LawgistAll Acts
National Housing Bank Act
An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.
| Act Id | 198753 |
| Act Number | 53 |
| Enactment Date | 1987-12-23 |
| Act Year | 1987 |
| Ministry | Ministry of Finance |
| Enforcement Date | 09-07-1988 |
- PRELIMINARY
- ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF
- MANAGEMENT OF THE NATIONAL HOUSING BANK
- 5 Management
- 6 Board of Directors
- 7 Term of office of Chairman, Managing Director and other directors, service conditions, etc
- 8 Disqualifications
- 9 Vacation and resignation of office by directors
- 10 Casual vacancy in the office of Chairman or Managing Director
- 11 Meetings of Board
- 12 Executive Committee and other committees
- 13 Director of Board or member of committee thereof not to participate in meetings in certain cases
- BUSINESS OF THE NATIONAL HOUSING BANK
- 14 Business of the National Housing Bank
- 15 Borrowings and acceptance of deposits by National Housing Bank
- 16 Loans in foreign currency
- 16A Assistance to borrower when to operate or a charge in the property offered as security
- 16B Amount and security to be held in trust
- 17 Power to transfer rights
- 18 Power to acquire rights
- 18A Exemption from registration
- 18B Recovery of dues as arrears of land revenue
- 19 Power to impose conditions for accommodation
- 20 Power to call for repayment before agreed period
- 21 National Housing Bank to have access to records
- 22 Validity of loan or advance not to be questioned
- 23 National Housing Bank not to make loans or advances against its own bonds or debentures
- 24 Power to inspect
- 25 Power to collect credit information
- 26 Power to publish information
- 27 Advisory services
- PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS RECEIVING DEPOSITS
- 28 Definition of deposit
- 29 Chapter not to apply in certain cases
- 29A Requirement of registration and net owned fund
- 29B Maintenance of percentage of assets
- 29C Reserve fund
- 30 Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of mone
- 30A Power of Reserve Bank to determine policy and issue directions
- 31 Power of National Housing Bank to collect information from housing finance institutions as to deposits
- 32 Duty of housing finance institutions to furnish statements, etc., under this Chapte
- 33 Powers and duties of auditors
- 33A Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets
- 33B Power of National Housing Bank to file winding up petition
- 34 Inspection
- 35 Deposits not to be solicited by unauthorised persons
- 35A Disclosure of information
- 35B Power of Reserve Bank to exempt housing finance institutio
- 36 Chapter V to override other laws
- 36A Power to order repayment of deposit
- 36B Nomination by depositors
- OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS
- 36C Definitions
- 36D Appointment of recovery officer
- 36E Application to the recovery officer
- 36F Procedure in respect of application under section 36E
- 36G Enforcement of order of recovery officer
- 36H Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of propert
- 36-I Establishment of Appellate Tribunal
- 36J Composition of Appellate Tribunal
- 36K Qualifications for appointment as Presiding Officer of Appellate Tribunal
- 36L Term of office
- 36M Staff of Appellate Tribunal
- 36N Salaries and allowances and other terms and conditions of service of Presiding Officers
- 36-O Filling up of vacancies
- 36P Resignation and removal
- 36Q Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings
- 36R Jurisdiction, powers and authority of Appellate Tribunal
- 36S Appeal to the Appellate Tribunal
- 36T Deposit of amount due, on filing appeal
- 36U Procedure and powers of recovery officer and Appellate Tribunal
- 36V Limitation
- 36W Presiding Officer, recovery officer, other officers and employees to be public servant
- 36X Protection of action taken in good faith
- 36Y Bar of jurisdiction
- 36Z Transitional provisions
- FUNDS, ACCOUNTS AND AUDIT
- MISCELLANEOUS
- 43 Staff of National Housing Bank
- 43A Delegation of powers
- 44 Obligation as to fidelity and secrecy
- 45 Defects in appointment not to invalidate acts, etc
- 45A Arrangement with National Housing Bank on appointment of directors to prevail
- 46 Protection of action taken under the Act
- 47 Indemnity of directors
- 47A Nomination in respect of deposits, bonds, etc
- 48 Explanation from tax on income
- 49 Penalties
- 50 Offences by companies
- 51 Cognizance of offences
- 52 Application of fine
- 52A Power of National Housing Bank and Reserve Bank to impose fin
- 53 Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank
- 54 Liquidation of National Housing Bank
- 54A Power to make rules
- 55 Power of the Board to make regulations
- 56 Amendment of certain enactments
- 57 Power to remove difficulties
