| Contents |
| Title |
The National Housing Bank Act, 1987 |
| Sections |
Chaptericulars |
| Chapter I |
Preliminary |
| 1. |
Short title, extent and commencement |
| 2. |
Definitions |
| Chapter II |
Establishment of The National Housing Bank and Capital Thereof |
| 3. |
Establishment and incorporation of National Housing Bank |
| 4. |
Capital |
| Chapter III |
Management of The National Housing Bank |
| 5. |
Management |
| 6. |
Board of Directors |
| 7. |
Term of office of Chairman, Managing Director and other directors, service conditions,etc |
| 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 |
| 13. |
Director of Board or member of committee thereof not to participate in meetings in certain cases |
| Chapter IV |
Business of The National Housing Bank |
| 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 |
| Chapter V |
Provisions Relating to Housing finance Institutions Receiving Deposits |
| 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 |
| 30. |
National Housing Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money |
| 30A. |
Power of National Housing Bank to determine policy and issue directions |
| 31. |
Power of National Housing Bank to collect information from housing finance institutions as to deposits and to give directions |
| 32. |
Duty of housing finance institutions to furnish statements, etc., required by National Housing Bank |
| 33. |
Powers and duties of auditors |
| 33A. |
Power of National Housing 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 National Housing Bank to exempt any housing finance institution |
| 36. |
Chapter V to override other laws |
| 36A. |
Power to order repayment of deposit |
| 36B. |
Nomination by depositors |
| Chapter VA |
Other Provisions Relating to Housing finance Institutions |
| 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 |
| 36H. |
Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of property |
| 36I. |
Establishment of Appellate Tribunal |
| 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 |
| 36O. |
Filling up of vacancies |
| 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 |
| 36V. |
Limitation |
| 36W. |
Presiding Officer, recovery officer, other officers and employees to be public servant |
| 36X. |
Protection of action taken in good faith |
| 36Y. |
Bar of jurisdiction |
| 36Z. |
Transitional provisions |
| Chapter VI |
Funds, Accounts and Audit |
| 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 |
| Chapter VII |
Miscellaneous |
| 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 |
| 48. |
Explanation from tax on income |
| 49. |
Penalties |
| 50. |
Offences by companies |
| 51. |
Cognizance of offences |
| 52. |
Application of fine |
| 52A. |
Power of National Housing 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 |
| 56. |
[Repealed.] |
| 57. |
Power to remove difficulties |
| The Schedules |
|
| Schedule I |
Declaration of Fidelity and Secrecy |
| Schedule II |
Repealed |
| Schedule III |
Declaration Referred to in Section16A of The National Housing Bank Act, 1987 |
