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| Home > Indian Bare Acts > THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 > CHAPTER II ESTABLISHMENT OF THE INDUSTRIAL DEVELOPMENT BANK OF INDIA AND CAPITAL THEREOF |
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| THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 |
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Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964
Year : 1964
Act :
CHAPTER II
ESTABLISHMENT OF THE INDUSTRIAL DEVELOPMENT BANK OF INDIA AND CAPITAL THEREOF
3.Establishment and incorporation of Industrial Development Bank ofIndia.
3. Establishment and incorporation of Industrial Development Bank of India. (1) With effect from such date 3* as the Central Government may, by notification in the Official Gazette, appoint, there shall be established for the purposes of this Act a corporation to be known as the Industrial Development Bank of India.
(2) The Development Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue or be sued.
(3) The head office of the Development Bank shall be at Bombay or at such other place as the 4*[Central Government] may, by notification in the Official Gazette, specify.
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1 Ins. by Act 52 of 1975, s. 3 (w.e.f. 16-2-1976).
2 Subs. by Act 75 of 1972, s. 2, for "Madras".
3 1-7-1964, vide Notification No. G.S.R. 892, dt. 22-6-1964, Gazette of India, Extraordinary, Pt. II, Sec. 3 (i), p. 495.4 Subs. by Act 52 of 1975, s. 4, for "Reserve Bank" (w.e.f. 16-2-
1976).
232.(4) The Development Bank may establish offices, branches or agencies at any 4*xxx place in or outside India.
4.Authorised capital.
1*[4. Authorised capital. The authorrised capital of the
Development bank shall be [one thousand crores of rupees] 5*
Provided that the Central Government may, by notification in the
Official Gazette, increase the said capital up to 5*[two thousand crores of rupees] 3*.
4A.
Transfer of capital to Central Government.
4A. Transfer of capital to Central Government. (1) The issued capital of the Development Bank which has been subscribed by the
Reserve Bank as on the date immediately preceding the commencement of section 5 of the Public Financial Institutions Laws (Amendment) Act,
1975 (52 of 1975.) (hereinafter referred to as the "appointed day"), shall, on such commencement, stand transferred to, and vested in, the
Central Government.
(2) Any further issue of capital made by the Development Bank after the appointed day shall be wholly subscribed by the Central
Government.
4B.
Payment of amount.
4B. Payment of amount. The Reserve Bank shall be given by the
Central Government, in cash, for the transfer to, and vesting in, the
Central Government of the issued capital of the Development Bank which has been subscribed by the Reserve Bank, an amount equal to the face value of the said subscribed capital.]
Last updated on February, 2008
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