Section 17 in The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002

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.

Title: Power of Central Government to alter Schedules I and II.

Description: (1) The Central Government may, by notification in the Official Gazette, alter Schedules I and II. (2) Every alteration made by the Central Government under sub-section (1) shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the alteration, or both Houses agree that the alteration should not be made, the alteration shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that alteration.

Title: Power of Central Government to make Scheme

Description: (1) The Central Government may, by notification in the Official Gazette, make a Scheme for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, the said Scheme may provide for all or any of the following matters, namely:-- (a) the manner in which the specified undertaking and schemes and assets and investments specified in Schedule I shall be managed; (b) the term of office of the Advisers, the fee and allowances and other conditions of appointment of the Advisers, disqualifications for being an Adviser, filling up of casual vacancy in the office of Adviser, the meetings of Board of Advisers, vacation and resignation of office of the Advisers; (c) the manner of payment of consideration for which the undertaking shall be transferred to the specified company; (d) the assets representing and relatable to the undertaking and the specified undertaking; and (e) such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Act. (3) Every Scheme made under sub-section (1) shall be laid, as soon as may be after it is made before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the Scheme or both Houses agree that the Scheme should not be made, the Scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that Scheme.

Title: Repeal and saving of Act 52 of 1963.

Description: (1) On the appointed day, the Unit Trust of India Act, 1963 (52 of 1963) shall stand repealed and the Board of trustees referred to in section 10 of the said Act (herein after referred to as the repealed Act) shall stand dissolved. (2) On the dissolution of the said Board, the person appointed as the Chairman of the Board and every other person appointed as the trustee and executive trustee and holding office as such immediately before such date shall vacate their respective office. (3) Notwithstanding such repeal, anything done or any action taken or purported to have been done or taken including any rule, regulation, notification, scheme, inspection, order or notice made or issued or any appointment, confirmation or declaration made or any permission, authorisation or exemption granted or any document or instrument executed or any direction given under the Act hereby repealed shall, in so far as it is not inconsistent with the provisions of this Act, be deemed to have been done or taken under the corresponding provisions of this Act. (4) Notwithstanding the repeal of the Unit Trust of India Act, 1963 (52 of 1963), the Administrator shall, so far as may be, comply with the provisions of Chapter VI of the Act so repealed for any of the purposes related to the annual accounts and audit of the Trust.

CHAPTER 5 MISCELLANEOUS