Section 9
Shares, bonds and debentures to be deemed to be approved securities.
The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
About this Act
An Act to provide for the transfer and vesting of the undertaking of the Industrial Development Bank of India to, and in, the Company to be formed and registered as a Company under the Companies Act, 1956 to carry on banking business and for matters connected therewith or incidental thereto and also to repeal the Industrial Development Bank of India Act, 1964.
Notwithstanding
anything contained in any other law for the time being in force, the shares, bonds and debentures of the
Company shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882
(2 of 1882) and the Insurance Act, 1938 (4 of1938).