Lawgist35Deposits not to be solicited by unauthorised persons
-- No person shall solicit on behalf of any 1[housing finance institution] either by publishing or causing to be published any prospectus or advertisement or in any other manner deposits of money from the public unless--
(a) he has been authorised in writing by the said housing finance institution to do so and specifies the name of the institution which has so authorised him; and
(b) the prospectus or advertisement complies with any order made by the 1[National Housing Bank] under section 30 and with any other provision of law for the time being in force applicable to the publication of such prospectus or advertisement.
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1. Subs. by s. 165, ibid., for "housing finance institution" (w.e.f. 09-08-2019).
2. Subs. by s. 165, ibid., for "National Housing Bank" (w.e.f. 09-08-2019).
- 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
