Act Number: 53

Act Name: The National Housing Bank Act, 1987

Year: 1987

Enactment Date: 1987-12-23

Long Title: 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: Ministry of Finance

Department: Department of Financial Services

Section 2: Definitions.
    In this Act, unless the context otherwise requires,--
         (a) "Board" means the Board of Directors of the National Housing Bank referred to in section 6;
         (b) "Chairman" means the Chairman of the Board appointed under section 6;
         (c) "director" means a director appointed under section 6;
         (d) "housing finance institution" includes every institution, whether incorporated or not, which primarily transacts or has as 1[one of its principal objects], the transacting of the business of providing finance for housing, whether directly or indirectly;
         (e) "Managing Director" means the Managing Director appointed under section 6;
         (f) "National Housing Bank" means the National Housing Bank established under section 3;
         (g) "notification" means a notification published in the Official Gazette;
         (h) "prescribed" means prescribed by regulations made under this Act;
         (i) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934).
         (j) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act;
         (k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934 (2 of 1934), but defined in the Banking Regulation Act, 1949 (10 of 1949), shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949.
Notes:
1. Subs. by Act 15 of 2000, s. 2, for "its principal object" (w.e.f. 12-6-2000).
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