Section 12 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

Title: Substitution in Act, rules or regulations of company in place of the Reconstruction Bank

Description: 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

Description: (1) On the appointed day, the Industrial Reconstruction Bank of India Act, 1984 shall stand repealed.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of India Act, 1984,-- (a) the Company shall, so far as may be, comply with the provisions of Chapter VII of the Act so repealed for any of the purposes related to the annual accounts and audit of the Reconstruction Bank; (b) the provisions of Chapter VIII of the Act so repealed will continue to be applicable in respect of the arrangements entered into by the Reconstruction Bank with an industrial concern under section 18 thereof up to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.

Title: Repealed

Description: [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).

Title: Repeal and Saving

Description: (1) The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ord. 7 of 1997) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall tie deemed to have been done or taken under the corresponding provisions of this Act.

Title: Short title and commencement

Description: (1) This Act may be called the Lalit Kala Akadami (Taking Over of Management) Act, 1997. (2) It shall be deemed to have come into force on the 24th day of January, 1997.