Lawgist22Validity of loan or advance not to be questioned
Notwithstanding anything to the contrary contained in any other law for the time being in force, the validity of any loan or advance made by the National Housing Bank in pursuance of the provisions of this Act shall not be called in question merely on the ground of non-compliance with the requirements of such other law or of any resolution, contract, or any instrument regulating the constitution of the borrowing 1[institution]:
Provided that nothing in this section shall enable any company or co-operative society to obtain any loan or advance where the instrument relating to the constitution of such company or co-operative society does not empower such company or co-operative society so to do.
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1. Subs. by Act 15 of 2000, s. 12, for "housing finance institution" (w.e.f. 12-6-2000).
- 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
