Section 46 in The University of Allahabad Act, 2005

Title: Amendment of Presidents Act 10 of 1973

Description: (1) In the Uttar Pradesh State Universities Act, 1973,-- (a) the word "Allahabad", except in clause (b) of sub-section (2) of section 12, sub-section (1) of section 31B, clause (b) of sub-section (1) of section 74, clause (j) of sub-section (3) of section 74, and entries relating to Serial No. 5 in the Schedule, wherever it occurs, shall be omitted; (b) in the Schedule, Serial No. 2 and the entries relating thereto shall be omitted. (2) Notwithstanding such omission,-- (a) all appointments made, orders issued, degrees and other academic distinctions conferred, diplomas and certificates awarded, privileges granted, or other things done (including the registration of graduates) under the Uttar Pradesh State Universities Act, 1973 (President's Act 10 of 1973), shall be deemed to have been respectively made, issued, conferred, awarded, granted or done under the corresponding provisions of this Act and, except as otherwise provided by or this Act or the Statutes, continue in force unless and until they are superseded by any order made under this Act or the Statutes; and (b) all proceedings of Selection Committees for the appointment or promotion of teachers that took place before the commencement of this Act and all actions of the Executive Council in respect of the recommendations of such Selection Committees where no orders of appointment on the basis thereof were passed before the commencement of this Act shall, notwithstanding that the procedure for selection has been modified by this Act, be deemed to have been valid but further proceeding in connection with such pending selections shall be taken in accordance with the provisions of this Act and be continued from the stage where they stood immediately before such commencement, except if the concerned authorities take, with the approval of the Visitor, a decision to the contrary.

Title: Short title, extent and commencement.

Description: (1) This Act may be called the Credit Information Companies (Regulation) Act, 2005. (2) It extends to the whole of India. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act, and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. 1 14th December, 2006, vide notification No. S.O. 2098(E), dated 14th December, 2006, see Gazette of India, Extraordinary, Part II, sec. 3(ii).

Title: Definitions

Description: In this Act, unless the context otherwise requires,-- (a) "board" means the Board of directors of a credit information company; (b) "borrower" means any person who has been granted loan or any other credit facility by a credit institution and includes a client of a credit institution; (c) "client" includes— (i) a guarantor or a person who proposes to give guarantee or security for a borrower of a credit institution; or (ii) a person— (A) who has obtained or seeks to obtain financial assistance from a credit institution, by way of loans, advances, hire purchase, leasing facility, letter of credit, guarantee facility, venture capital assistance or by way of credit cards or in any other form or manner; (B) who has raised or seeks to raise money by issue of security as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), or by issue of commercial paper, depository receipt or any other instrument; (C) whose financial standing has been assessed or is proposed to be assessed by a credit institution or any other person or institution as may, by notification, be directed by the Reserve Bank; (d) "credit information" means any information relating to— (i) the amounts and the nature of loans or advances, amounts outstanding under credit cards and other credit facilities granted or to be granted, by a credit institution to any borrower; (ii) the nature of security taken or proposed to be taken by a credit institution from any borrower for credit facilities granted or proposed to be granted to him; (iii) the guarantee furnished or any other non-fund based facility granted or proposed to be granted by a credit institution for any of its borrowers; (iv) the credit worthiness of any borrower of a credit institution; (v) any other matter which the Reserve Bank may, consider necessary for inclusion in the credit information to be collected and maintained by credit information companies, and, specify, by notification, in this behalf; (e) "credit information company" means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-section (2) of section 5; (f) "credit institution" means a banking company and includes— (i) a corresponding new bank, the State Bank of India, a subsidiary bank, a co-operative bank, the National Bank and regional rural bank; (ii) a non-banking financial company as defined under clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934); (iii) a public financial institution referred to in section 4A of the Companies Act, 1956 (1 of 1956); (iv) the financial corporation established by a State under section 3 of the State Financial Corporation Act, 1951 (63 of 1951); (v) the housing finance institution referred to in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987); (vi) the companies engaged in the business of credit cards and other similar cards and companies dealing with distribution of credit in any other manner; (vii) any other institution which the Reserve Bank may specify, from time to time, for the purposes of this clause; (g) "credit scoring" means a system which enables a credit institution to assess the credit worthiness and capacity of a borrower to repay his loan and advances and discharge his other obligations in respect of credit facility availed or to be availed by him; (h) "notification" means a notification published in the Official Gazette of India; i) "prescribed" means prescribed by rules made under this Act; (j) "regulations" means regulations made by the Reserve Bank under this Act; (k) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (l) "specified user" means any credit institution, credit information company being a member under sub-section (3) of section 15, and includes such other person or institution as may be specified by regulations made, from time to time, by the Reserve Bank for the purpose of obtaining credit information from a credit information company; (m) words and expressions used herein and not defined in this Act but defined in the Reserve Bank of India Act, 1934 (2 of 1934) or the Banking Regulation Act, 1949 (10 of 1949) or the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in those Acts.

Title: Prohibition to commence or carry on business of credit information.

Description: Save as otherwise provided in this Act, no company shall commence or carry on the business of credit information without obtaining a certificate of registration from the Reserve Bank under this Act.

Title: Application for registration

Description: (1) Every company which intends to commence the business of credit information shall make an application for registration to the Reserve Bank in such form and manner as may be specified by regulations. (2) Every credit information company, in existence on the commencement of this Act, before the expiry of six months from such commencement, shall apply in writing to the Reserve Bank for obtaining a certificate of registration under this Act: Provided that in the case of a credit information company in existence on the commencement of this Act, nothing in section 3 shall be deemed to prohibit such credit information company from carrying on the business of a credit information company, until it is granted a certificate of registration or is by notice in writing informed by the Reserve Bank that a certificate of registration cannot be granted to it.

The University of Allahabad Act, 2005