THE INDUSTRIAL RECONSTRUCTION BANK (TRANSFER OF UNDERTAKINGS AND REPEAL) ACT, 1997.ACT NO. 7 OF 1997.[19th March, 1997.]


An Act to provide for the transfer and vesting of the undertakings of the Industrial Reconstruction Bank of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956.and for matters connected therewith or incidental thereto and also to repeal the Industrial Reconstruction Bank of India Act, 1984.BE it enacted by Parliament in the Forty-eighth Year of the Republic of India as follows:-


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PRELIMINARY


CHAPTER I
PRELIMINARY



1.Short title and commencement.


1. Short title and commencement.

(1) This Act may be called the Industrial Reconstruction Bank
(Transfer of Undertakings and Repeal) Act, 1997.(2) It shall be deemed to have come into force on the 24th day of
January, 1997.2.Definitions.


2. Definitions.

In this Act, unless the context otherwise requires,-

(a) "appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under section 3;

(b) "Company" means the Industrial I nvestme nt Bank of India Limited to be formed and registered under the Companies Act, 1956 (1 of 1956)

(c) "Reconstruction Bank" means the Industrial Reconstruction Bank of
India established under sub-section (1) of section 3 of the Industrial
Reconstruction Bank of India Act, 1984 (62 of 1984).


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TRANSFER AND VESTING OF THE UNDERTAKINGS OF RECONSTRUCTION BANK INCOMPANY