Act 53 of 1987

The National Housing Bank Act, 1987

An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 1987-12-23
  • 100 sections
SectionTitle
1 Short title, extent and commencement.Read
2 Definitions.Read
3 Establishment and incorporation of National Housing Bank.Read
4 Capital.Read
5 Management.Read
6 Board of Directors.Read
7 Term of office of Chairman, Managing Director and other directors, service conditions, etc. Read
8 Disqualifications.Read
9 Vacation and resignation of office by directors.Read
10 Casual vacancy in the office of Chairman or Managing Director.Read
11 Meetings of Board.Read
12 Executive Committee and other committees.Read
13 Director of Board or member of committee thereof not to participate in meetings in certain cases.Read
14 Business of the National Housing Bank.Read
15 Borrowings and acceptance of deposits by National Housing Bank.Read
16 Loans in foreign currency.Read
16A Assistance to borrower when to operate or a charge in the property offered as security.Read
16B Amount and security to be held in trust.Read
17 Power to transfer rights.Read
18 Power to acquire rights.Read
18A Exemption from registration.Read
18B Recovery of dues as arrears of land revenue.Read
19 Power to impose conditions for accommodation.Read
20 Power to call for repayment before agreed period.Read
21 National Housing Bank to have access to records.Read
22 Validity of loan or advance not to be questioned.Read
23 National Housing Bank not to make loans or advances against its own bonds or debentures.Read
24 Power to inspect.Read
25 Power to collect credit information.Read
26 Power to publish information.Read
27 Advisory services.Read
28 Definition of deposit.Read
29 Chapter not to apply in certain cases.Read
29A Requirement of registration and net owned fund.Read
29B Maintenance of percentage of assets.Read
29C Reserve fund.Read
30 Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of moneyRead
30A Power of Reserve Bank to determine policy and issue directions.Read
31 Power of National Housing Bank to collect information from housing finance institutions as to deposits.Read
32 Duty of housing finance institutions to furnish statements, etc., under this ChapterRead
33 Powers and duties of auditors.Read
33A Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.Read
33B Power of National Housing Bank to file winding up petition.Read
34 Inspection.Read
35 Deposits not to be solicited by unauthorised persons.Read
35A Disclosure of information.Read
35B Power of Reserve Bank to exempt housing finance institutionRead
36 Chapter V to override other laws.Read
36A Power to order repayment of deposit.Read
36B Nomination by depositors.Read
36C Definitions.Read
36D Appointment of recovery officer.Read
36E Application to the recovery officer.Read
36F Procedure in respect of application under section 36E.Read
36G Enforcement of order of recovery officer.Read
36H Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of propertyRead
36-I Establishment of Appellate Tribunal.Read
36J Composition of Appellate Tribunal.Read
36K Qualifications for appointment as Presiding Officer of Appellate Tribunal.Read
36L Term of office.Read
36M Staff of Appellate Tribunal.Read
36N Salaries and allowances and other terms and conditions of service of Presiding Officers.Read
36-O Filling up of vacancies. Read
36P Resignation and removal.Read
36Q Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings.Read
36R Jurisdiction, powers and authority of Appellate Tribunal.Read
36S Appeal to the Appellate Tribunal.Read
36T Deposit of amount due, on filing appeal.Read
36U Procedure and powers of recovery officer and Appellate Tribunal.Read
36V Limitation.Read
36W Presiding Officer, recovery officer, other officers and employees to be public servant.Read
36X Protection of action taken in good faith.Read
36Y Bar of jurisdiction.Read
36Z Transitional provisions.Read
37 General Fund and other funds.Read
38 Preparation of balance sheet, etc., of National Housing Bank.Read
39 Disposal of surplus.Read
40 Audit.Read
41 Returns.Read
42 Annual report on housing.Read
43 Staff of National Housing Bank.Read
43A Delegation of powers.Read
44 Obligation as to fidelity and secrecy.Read
45 Defects in appointment not to invalidate acts, etc.Read
45A Arrangement with National Housing Bank on appointment of directors to prevail.Read
46 Protection of action taken under the Act.Read
47 Indemnity of directors.Read
47A Nomination in respect of deposits, bonds, etc.Read
48 Explanation from tax on income.Read
49 Penalties.Read
50 Offences by companies.Read
51 Cognizance of offences.Read
52 Application of fine.Read
52A Power of National Housing Bank and Reserve Bank to impose fineRead
53 Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank.Read
54 Liquidation of National Housing Bank.Read
54A Power to make rules.Read
55 Power of the Board to make regulations.Read
56 Amendment of certain enactments.Read
57 Power to remove difficulties.Read
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