Section 22
Validity of loan or advance not to be questioned.
The National Housing Bank Act, 1987
About this Act
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.
Notwithstanding anything to the
contrary contained in any other law for the time being in force, the validity of any loan or advance
made by the National Housing Bank in pursuance of the provisions of this Act shall not be called in
question merely on the ground of non-compliance with the requirements of such other law or of any
resolution, contract, or any instrument regulating the constitution of the borrowing 1[institution]:
Provided that nothing in this section shall enable any company or co-operative society to obtain any loan or advance where the instrument relating to the constitution of such company or co-operative society does not empower such company or co-operative society so to do.
Provided that nothing in this section shall enable any company or co-operative society to obtain any loan or advance where the instrument relating to the constitution of such company or co-operative society does not empower such company or co-operative society so to do.
Notes
1. Subs. by Act 15 of 2000, s. 12, for "housing finance institution" (w.e.f. 12-6-2000).