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CentralAct 53 of 2003

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

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.

Sections

15 in this Act

  1. 1Short title and commencement
  2. 2Definitions
  3. 3Undertaking of Development Bank to vest in Company
  4. 4General effect of transfer and vesting of undertaking
  5. 5Provisions in respect of officers and other employees of Development Bank
  6. 6Concession, etc., to be deemed to have been granted to Company
  7. 7Tax exemption or benefit to continue to have effect
  8. 8Guarantee to be operative
  9. 9Shares, bonds and debentures to be deemed to be approved securities
  10. 10Act to have overriding effect
  11. 11Application of other laws not barred
  12. 12Amendment to certain enactments
  13. 13Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank
  14. 14Power to remove difficulties
  15. 15Repeal and saving of Act 18 of 1964