Section 36A:
Power to order repayment of deposit.
1[36A. Power to order repayment of deposit.--(1) Every deposit accepted by a housing finance
institution which is a company unless renewed, shall be repaid in accordance with the terms and
conditions of such deposit.
(2) Where a housing finance institution which is a company has failed to repay any deposit or part
thereof in accordance with the terms and conditions of such deposit, such officer of the National
Housing Bank, as may be authorised by the Central Government for the purpose of this section
(hereinafter referred to as the "authorised officer") may, if he is satisfied, either on his own motion or
on any application of the depositor, that it is necessary so to do to safeguard the interests of the
housing finance institution, the depositors or in the public interest, direct, by order, such housing
finance institution to make repayment of such deposit or part thereof forthwith or within such time
and subject to such conditions as may be specified in the order:
Provided that the authorised officer may, before making any order under this sub-section, give a
reasonable opportunity of being heard to the housing finance institution and the other persons
interested in the matter.]
Notes:
1. Ins. by Act 15 of 2000, s. 19 (w.e.f. 12-6-2000).