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2. Definitions.

In this Act, unless the context otherwise requires,

(a) "Administrator" means a person or a body of persons appointed as Administrator under section 7;

(b) "appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under section 4;

(c) "bank" shall have the meaning assigned to it in clause (d) of section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);

(d) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);

(e) "financial institution" shall have the meaning assigned to it in clause (h) of section 2of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);

(f) "Life Insurance Corporation of India" means the Life Insurance Corporation of India established under sub-section (1) of section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);

(g) "Schedule" means Schedules I and II to this Act;

(h) "specified company" means a company to be formed and registered under the Companies Act, 1956 (1 of 1956) and whose entire capital is subscribed by such financial institutions or banks as may be specified by the Central Government, by notification in the Official Gazette, for the purpose of transfer and vesting of the undertaking;

(i) "specified undertaking" includes all business, assets, liabilities and properties of the Trust representing and relatable to the schemes and Development Reserve Fund specified in the Schedule I;

(j) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

(k) "Trust" means the Unit Trust of India established under sub-section (1) of section 3 of the Unit Trust of India Act, 1963 (52 of 1963);

(l) "undertaking" includes all business, assets, liabilities and properties of the Trust representing and relatable to the schemes and plans specified in the Schedule II;

(m) "unit" means a unit issued under a unit scheme made under section 21 of the Unit Trust of India Act, 1963 (52 of 1963).



Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 Back




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