THE INDUSTRIAL DEVELOPMENT BANK (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2003

ACT NO. 53 OF 2003 · Enacted [30th December, 2003.] · 15 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

TRANSFER AND VESTING OF THE UNDERTAKING OF DEVELOPMENT BANK IN COMPANY

Section 3.Undertaking of Development Bank to vest in Company.

Section 4.General effect of transfer and vesting of undertaking.

Section 5.Provisions in respect of officers and other employees of Development Bank.

MISCELLANEOUS

Section 6.Concession, etc., to be deemed to have been granted to Company.

Section 7.Tax exemption or benefit to continue to have effect.

Section 8.Guarantee to be operative.

Section 9.Shares, bonds and debentures to be deemed to be approved securities.

Section 10.Act to have overriding effect.

Section 11.Application of other laws not barred.

Section 12.Amendment to certain enactments.

Section 13.Substitution in Acts, rules, regulations or notifications by Company in place of Development Bank.

Section 14.Power to remove difficulties.

Section 15.Repeal and saving of Act 18 of 1964.