Indian Bare Acts

THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003

Title : THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003

Year : 2003

ACT 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
 



(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.
 


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).

Last updated on September, 2016

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