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THE INDUSTRIAL RECONSTRUCTION BANK (TRANSFER OF UNDERTAKINGS AND REPEAL) ACT, 1997

Title : THE INDUSTRIAL RECONSTRUCTION BANK (TRANSFER OF UNDERTAKINGS AND REPEAL) ACT, 1997

Year : 1997

CHAPTER IV

AMENDMENT TO THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984.14.Transitional provisions regarding adjustment of capital of theReconstruction Bank.


14. Insertion of new section 4A.

In the Industrial Reconstruction Bank of India Act, 1984 after section 4, the following section shall be inserted, namely:-




"4A. (1) The Central Government may reduce share capital of the
Reconstruction Bank by,-

(a) extinguishing or reducing the liability of any of its equity shares;

(b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid up share capital which is lost, or is unrepresented by available assets; or

(c) either with or without extinguishing or reducing liability on any of its equity shares, paying of any paid up share capital which is in excess of the wants of the Reconstruction Bank.

(2) The Central Government may at any time, by notification in the Official Gazette, convert such number of equity shares held by it, as it may decide into redeemable preference shares.

(3) The redeemable preference shares referred toin sub-section (2)
shall carry such fixed rates of dividend as the Central Government may specify at the time of such conversion.".



15.15. Repeal and saving.

(1) The Industrial Reconstruction Bank (Transfer of Undertakings and
Repeal) Ordinance, 1997 (Ord. 7 of 1989) is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall be deemed to have been done or taken under the corresponding provisions of this Act.

K.L. MOHANPURIA,

Secy. to the Govt. of India.
 

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THE LALIT KALA AKADAMI (TAKING OVER MANAGEMENT)ACT, 1997.ACT NO. 17 OF 1997.[25th March, 1997]


An Act to provide for the taking over of the management of the Lalit
Kala Akadami for a limited period in the public interest and for matters connected therewith or incidental thereto.

WHEREAS the Lalit Kala Akadami was set up as a apex cultural body in the field of visual arts by the Government of India by the Parliament any Resolution passed on the 5th day of August, 1954 to encourage and promote visual arts such as painting, graphics, sculptures, etc.;

AND WHEREAS the Lalit Kala Akadami was registered as a society under the Societies Registration Act, 1860 on the 11th day of March, 1957;

AND WHEREAS the Akadami has full functional autonomy in the field of its activity, even though the Government of India is the sole-funding agency for the organisation;

AND WHEREAS pursuant to the complaints received with regard to the misuse of funds by the Lalit Kala Akadami from several quarters including from the Honble Members of Parliament, a Committee was set up by the Government of India by resolution dated the 24th day of
March, 1988 under the Chairmanship of Shri P.N. Haksar to go into the functioning of National Akadamies including the Lalit Kala Akadami and the said Committee, after a detailed scrutiny of the affairs in the management of the said Akadami, recommended the restructuring of their
General Council Executive Board and the electoral roll, of the artists constituency;

AND WHEREAS, in view of the serious difficulties which have arisen with regard to the management of the Lalit Kala Akadami, it is necessary to take over, for a limited period, the management thereof and it is felt that any delay in taking over the management of the
Lalit Kala Akadami would be highly detrimental to the interests and objective of Akadami;

BE it enacted by Parliament in the Forty-eighth year of Republic of
India as follows:-


CHAP

PRELIMINARY

Last updated on May, 2015

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