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Legal Library
THE NATIONAL HOUSING BANK ACT, 1987
All Acts
THE NATIONAL HOUSING BANK ACT, 1987
ACT NO. 53 OF 1987 · Enacted [23rd December, 1987.] · 99 sections
PRELIMINARY
Section 1.
Short title, extent and commencement.
Section 2.
Definitions.
ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF
Section 3.
Establishment and incorporation of National Housing Bank.
Section 4.
Capital.
MANAGEMENT OF THE NATIONAL HOUSING BANK
Section 5.
Management.
Section 6.
Board of Directors.
Section 7.
Term of office of Chairman, Managing Director and other directors, service conditions, etc.
Section 8.
Disqualifications.
Section 9.
Vacation and resignation of office by directors.
Section 10.
Casual vacancy in the office of Chairman or Managing Director.
Section 11.
Meetings of Board.
Section 12.
Executive Committeeand other committees.
Section 13.
Director of Board or member of committee thereof not to participate in meetings in certain cases.
BUSINESS OF THE NATIONAL HOUSING BANK
Section 14.
Business of the National Housing Bank.
Section 15.
Borrowings and acceptance of deposits by National Housing Bank.
Section 16.
Loans in foreign currency.
Section 16A.
Assistance to borrower when to operate or a charge in the property offered as security.
Section 16B.
Amount and security to be held in trust.
Section 17.
Power to transfer rights.
Section 18.
Power to acquire rights.
Section 18A.
Exemption from registration.
Section 19.
Power to impose conditions for accommodation.
Section 20.
Power to call for repayment before agreed period.
Section 21.
National Housing Bank to have access to records.
Section 22.
Validity of loan or advance not to be questioned.
Section 23.
National Housing Bank not to make loans or advances against its own bonds or debentures.
Section 24.
Power to inspect.
Section 25.
Power to collect credit information.
Section 26.
Power to publish information.
Section 27.
Advisory services.
PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS
Section 28.
Definition of deposit.
Section 29.
Chapter not to apply in certain cases.
Section 29A.
Requirement of registration and net owned fund.
Section 29B.
Maintenance of percentage of assets.
Section 29C.
Reserve fund.
Section 30.
Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
Section 30A.
Power of Reserve Bank to determine policy and issue directions.
Section 31.
Power of National Housing Bank to collect information from housing finance institutions as to deposits.
Section 32.
Duty of housing finance institutions to furnish statements, etc., under this Chapter.
Section 33.
Powers and duties of auditors.
Section 33A.
Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
Section 33B.
Power of National Housing Bank to file winding up petition.
Section 34.
Inspection.
Section 35.
Deposits not to be solicited by unauthorised persons.
Section 35A.
Disclosure of information.
Section 35B.
Power of Reserve Bank to exempt housing finance institution.
Section 36.
Chapter V to override other laws.
Section 36A.
Power to order repayment of deposit.
Section 36B.
Nomination by depositors.
OTHERPROVISIONSRELATINGTO HOUSING FINANCE INSTITUTIONS
Section 36-I.
Establishment of Appellate Tribunal.
Section 36-O.
Filling up of vacancies.
Section 36C.
Definitions.
Section 36D.
Appointment of recovery officer.
Section 36E.
Application to the recovery officer.
Section 36F.
Procedure in respect of application under section 36E.
Section 36G.
Enforcement of order of recovery officer.
Section 36H.
Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of property.
Section 36J.
Composition of Appellate Tribunal.
Section 36K.
Qualification for appointment as Presiding Officer of Appellate Tribunal.
Section 36L.
Term of office.
Section 36M.
Staff of Appellate Tribunal.
Section 36N.
Salaries and allowances and other terms and conditions of service of Presiding Officers.
Section 36P.
Resignation and removal.
Section 36Q.
Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings.
Section 36R.
Jurisdiction, powers and authority of Appellate Tribunal.
Section 36S.
Appeal to the Appellate Tribunal.
Section 36T.
Deposit of amount due, on filing appeal.
Section 36U.
Procedure and powers of recovery officer and Appellate Tribunal.
Section 36V.
Limitation.
Section 36W.
Presiding Officer, recovery officer, other officers and employees to be public servant.
Section 36X.
Protection of action taken in good faith.
Section 36Y.
Bar of jurisdiction.
Section 36Z.
Transitional provisions.
FUNDS, ACCOUNTS AND AUDIT
Section 37.
General Fund and other funds.
Section 38.
Preparation of balance sheet, etc., of National Housing Bank.
Section 39.
Disposal of surplus.
Section 40.
Audit.
Section 41.
Returns.
Section 42.
Annual report on housing.
MISCELLANEOUS
Section 43.
Staff of National Housing Bank.
Section 43A.
Delegation of powers.
Section 44.
Obligation as to fidelity and secrecy.
Section 45.
Defects in appointment not to invalidate acts, etc.
Section 45A.
Arrangement with National Housing Bank on appointment of directors to prevail.
Section 46.
Protection of action taken under the Act.
Section 47.
Indemnity of directors.
Section 47A.
Nomination in respect of deposits, bonds, etc.
Section 48.
[Omitted.]
Section 49.
Penalties.
Section 50.
Offences by companies.
Section 51.
Cognizance of offences.
Section 52.
Application of fine.
Section 52A.
Power of National Housing Bank and Reserve Bank to impose fine.
Section 53.
Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National HousingBank.
Section 54.
Liquidation of National Housing Bank.
Section 54A.
Power to make rules.
Section 55.
Power of the Board to make regulations.
Section 56.
[Repealed.]
Section 57.
Power to remove difficulties.