Section 10 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
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(1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984 shall stand repealed.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(a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank;
(b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial concern under section 18 thereof up to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.
[Insertion of new section 4A].--Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First schedule (w.e.f. 2-9-2001).