1984. Be it enacted by Parliament in the Forty-eighth Year of the Republic of India as follows:--

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Complete Act

Title: Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

State: Central

Year: 1997

Preamble1 - INDUSTRIAL RECONSTRUCTION BANK (TRANSFER OF UNDERTAKINGS AND REPEAL) ACT, 1997 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Undertakings of the Reconstruction Bank to vest in company Section4 - General effect of vesting of undertaking in Company Section5 - Provisions in respect of officers and other employees of Reconstruction Bank Chapter III Section6 - Concession, etc., to be deemed to have been granted to Company Section7 - Tax exemption or benefit to continue to have effect Section8 - Guarantee to be operative Section9 - Arrangement with Company on appointment of directors to prevail Section10 - Act 18 of 1891 to apply to the books of Company Section11 - Shares, bonds and debentures to be deemed to be approved securities Section12 - Substitution in Act, rules or regulations of company in place of the Reconstruction Bank Section13 - Repeal and saving of Act 62 of 1984 Chapter IV Section14 - Insertion of new section 4A Section15 - Repeal and Saving

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Chapter II

Title: Transfer and Vesting of the Undertaking of Reconstruction Bank in Company

State: Central

Year: 1997

.....of the Reconstruction Bank have vested by virtue of this Act as it might have been enforced by or against the Reconstruction Bank if this Act had not been enacted and shall cease to be enforceable by or against the Reconstruction Bank. Section 5 - Provisions in respect of officers and other employees of Reconstruction Bank (1) Every officer or other employee of the Reconstruction Bank (except a Director of the Board or the Chairman and Managing Director) serving in the employment immediately before the appointed day shall, in so far as such officer or other employee is employed in connection with the undertakings which have vested in the Company by virtue of this Act, become, as from the appointed day, an officer or, as the case may be, other employee of the 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.....

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Chapter III

Title: Miscellaneous

State: Central

Year: 1997

.....Trusts Act, 1882 (2 of 1882) , the Insurance Act, 1938 (4 of 1938) and the Banking Regulation Act, 1949 (10 of 1949). Section 12 - Substitution in Act, rules or regulations of company in place of the Reconstruction Bank In every Act, rule or regulation in force on the appointed day,-- (a) for the words "Industrial Reconstruction Bank of India", wherever they occur, the words "Industrial Investment Bank of India Limited" shall be substituted; (b) for the words "Reconstruction Bank", wherever they occur, the words "Industrial Investment Bank" shall be substituted. Section 13 - Repeal and saving of Act 62 of 1984 (1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984 shall stand repealed. (2) Notwithstanding the repeal of the Industrial Reconstruction Bank of India Act, 1984,-- (a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank; (b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an.....

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Section 7

Title: Tax Exemption or Benefit to Continue to Have Effect

State: Central

Year: 1997

(1) Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax or income, profits or gains, the Company shall not be liable to pay income-tax or any other tax for a period of five years computed from the appointed day in respect of any income, profits or gains derived, or any amount received by the Company. (2) The transfer and vesting of the undertakings or any part thereof in terms of section 3 shall not be construed as a transfer within the meaning of the Income-tax At, 1961 (43 of 1961) for the purposes of capital gains.

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Section 1

Title: Short Title and Commencement

State: Central

Year: 1997

(1) This Act may be called the Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997. (2) It shall be deemed to have come into force on the 24th day of January, 1997.

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Section 5

Title: Provisions in Respect of Officers and Other Employees of Reconstruction Bank

State: Central

Year: 1997

.....the gratuity fund of the Reconstruction Bank and any other bodies created for the welfare of officers or employees would continue to discharge their functions in the Company as was being done hitherto in the Reconstruction Bank and any tax exemption granted to the provident fund or the gratuity fund would continue to be applied to the Company. (6) Notwithstanding anything contained in this Act or in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in the regulations of the Reconstruction Bank, no Director of the Board, Chairman and Managing Director or any other person entitled to manage the whole or substantial part of the business and affairs of the Reconstruction Bank shall be entitled to any compensation against the Reconstruction Bank or the Company for the toss of office or for the premature termination of any contract of management entered into by him with the Reconstruction Bank.

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Section 15

Title: Repeal and Saving

State: Central

Year: 1997

(1) The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ord. 7 of 1997) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall tie deemed to have been done or taken under the corresponding provisions of this Act.

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Complete Act

State: Central

Year: 1997

.....Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938)-and the Banking Regulation Act, 1949 (10 of 1949)- SECTION 12: SUBSTITUTION IN ACTS, RULES OR REGULATIONS OF COMPANY IN PLACE OF THE RECONSTRUCTION BANK -In every Act, rule or regulation in force on the appointed day,- (a) for the words "Industrial Reconstruction Bank of India", wherever they occur, the words "Industrial Investment Bank of India Limited" shall be substituted, (b) for the words "Reconstruction Bank", wherever they occur, the words "Industrial Investment Bank" shall be substituted. SECTION 13: REPEAL AND SAVING OF ACT 62 OF 1984 - (1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984-shall stand repealed. (2) Notwithstanding the repeal of the Industrial Reconstruction Bank of India Act, 1984-- (a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank; (b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial.....

Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997 Chapter I

Title: Preliminary

State: Central

Year: 1997

(1) This Act may be called the Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997. (2) It shall be deemed to have come into force on the 24th day of January, 1997. Section 2 - Definitions In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under section 3; (b) "Company" means the Industrial Investment Bank of India Limited to be formed and registered under the Companies Act, 1956 (1 of 1956); (c) "Reconstruction Bank" means the Industrial Reconstruction Bank of India established under sub-section (1) of section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984).