Section 9 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
Title: Arrangement with Company on appointment of directors to prevail
(1) Where any arrangement entered into by the company with an industrial or other concern provides for the appointment by the company of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956) or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to such concern, and any provision regarding share qualification, age limit, number of directorships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the company in pursuance of the arrangement as aforesaid.
(2) Any director appointed in pursuance of sub-section (7) shall—
(a) hold office during the pleasure of the company and may be removed or substituted by any person by order in writing by the company;
(b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;
(c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.
Title: Act 18 of 1891 to apply to the books of Company
The Company shall be deemed to be a bank for the purposes of the Bankers' Books Evidence Act, 1891.
Title: Shares, bonds and debentures to be deemed to be approved securities
Notwithstanding anything contained in any other law for the time being in force, the shares, bonds and debentures of the Company 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)" shall be omitted by Act 4 of 2013, s. 17 and the Schedule (w.e.f. 17-1-2013).
Title: Substitution in Act, rules or regulations of company in place of the Reconstruction Bank
In every Act, rule or regulation in force on the appointed day,--
(a) for the words "Industrial Reconstruction Bank of India", wherever they occur, the words "Industrial Investment Bank of India Limited" shall be substituted;
(b) for the words "Reconstruction Bank", wherever they occur, the words "Industrial Investment Bank" shall be substituted.
Title: Repeal and saving of Act 62 of 1984
(1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984 shall stand repealed.
(2) Notwithstanding the repeal of the Industrial Reconstruction Bank of India Act, 1984,--
(a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank;
(b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial concern under section 18 thereof up to the appointed day and the Company will be entitled to act upon and enforce the same as fully and effectually as if this Act had not been enacted.