Section List

53/1987 - The National Housing Bank Act, 1987 ▶

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 Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Establishment and incorporation of National Housing Bank.
4	Capital.
5	Management.
6	Board of Directors.
8	Disqualifications.
9	Vacation and resignation of office by directors.
10	Casual vacancy in the office of Chairman or Managing Director.
11	Meetings of Board.
12	Executive Committee and other committees.
14	Business of the National Housing Bank.
15	Borrowings and acceptance of deposits by National Housing Bank.
16	Loans in foreign currency.
16A	Assistance to borrower when to operate or a charge in the property offered as security.
16B	Amount and security to be held in trust.
17	Power to transfer rights.
18	Power to acquire rights.
18A	Exemption from registration.
18B	Recovery of dues as arrears of land revenue.
19	Power to impose conditions for accommodation.
20	Power to call for repayment before agreed period.
21	National Housing Bank to have access to records.
22	Validity of loan or advance not to be questioned.
23	National Housing Bank not to make loans or advances against its own bonds or debentures.
24	Power to inspect.
25	Power to collect credit information.
26	Power to publish information.
27	Advisory services.
28	Definition of deposit.
29	Chapter not to apply in certain cases.
29A	Requirement of registration and net owned fund.
29B	Maintenance of percentage of assets.
29C	Reserve fund.
30A	Power of Reserve Bank to determine policy and issue directions.
33	Powers and duties of auditors.
33A	Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
33B	Power of National Housing Bank to file winding up petition.
34	Inspection.
35	Deposits not to be solicited by unauthorised persons.
35A	Disclosure of information.
35B	Power of Reserve Bank to exempt housing finance institution
36	Chapter V to override other laws.
36A	Power to order repayment of deposit.
36B	Nomination by depositors.
36C	Definitions.
36D	Appointment of recovery officer.
36E	Application to the recovery officer.
36F	Procedure in respect of application under section 36E.
36G	Enforcement of order of recovery officer.
36J	Composition of Appellate Tribunal.
36K	Qualifications for appointment as Presiding Officer of Appellate Tribunal.
36L	Term of office.
36M	Staff of Appellate Tribunal.
36N	Salaries and allowances and other terms and conditions of service of Presiding Officers.
36P	Resignation and removal.
36Q	Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings.
36R	Jurisdiction, powers and authority of Appellate Tribunal.
36S	Appeal to the Appellate Tribunal.
36T	Deposit of amount due, on filing appeal.
36U	Procedure and powers of recovery officer and Appellate Tribunal.
36X	Protection of action taken in good faith.
36Y	Bar of jurisdiction.
36Z	Transitional provisions.
37	General Fund and other funds.
38	Preparation of balance sheet, etc., of National Housing Bank.
39	Disposal of surplus.
40	Audit.
41	Returns.
42	Annual report on housing.
43	Staff of National Housing Bank.
43A	Delegation of powers.
44	Obligation as to fidelity and secrecy.
45	Defects in appointment not to invalidate acts, etc.
45A	Arrangement with National Housing Bank on appointment of directors to prevail.
46	Protection of action taken under the Act.
47	Indemnity of directors.
47A	Nomination in respect of deposits, bonds, etc.
50	Offences by companies.
51	Cognizance of offences.
52	Application of fine.
52A	Power of National Housing Bank and Reserve Bank to impose fine
53	Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank.
54	Liquidation of National Housing Bank.
54A	Power to make rules.
55	Power of the Board to make regulations.
7	Term of office of Chairman, Managing Director and other directors, service conditions, etc.
13	Director of Board or member of committee thereof not to participate in meetings in certain cases.
30	Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
31	Power of National Housing Bank to collect information from housing finance institutions as to deposits.
32	Duty of housing finance institutions to furnish statements, etc., under this Chapter
36H	Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of property
36-I	Establishment of Appellate Tribunal.
36-O	Filling up of vacancies.
36V	Limitation.
36W	Presiding Officer, recovery officer, other officers and employees to be public servant.
48	Explanation from tax on income.
49	Penalties.
56	Amendment of certain enactments.
57	Power to remove difficulties.