Section 3
Establishment and incorporation of National Housing Bank.
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.
(1) With effect from such date
as the Central Government may, by notification, appoint, there shall be established for the purposes of
this Act, a bank to be known as the National Housing Bank.
(2) The National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued.
(3) The head office of the National Housing Bank shall be at 1[New Delhi or at such other place as the Central Government] may, by notification, specify.
(4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of 2[the Central Government], at any place outside India.
(2) The National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued.
(3) The head office of the National Housing Bank shall be at 1[New Delhi or at such other place as the Central Government] may, by notification, specify.
(4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of 2[the Central Government], at any place outside India.
Notes
1. Subs. by Act 13 of 2018, s. 163, for “Bombay or at such other place as the Reserve Bank” (w.e.f. 1-6-2018).
2. Subs. by s. 163, ibid., for “the Reserve Bank” (w.e.f. 1-6-2018).
2. Subs. by s. 163, ibid., for “the Reserve Bank” (w.e.f. 1-6-2018).