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The National Housing Bank Act, 1987

[Act No. 53 of 1987]

[23rd December, 1987.]

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

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