The National Housing Bank Act `1987
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.1987
List of Chapters & Sections
PRELIMINARY
ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF
MANAGEMENT OF THE NATIONAL HOUSING BANK
BUSINESS OF THE NATIONAL HOUSING BANK
PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS RECEIVING DEPOSITS
OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS
FUNDS, ACCOUNTS AND AUDIT
MISCELLANEOUS
PRELIMINARY
ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF
MANAGEMENT OF THE NATIONAL HOUSING BANK
5Management6Board of Directors7Term of office of Chairman, Managing Director and other directors, service conditions, etc8Disqualifications9Vacation and resignation of office by directors10Casual vacancy in the office of Chairman or Managing Director11Meetings of Board12Executive Committee and other committees13Director of Board or member of committee thereof not to participate in meetings in certain casesBUSINESS OF THE NATIONAL HOUSING BANK
14Business of the National Housing Bank15Borrowings and acceptance of deposits by National Housing Bank16Loans in foreign currency16AAssistance to borrower when to operate or a charge in the property offered as security16BAmount and security to be held in trust17Power to transfer rights18Power to acquire rights18AExemption from registration18BRecovery of dues as arrears of land revenue19Power to impose conditions for accommodation20Power to call for repayment before agreed period21National Housing Bank to have access to records22Validity of loan or advance not to be questioned23National Housing Bank not to make loans or advances against its own bonds or debentures24Power to inspect25Power to collect credit information26Power to publish information27Advisory servicesPROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS RECEIVING DEPOSITS
28Definition of deposit29Chapter not to apply in certain cases29ARequirement of registration and net owned fund29BMaintenance of percentage of assets29CReserve fund30Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of mone30APower of Reserve Bank to determine policy and issue directions31Power of National Housing Bank to collect information from housing finance institutions as to deposits32Duty of housing finance institutions to furnish statements, etc., under this Chapte33Powers and duties of auditors33APower of Reserve Bank to prohibit acceptance of deposit and alienation of assets33BPower of National Housing Bank to file winding up petition34Inspection35Deposits not to be solicited by unauthorised persons35ADisclosure of information35BPower of Reserve Bank to exempt housing finance institutio36Chapter V to override other laws36APower to order repayment of deposit36BNomination by depositorsOTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS
36CDefinitions36DAppointment of recovery officer36EApplication to the recovery officer36FProcedure in respect of application under section 36E36GEnforcement of order of recovery officer36HChief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of propert36-IEstablishment of Appellate Tribunal36JComposition of Appellate Tribunal36KQualifications for appointment as Presiding Officer of Appellate Tribunal36LTerm of office36MStaff of Appellate Tribunal36NSalaries and allowances and other terms and conditions of service of Presiding Officers36-OFilling up of vacancies36PResignation and removal36QOrders constituting Appellate Tribunal to be final and not to invalidate its proceedings36RJurisdiction, powers and authority of Appellate Tribunal36SAppeal to the Appellate Tribunal36TDeposit of amount due, on filing appeal36UProcedure and powers of recovery officer and Appellate Tribunal36VLimitation36WPresiding Officer, recovery officer, other officers and employees to be public servant36XProtection of action taken in good faith36YBar of jurisdiction36ZTransitional provisionsFUNDS, ACCOUNTS AND AUDIT
MISCELLANEOUS
43Staff of National Housing Bank43ADelegation of powers44Obligation as to fidelity and secrecy45Defects in appointment not to invalidate acts, etc45AArrangement with National Housing Bank on appointment of directors to prevail46Protection of action taken under the Act47Indemnity of directors47ANomination in respect of deposits, bonds, etc48Explanation from tax on income49Penalties50Offences by companies51Cognizance of offences52Application of fine52APower of National Housing Bank and Reserve Bank to impose fin53Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank54Liquidation of National Housing Bank54APower to make rules55Power of the Board to make regulations56Amendment of certain enactments57Power to remove difficulties