Section 14 in The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002

Title: Exemption from stamp duty

Description: Notwithstanding anything contained in the Indian Stamp Act, 1899 (2 of 1899), the transfer and vesting of the undertaking and the specified undertaking in terms of section 4 shall not be liable to the payment of any stamp duty under that Act.

Title: Guarantee to be operative

Description: Any guarantee given for or in favour of the Trust with respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the specified undertaking managed by the Administrator.

Title: Protection of action taken in good faith

Description: No suit or other legal proceedings shall lie against the Central Government or the Administrator, Board of Advisers or any of the officers or other employees of the Central Government for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act.

Title: Shares, bonds, debentures and units to be deemed to be approved securities

Description: Notwithstanding anything contained in any other law for the time being in force, the shares, bonds, debentures and units of the specified undertaking shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938) ¹***. 1. The words and figures "and the Banking Regulation Act, 1949 (10 of 1949)" omitted by Act 4 of 2013, the Schedule and s. 17

Title: Substitution in every Act, rule, regulation or notification by specified company or Administrator in place of Trust

Description: In every Act, rule, regulation or notification in force on the appointed day, for the words "Unit Trust of India", wherever they occur, the words, brackets and figures "specified company referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 or "Administrator of the specified undertaking of the Unit Trust of India referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002", as the case may be, shall be substituted.