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Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Complete Act

Title: Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

State: Central

Year: 2003

Preamble1 - Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Undertaking of Development Bank to vest in Company Section4 - General effect of transfer and vesting undertaking Section5 - Provisions in respect of officers and other employees of Development 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 - Shares, bonds and debentures to be deemed to be approved securities Section10 - Act to have overriding effect Section11 - Application of other laws not barred Section12 - Amendment to certain enactments Section13 - Substitution in Acts, rules, regulations by Company in place of Development Bank Section14 - Power to remove difficulties Section15 - Repeal and saving of Act 18 of 1964 ScheduleI - THE SCHEDULE

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter II

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

State: Central

Year: 2003

.....the undertaking of the Development Bank has vested by virtue of this Act as it might have been enforced by or against the Development Bank if this Act had not been enacted and shall cease to be enforceable by or against the Development Bank. Section 5 - Provisions in respect of officers and other employees of Development Bank (1) Every officer or other employee of the Development Bank (except a director of the Board or the chairman and managing director or any whole-time 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 undertaking which has 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.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 4

Title: General Effect of Transfer and Vesting Undertaking

State: Central

Year: 2003

.....the undertaking of the Development Bank has vested by virtue of this Act and enforceable as fully and effectually as if instead of the Development Bank, the Company had been named therein or had been a party thereto. (4) Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Development Bank in relation to its undertaking may, as from the appointed day, be continued and enforced by or against the Company in which the undertaking of the Development Bank has vested by virtue of this Act as it might have been enforced by or against the Development Bank if this Act had not been enacted and shall cease to be enforceable by or against the Development Bank.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Preamble 1

Title: Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

State: Central

Year: 2003

The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 [Act, No. 53 of 2003] [30th December, 2003] PREAMBLE An Act to provide for the transfer and vesting of the undertaking of the Industrial Development Bank of India to, and in, the Company to be formed and registered as a Company under the Companies Act, 1956 to carry on banking business and for matters connected therewith or incidental thereto and also to repeal the Industrial Development Bank of India Act, 1964. BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows:--

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 3

Title: Undertaking of Development Bank to Vest in Company

State: Central

Year: 2003

.....Act, 1949(10 of 1949); (b) maintain for a period of five years from the appointed day the percentage of assets required to be maintained under section 24 of the said Act. (3) The provisions of the Banking Regulation Act, 1949(10 of 1949) shall, as far as may be, to the extent they are not repugnant to any provision of this Act, apply to such Company. (4) Notwithstanding anything contained in the Banking Regulation Act, 1949(10 of 1949), the Central Government may, in consultation with the Reserve Bank of India, by notification, direct that any of the provisions of that Act specified in the notification -- (a) shall not apply to the Company; or (b) shall apply to the Company, only with such exceptions, modifications and the adaptations as may be specified in the notification. (5) A copy of every notification proposed to be issued under sub-section (4), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Complete Act

State: Central

Year: 2003

.....shall be in addition to, and not in derogation of the provisions of any other law for the time being in force. Section 12 Amendment to certain enactments The enactments specified in the Schedule to this Act shall be amended in the manner provided therein. Section 13 Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank In every Act, rule, regulation or notification in force on the appointed day, (a) for the words "Industrial Development Bank of India", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of S.2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (b) for the words "Development Bank", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of Section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under S.3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)", the words, brackets,.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter III

Title: Miscellaneous

State: Central

Year: 2003

.....enactments The enactments specified in the Schedule to this Act shall be amended in the manner provided therein. Section 13 - Substitution in Acts, rules, regulations by Company in place of Development Bank (a) for the words "Industrial Development Bank of India", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (b) for the words "Development Bank", wherever they occur, the words "Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted. (d) for.....

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 13

Title: Substitution in Acts, Rules, Regulations by Company in Place of Development Bank

State: Central

Year: 2003

....."Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted; (c) for the words and figures "the Development Bank means the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted. (d) for the words and figures "the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964)", the words, brackets, letter and figures "the Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003" shall be substituted.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Section 5

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

State: Central

Year: 2003

.....of the Development 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 Development Bank and any tax exemption granted to the provident fund or the gratuity fund or pension 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 Development Bank, no director of the Board, chairman and managing director or any whole-time director or any other person entitled to manage the whole or substantial part of the business and affairs of the Development Bank shall be entitled to any compensation against the Development Bank or the Company for the loss of office or for the premature termination of any contract of management entered into by him with the Development Bank.

Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter I

Title: Preliminary

State: Central

Year: 2003

(1) This Act may be called the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003. (2) It shall come into force on such date as the Central Government may, by notification, appoint. Section 2 - Definitions In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification, appoint under section 3; (b) "Company" means the Industrial Development Bank of India Limited to be formed and registered under the Companies Act, 1956(1 of 1956); (c) "Development Bank" means the Industrial Development Bank of India established under sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964(18 of 1964); (d) "notification" means a notification published in the Official Gazette; (e) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934(2 of 1934).