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| Home > Indian Bare Acts > THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984 > CHAPTER II ESTABLISHMENT OF THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA |
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| THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984 |
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Title : THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984
Year : 1984
Act :
CHAPTER II
ESTABLISHMENT OF THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA
3.Establishment of the Reconstruction Bank.
3. Establishment of the Reconstruction Bank.-(1) With effect from such date 1* 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
Reconstruction Bank of India.
(2) The Reconstruction 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 and be sued.
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1. 20-3-1985: Vide Notifn. No. S.O. 197 (E), dt. 18-3-1985.554.(3) The head office of the Reconstruction Bank shall be at
Calcutta, and the Reconstruction Bank may establish offices, branches or agencies at any other place, whether in, or outside, India.
4.Authorised capital.
4. Authorised capital.- (1) The authorised capital of the
Reconstruction Bank shall be rupees two hundred crores.
(2) The initial paid-up capital of the Reconstruction Bank shall be rupees fifty crores which shall be obtained,--
(a) by the appropriation, out of the assets of the
Corporation which stand transferred to the Reconstruction Bank by virtue of the provisions of section 5, of a sum of rupees twenty crores, being an amount equal to the amount paid-up on the shares of the Corporation;
(b) by the conversion, to the extent of rupees twenty crores, of the loans granted by the Central Government to the
Corporation, into the capital of the Reconstruction Bank; and
(c) by the subscription, by the Central Government, to the paid-up capital of the Reconstruction Bank, of a sum of rupees ten crores.
(3) The Reconstruction Bank may increase its paid-up capital by making further issue of shares of such amount as it may think expedient, but in doing so, the Reconstruction Bank shall ensure that its total capital does not, in any case, exceed its authorised capital.
(4) The entire paid-up capital of the Reconstruction Bank shall be wholly subscribed by, and allotted to, the Central Government.
CHAP
ACQUISITION AND TRANSFER OF THE UNDERTAKING OF THE
INDUSTRIALRECONSTRUCTION CORPORATION OF INDIA LIMITED
Last updated on February, 2008
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