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Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964
Year : 1964
Act :
CHAPTER VIII
MISCELLANEOUS
26.Staff of Development Bank.
26. Staff of Development Bank.- (1) The Development Bank may appoint such number of officers and employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service.
(2) Without prejudice to the provisions of sub-section (1), it shall be lawful for the Development Bank to utilise, and for the
Reserve Bank to make available the services of, such staff of the
Reserve Bank on such terms and conditions as may be agreed upon between the Development Bank and the Reserve Bank.
1*[(3) Every member of the staff--
(a) whose services are being, immediately before the appointed day, utilised by the Development Bank under sub-section (2), or
(b) whose services, having been made available to the
Development Bank, stand immediately before the appointed day, deputed by that Bank to any other organisation,
shall, on and from the appointed day, be deemed to be appointed by the
Development Bank under sub-section (1) on the same salary, emoluments and other terms and conditions of service to which he was entitled immediately before the appointed day:
Provided that every member of the staff aforesaid other than those recruited specifically for utilisation in the Development Bank, may, before the expiry of a period of eighteen months from the appointed day, elect to go back to the Reserve Bank by exercising an
----------------------------------------------------------------------
1. Ins. by Act 52 of 1975, s. 16 (w.e.f. 16-2-1976).
251.option in writing to that effect, the option once exercised being final, and on the exercise of such option, the Reserve Bank shall, before the expiration of a period of thirty months from the appointed day, take back such member of the staff and on such member being taken back by the Reserve Bank, he shall become a member of the staff of the
Reserve Bank and shall cease to be a member of the staff of the
Development Bank.
(4) If on the appointed day or at any time thereafter any of the functions of the Reserve Bank is transferred to the Development Bank, it shall be lawful for the Development Bank to appoint, with the previous approval of the Reserve Bank. such of the members of the staff of the Reserve Bank whose services were, immediately before the transfer aforesaid, being utilised by the Reserve Bank in connection with any of the said functions, and every member of the staff so appointed shall be released by the Reserve Bank and be deemed to be appointed by the Development Bank under sub-section (1) on the same salary, emoluments and other terms and conditions of service to which he was entitled immediately before the date of his appointment:
Provided that every member of the staff aforesaid may, before the expiry of a period of eighteen months from the appointed day, elect to go back to the Reserve Bank by exercising an option in writing to that effect, the option once exercised being final and on the exercise of such option, the Reserve Bank shall, before the expiration of a period of thirty months from the appointed day, take back such member of the staff and on such member being taken back by the Reserve Bank he shall become a member of the staff of the Reserve Bank and shall cease to be a member of the staff of the Development Bank.
(5) Notwithstanding anything contained elsewhere in this Act or in any other law or in any contract, for the time being in force, for a temporary period, not being a period exceeding eighteen months from the appointed day or the date notified under section 4A of the Unit
Trust of India Act, 1963 ( 52 of 1963). whichever is earlier, if the
Reserve Bank in consultation with the Development Bank or the Unit
Trust considers it necessary, in the interest of any of the said institutions to promote any member of the staff of any of the said institutions to a post in either of the other two institutions, it shall be lawful, for the Reserve Bank to transfer on promotion any such member of staff to that other institution and on such transfer each
252.such member of the staff shall be deemed to be a member of the staff of the other institution to which he is so transferred and shall be entitled to the same salary, emoluments and other conditions of service to which he was entitled immediately before the date of such transfer, including benefits, if any, arising directly out of such promotion:
Provided that every member of the staff aforesaid may, before the expiry of a period of eighteen months from the appointed day or the date notified under section 4A of the Unit Trust of India Act, 1963.(52 of 1963), whichever is earlier, elect to go back to the institution from which he was so transferred by exercising an option in writing to that effect, the option once exercised being final, and on the exercise of such option, that institution shall, before the expiration of a period of thirty months from the appointed day or the date notified under section 4A of the Unit Trust of India Act, 1963, whichever is earlier, take back such member of the staff and on such member being taken back by that institution, he shall become a member of its staff and shall cease to be a member of the staff of the institution to which he was earlier transferred.
(6) Notwithstanding anything contained in any other law or in any agreement, for the time being in force, no member of the staff shall be entitled to claim any compensation for, or in relation to any matter concerning, his transfer, appointment, or as the case may be, return, under sub-sections (3) to (5) and no claim in respect thereof shall be entertained by any court, tribunal or other authority.]
27.Delegation of powers.
27. Delegation of powers.- The Board may be general or special order, delegate to any committee of directors constituted under section 7 or to any director or to any officer or other employee of the Development Bank, subject to such conditions and limitations, if any, as may be specified in the order, such of its powers and duties under this Act as it may deem necessary.
28.Returns.
28. Returns.- The Development Bank shall furnish, from time to time, to the Central Government and the Reserve Bank such returns as the Central Government or, as the case may be, the Reserve Bank, may require.
29.Obligation as to fidelity and secrecy.
29. Obligation as to fidelity and secrecy.- (1) The Development
Bank shall not, except as otherwise required by this Act or any other law, divulge any information relating
253.to, or to the affairs of, its constituents except in circumstances in which it is, in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the Development
Bank to divulge such information.
1*[(1A) The Development Bank may, for the purpose of the efficient discharge of its functions under this Act, collect from or furnish to the Central Government, the State Bank, any subsidiary bank, nationalised bank or other scheduled bank, State Co-operative
Bank, State Financial Corporation or such other financial institution, as may be notified by the Central Government in this behalf, credit information or other information as it may consider useful for the purpose, in such manner and at such times, as it may think fit.
Explanation.--For the purpose of this sub-section, the expression
"credit information" shall have the same meaning as in clause (c) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934), subject to the modification that "banking company" referred to therein shall mean the State Bank, any subsidiary bank, nationalised bank or other scheduled bank, State Co-operative Bank, State Financial
Corporation or other financial institution as aforesaid.]
(2) Every director, member of a committee, auditor or officer or other employee of the Development Bank or of the Reserve Bank, whose services are utilised by the Development Bank under the provisions of this Act, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.
30.
Defects in appointments not to invalidate acts, etc.
30. Defects in appointments not to invalidate acts, etc.-(1) No act or proceeding of the Board or of any committee of the Development
Bank shall be questioned on the ground merely of the existence of any vacancy in, or defect in the constitution of, the Board or the committee, as the case may be.
(2) No act done by any person acting in good faith as a director shall be deemed to be invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.
30A.
Arrangement with Development Bank on appointment of directors toprevail.
2*[30A. Arrangement with Development Bank on appointment of directors to prevail.-(1) Where any arrangement entered into by the
Development Bank with an industrial concern provides for the appointment by the Development Bank of one or more directors of such industrial
----------------------------------------------------------------------
1. Ins. by Act 52 of 1975, s. 17 (w.e.f. 16-2-1976).
2. Ins. by Act 75 of 1972, s. 7.254.concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of
1956) or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the industrial concern, and any provision regarding share qualification, agelimit, number of directorships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the
Development Bank in pursuance of the arrangement as aforesaid.
(2) Any director appointed as aforesaid shall--
(a) hold office during the pleasure of the Development Bank and may be removed or substituted by any person by order in writing of the Development Bank;
(b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;
(c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.]
31.Indemnity of directors,
31. Indemnity of directors, (1) Every director shall be indemnified by the Development Bank against all losses and expenses incurred by him in, or in relation to, the discharge of his duties, except such as are caused by his own wilful act or default.
(2) A director shall not be responsible for any other director or for any officer or other employee of the Development Bank or for any loss or expenses resulting to the Development Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the Development Bank or the insolvency or wrongful act of any debtor or any person under obligation to the Development Bank or anything done in good faith in the execution of the duties of his office or in relation thereto.
32.Protection of action taken under this Act.
32. Protection of action taken under this Act. No suit or other legal proceeding shall lie against the Development Bank or any director or any officer or other employee of the Development Bank or any other person authorised by the Development Bank to discharge any functions under this Act for any loss or damage caused or likely to be caused by anything which is in good
faith done or intended to be done in pursuance of this Act or any other law or provision having the force of law.
32A. (1) Nomination in respect of deposits, bonds, etc. Notwithsta-
nding anything contained in any other law for the time being in force, where a nomination in respect of any deposits, bonds or other securit-
ies is made in the prescribed manner, the amount due on such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title or interest of any other person to such deposits, bonds or securities.
(2) Any payment by the Development Bank in accordance with the provisions of sub-section (1) shall constitute a full discharge to the Development Bank of its liability in respect of such deposits, bonds or securities.
255.33.Act 18 of 1891 to apply in relation to Development Bank.
33. Act 18 of 1891 to apply in relation to Development Bank.- The
Bankers Books Evidence Act, 1891 shall apply in relation to the
Development Bank as if it were a bank as defined in section 2 of that
Act.
34.Act 10 of 1949 not to apply to Development Bank.
2*["34. Act 10 of 1949 not to apply to Development Bank. Nothing contained in the Banking Regulation Act, 1949 except section 34A and section 36AD thereof, shall apply to the Development Bank."]
36.Liquidation of development Bank.
36. Liquidation of development Bank. No provision of law relating to the winding up of companies or corporations shall apply to the
Development Bank and the Development Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.
37.Power to make regulations.
37. Power to make regulations. (1) The Board 3*[", with the previous approval of the Central Government, may, by notification in the Official Gazette,"], make regulations not inconsistent with this
Act to provide for all matters for which provisions is necessary or expedient for the purpose of giving effect to the provisions of this
Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for--
(a) the times and places of the meetings of the Board or of any committee constituted under this Act and the
----------------------------------------------------------------------
1 Subs. by Act 52 of 1975, s. 18, for "Reserve Bank" (w.e.f. 16-2-
1976).
2 Subs. by Act 35 of 1986, s. 11.3 Subs by Act 4 of 1986, s. 2 & sch. (w.e.f. 15-5-1986).
4 Omitted by Act 49 of 1991, s. 124 (w.e.f. 1-4-1992).
256.procedure to be followed at such meetings including the quorum necessary for the transaction of business;
(b) the 1* functions of the Executive Committee;
(c) the fees and allowances that may be paid to the directors and the members of a committee;
(d) the conditions which the Development Bank may impose in granting loans or advances or entering into any other arrangements;
2*[(da) entering into business with industrial concerns specified in sub-section (1) of section 9A and the conditions and limitations in regard thereto;]
(e) the conditions on which the Development Bank may accept, discount or rediscount bills of exchange or promissory notes;
(f) the investment (whether by way of deposit in banks or otherwise) of the amounts in the Development Assistance
Fund or the General Fund which are not for the time being required for the transaction of business;
(g) the form and manner in which the balance-sheets and the accounts of the Development Assistance Fund and the
Development Bank shall be prepared;
(h) the forms of returns and statements required under this
Act;
(i) the duties and conduct, salaries, allowances and conditions of service of officers and other employees of the Development Bank;
(j) the establishment and maintenance of provident or other benefit funds for officers and other employees of the
Development Bank;
(k) generally, the efficient conduct of the affairs of the
Development Bank; and
(l) any other matter which is to be, or may be, prescribed.
(3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Development Bank; and any regulation so
----------------------------------------------------------------------
1 The words "constitution and" omitted by Act 52 of 1975, s. 18.(w.e.f. 16-2-1976).
2 Ins. by Act 75 of 1972, s. 8.257.made may be altered and rescinded by the Board in the exercise of its powers under this Act.
2*["(4) Every regulation made under this Act shall be laid, as soon as may be after it is made, 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 agree in making any modification in the regulation or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation or rule."]
38.Amendment of certain enactments.
38. Amendment of certain enactments. The enactments specified in
Parts I to IV of the Second Schedule to this Act shall be amended in the manner directed in the first column thereof and such amendments shall take effect on the dates specified in the second column of that
Schedule.
39.Power to remove difficulty.
1*[39. Power to remove difficulty. If any difficulty arises in giving effect to the provisions of this Act, as amended by the Public
Financial Initiations Laws (Amendment) Act, 1975, (52 of 1975.) the
Central Government may, by order, do anything, not inconsistent with such provisions, for the purpose of removing the difficulty:
Provided that no such order shall be made after the expiration of three years from the date of commencement of the said Amendment Act.]
SCHE
Amendment of certain enactments
THE SECOND SCHEDULE
(See section 38)
Amendment of certain enactments
[Not printed.]
Last updated on February, 2008
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