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Bar News Acts League

The National Housing Bank Act, 1987

Act ID: 1987

The National Housing Bank Act, 1987

"An Act to establish the National Housing Bank to operate as a principal agency to promote housing finance institutions."

Table of Contents

98 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions.

Ch. 2

ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF

S.3Establishment and incorporation of National Housing Bank.S.4Capital.

Ch. 3

MANAGEMENT OF THE NATIONAL HOUSING BANK

S.5Management.S.6Board of Directors.S.7Term of office of Chairman, Managing Director and other directors, service conditions, etc.S.8Disqualifications.S.9Vacation and resignation of office by directors.S.10Casual vacancy in the office of Chairman or Managing Director.S.11Meetings of Board.S.12Executive Committee and other committees.S.13Director of Board or member of committee thereof not to participate in meetings in certain cases.

Ch. 4

BUSINESS OF THE NATIONAL HOUSING BANK

S.14Business of the National Housing Bank.S.15Borrowings and acceptance of deposits by National Housing Bank.S.16Loans in foreign currency.S.16AAssistance to borrower when to operate or a charge in the property offered as security.S.16BAmount and security to be held in trust.S.17Power to transfer rights.S.18Power to acquire rights.S.18AExemption from registration.S.18BRecovery of dues as arrears of land revenue.S.19Power to impose conditions for accommodation.S.20Power to call for repayment before agreed period.S.21National Housing Bank to have access to records.S.22Validity of loan or advance not to be questioned.S.23National Housing Bank not to make loans or advances against its own bonds or debentures.S.24Power to inspect.S.25Power to collect credit information.S.26Power to publish information.S.27Advisory services.

Ch. 5

PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS RECEIVING DEPOSITS

S.28Definition of deposit.S.29Chapter not to apply in certain cases.S.29ARequirement of registration and net owned fund.S.29BMaintenance of percentage of assets.S.29CReserve fund.S.30Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money S.30APower of Reserve Bank to determine policy and issue directions.S.31Power of National Housing Bank to collect information from housing finance institutions as to deposits.S.32Duty of housing finance institutions to furnish statements, etc., under this Chapter S.33Powers and duties of auditors.S.33APower of Reserve Bank to prohibit acceptance of deposit and alienation of assets.S.33BPower of National Housing Bank to file winding up petition.S.34Inspection.S.35Deposits not to be solicited by unauthorised persons.S.35ADisclosure of information.S.35BPower of Reserve Bank to exempt housing finance institution S.36Chapter V to override other laws.S.36APower to order repayment of deposit.S.36BNomination by depositors.

Ch. 6

OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS

S.36CDefinitions.S.36DAppointment of recovery officer.S.36EApplication to the recovery officer.S.36FProcedure in respect of application under section 36E.S.36GEnforcement of order of recovery officer.S.36HChief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of property S.36JComposition of Appellate Tribunal.S.36KQualifications for appointment as Presiding Officer of Appellate Tribunal.S.36LTerm of office.S.36MStaff of Appellate Tribunal.S.36NSalaries and allowances and other terms and conditions of service of Presiding Officers.S.36PResignation and removal.S.36QOrders constituting Appellate Tribunal to be final and not to invalidate its proceedings.S.36RJurisdiction, powers and authority of Appellate Tribunal.S.36SAppeal to the Appellate Tribunal.S.36TDeposit of amount due, on filing appeal.S.36UProcedure and powers of recovery officer and Appellate Tribunal.S.36VLimitation.S.36WPresiding Officer, recovery officer, other officers and employees to be public servant.S.36XProtection of action taken in good faith.S.36YBar of jurisdiction.S.36ZTransitional provisions.

Ch. 7

FUNDS, ACCOUNTS AND AUDIT

S.37General Fund and other funds.S.38Preparation of balance sheet, etc., of National Housing Bank.S.39Disposal of surplus.S.40Audit.S.41Returns.S.42Annual report on housing.

Ch. 8

MISCELLANEOUS

S.43Staff of National Housing Bank.S.43ADelegation of powers.S.44Obligation as to fidelity and secrecy.S.45Defects in appointment not to invalidate acts, etc.S.45AArrangement with National Housing Bank on appointment of directors to prevail.S.46Protection of action taken under the Act.S.47Indemnity of directors.S.47ANomination in respect of deposits, bonds, etc.S.48Explanation from tax on income.S.49Penalties.S.50Offences by companies.S.51Cognizance of offences.S.52Application of fine.S.52APower of National Housing Bank and Reserve Bank to impose penalty.S.53Bankers? Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank.S.54Liquidation of National Housing Bank.S.54APower to make rules.S.55Power of the Board to make regulations.S.56Amendment of certain enactments.S.57Power to remove difficulties.