Section 11
Shares, bonds and debentures to be deemed to be approved securities.
The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
About this Act
An Act to provide for the transfer and vesting of the undertakings of the Industrial Reconstruction Bank of India to and in the Company to be formed and registered as a Company under the Companies Act, 1956, and for matters connected therewith or incidental thereto and also to repeal the Industrial Reconstruction Bank of India Act, 1984.
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) , the Insurance Act, 1938 (4 of 1938) 1***.
Notes
1. The words and figures "and the Banking Regulation Act, 1949(10 of 1949)" shall be omitted by Act 4 of 2013, s. 17 and
the Schedule (w.e.f. 18-1-2013).