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 52: Application of fine.
    1[1 52. Application of fine.-- A court imposing any fine under this Act may direct that the fine, if realised shall be applied--
         (a) firstly in, or towards payment of, the cost of the proceedings, and
         (b) secondly for repayment of the deposit to the person to whom repayment of the deposit was to be made, and on such payment, the liability of the housing finance institution to make repayment of the deposit shall, to the extent of the amount paid by the Court, stand discharged.]
Notes:
1. Subs. by Act 15 of 2000, s. 26, for section 52 (w.e.f. 12-6-2000).
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