THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF

UNDERTAKING AND REPEAL) ACT, 2003

NO. 53 OF 2003

[30th December, 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.

BE it enacted by Parliament in the Fifty-fourth Year of the Republic of

India as

follows:-

CHAPTER I

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title and commencement.

1. Short title and commencement.-(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.

2.

Definitions.

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).