2Definitions

In this Act, unless the context otherwise requires,--

(a) "appointed day" means the 11th day of June, 1981;

(b) "bank" means a banking company within the meaning of the Banking Regulation Act, 1949 (10 of 1949);

(c) "Commissioner" means the Commissioner of Payments appointed under section 6;

(d) "Company" means British India Corporation Limited,being a company within the meaning of the Companies Act, 1956 (1 of 1956), and having its registered office at Sutherland House, Kanpur, in the State of Uttar Pradesh;

(e) "notification" means a notification published in the Official Gazette;

(f) "share" means a share, whether ordinary or preference, in the capital of the Company, and includes a share pledged by any shareholder with any bank or other creditor, but does not include any share in the capital of the Company held by--

(i) the Central Government;

(ii) any State Government;

(iii) the State Bank of India, established under section 3 of the State Bank of India Act,1955 (23 of 1955), and its subsidiary banks;

(iv) the Life Insurance Corporation of India, established under section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);

(v) the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);

(vi) any corresponding new bank, within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

(vii) any corresponding new bank, within the meaning of the Banking Companies (Acquisition and Transfer of Undertakings) Act,1980 (40 of 1980);

(viii) any general insurance company nationalised by the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972);

(g) "shareholder" means,--

(i) a person who, immediately before the appointed day, was registered by the Company as the holder of any share and includes his legal representative; or

(ii) a person who, before the appointed day, had lodged with the Company a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956 (1 of 1956), and executed in accordance with the provisions of that section; or

(iii) a person who claims under a proper instrument of transfer of any share in the form prescribed under section 108 of the Companies Act, 1956 (1 of 1956), and delivers such instrument to the Commissioner, duly executed, on or before such date as the Central Government may, by notification, specify in this behalf;

(h) "specified date" means such date as the Central Government may, for the purpose of any provision of this Act, by notification, specify and different dates may be specified for different provisions of this Act;

(i) words and expressions used herein and not defined but defined in the Companies Act,1956 (1 of 1956), have the meanings respectively assigned to them in that Act.