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 35: Deposits not to be solicited by unauthorised persons.
    -- No person shall solicit on behalf of any 1[housing finance institution] either by publishing or causing to be published any prospectus or advertisement or in any other manner deposits of money from the public unless--
         (a) he has been authorised in writing by the said housing finance institution to do so and specifies the name of the institution which has so authorised him; and
         (b) the prospectus or advertisement complies with any order made by the 1[National Housing Bank] under section 30 and with any other provision of law for the time being in force applicable to the publication of such prospectus or advertisement.
    
Notes:
1. Subs. by s. 165, ibid., for "housing finance institution" (w.e.f. 09-08-2019).
2. Subs. by s. 165, ibid., for "National Housing Bank" (w.e.f. 09-08-2019).

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