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Voluntary Deposits (Immunities and Exemptions) Act, 1991

5. Amendment of Act 53 of 1987.-

In the National Housing Bank Act, 1987,--

a.   in section 14,-- (i) in clause (b), after the words "scheduled banks", the words "or to any authority established by or under any Central, State or Provincial Act and engaged in slum clearance" shall be inserted; (ii) after clause (h), the following clause shall be inserted, namely:-- "(hh) formulating a scheme for the purpose of accepting deposits referred to in clause (a) of section 2 of the Voluntary Deposits (Immunities and Exemptions) Act, 1991 and crediting forty per cent. of the amount of such deposits to a special fund created under section 37;";

b.   in section 15, in sub-section (1), to clause (c), the following proviso shall be added, namely:-- "that nothing contained in this clause shall apply to deposits accepted under the scheme formulated by the Bank in pursuance of clause (hh) of section 14;";

c.   in section 55, in sub-section (5), for the word "regulation"; wherever it occurs, the words "regulation or scheme" shall be substituted.

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