Lawgist8Exemption from registration of security receipt
Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908),--
(a) any security receipt issued by the 1[asset reconstruction company], as the case may be, under sub-section (1) of section 7, and not creating, declaring, assigning, limiting or extinguishing any right, title or interest, to or in immovable property except in so far as it entitles the holder of the security receipt to an undivided interest afforded by a registered instrument; or
(b) any transfer of security receipts, shall not require compulsory registration.
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1. Subs. by Act 44 of 2016, s. 3, for "securitisation company or reconstruction company" (w.e.f. 1-9-2016).
- 3 Registration of asset reconstruction companies
- 4 Cancellation of certificate of registration
- 5 Acquisition of rights or interest in financial assets
- 5A Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
- 6 Notice to obligor and discharge of obligation of such obligor
- 7 Issue of security by raising of receipts or funds by asset reconstruction company
- 8 Exemption from registration of security receipt
- 9 Measures for assets reconstruction
- 10 Other functions of asset reconstruction company
- 11 Resolution of disputes
- 12 Power of Reserve Bank to determine policy and issue directions
- 12A Power of Reserve Bank to call for statements and information
- 12B Power of Reserve Bank to carry out audit and inspection
