Section 34 in The National Institute of Fashion Technology Act, 2006
Title: Statutes and Ordinances to be published in the Official Gazette and to be laid before Parliament
(1) Every Statute or Ordinance made under this Act shall be published in the Official Gazette.
(2) Every Statute or Ordinance made under this Act 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 Statute or Ordinance or both Houses agree that the Statute or Ordinance should not be made, the Statute or Ordinance 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 Statute or Ordinance.
(3) The power to make Statutes or Ordinances shall include the power to give retrospective effect from a date not earlier than the date of commencement of this Act to Statutes or Ordinances or any of them but no retrospective effect shall be given to any Statute or Ordinance so as to prejudicially affect the interests of any person to whom such Statutes or Ordinances may be applicable.
Title: Short title, application and commencement
(1) This Act may be called the Government Securities Act, 2006.
(2) This Act applies to Government securities created and issued whether before or after the commencement of this Act by the Central Government or a State Government.
(3) It applies in the first instance to whole of the States, except the State of Jammu and Kashmir, and to all the Union territories and it shall also apply to the State of Jammu and Kashmir which adopts this Act by resolution passed in that behalf under clause (1) of article 252 of the Constitution.
(4) It shall come into force in all the States, except the State of Jammu and Kashmir, and in the Union territories on such date1 as the Central Government may, by notification in the Official Gazette, appoint and in the State of Jammu and Kashmir which adopts this Act under clause (1) of article 252 of the Constitution, on the date of such adoption; and any reference in this Act to the commencement of this Act shall, in relation to any State or Union territory, means the date on which this Act, comes into force in such State or Union territory.
1. 30th November, 2007, vide notification no. S.O. 2020, dated 1st December, 2007, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
In this Act, unless the context otherwise requires,--
(a) "agent" means a scheduled bank within the meaning of clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934), or any other person specified as such;
(b) "Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);
(c) "bond ledger account" means an account with the Bank or an agent in which the Government securities are held in a dematerialised form at the credit of the holder;
(d) "constituents' subsidiary general ledger account" means a subsidiary general ledger account opened and maintained with the Bank by an agent on behalf of the constituents of such agent;
(e) "Government", in relation to any Government security, means the Central or State Government issuing the security;
(f) "Government security" means a security created and issued by the Government for the purpose of raising a public loan or for any other purpose as may be notified by the Government in the Official Gazette and having one of the forms mentioned in section 3;
(g) "prescribed" means prescribed by regulations made under this Act;
(h) "promissory note" includes a treasury bill;
(i) "specified" means specified by the Bank in the Official Gazette.
Title: Forms of Government securities
A Government security may, subject to such terms and conditions as may be specified, be in such forms as may be prescribed or in one of the following forms, namely:--
(i) a Government promissory note payable to or to the order of a certain persons; or
(ii) a bearer bond payable to bearer; or
(iii) a stock; or
(iv) a bond held in a bond ledger account.
Explanation.--For the purpose of this section, "stock" means a Government security,--
(i) registered in the books of the Bank for which a stock certificate is issued; or
(ii) held at the credit of the holder in the subsidiary general ledger account including the constituents subsidiary general ledger account maintained in the books of the Bank,
and transferable by registration in the books of the Bank.
Title: Subsidiary general ledger account
(1) A subsidiary general ledger account including a constituents' subsidiary general ledger account and a bond ledger account may be opened and maintained by the Bank subject to such conditions and restrictions as may be specified and in such form and on payment of such fee as may be prescribed.
(2) Notwithstanding anything contained in the Benami Transactions (Prohibition) Act, 1988 (45 of 1988), or any other law for the time being in force, the Government securities may be held on behalf of a constituent in a constituents' subsidiary general ledger account under sub-section (1) and the holder of such account shall be deemed to be the holder of the securities held in that account:
Provided that the constituent as a beneficial owner of the Government security shall be entitled to claim from the holder all the benefits and be subjected to all the liabilities in respect of the Government securities held in the constituents' subsidiary general ledger account.
(3) The holder of a constituents' subsidiary general ledger account shall maintain such records and adopt such procedure for safeguarding the interests of the constituents as may be specified.