The National Housing Bank Act, 1987
Administered Ministry: Ministry of Finance / Department of Financial Services
Section
Section 42 Annual report on housing.
The National Housing Bank shall make an annual report to the Central Government and the Reserve Bank on the trend and progress of housing in the country and in that report may make such suggestions as it may think necessary or expedient for the development of housing and the Central Government shall, as soon as may be after the report is received by it, cause the same to be laid before each House of Parliament.
Section 43 Staff of National Housing Bank.
(1) The National Housing Bank may appoint such number of officers and other employees as it considers necessary or desirable for the efficient performance of its functions and determine the terms and conditions of their appointment and service.
(2) The duties and conduct, terms and conditions of service and the establishment and maintenance of provident fund or any other fund for the benefit of the officers and other members of staff of the National Housing Bank shall be such as may be prescribed.
(3) The National Housing Bank may depute any officer or any member of its staff for such period and on such terms and conditions as it may determine, to any institution including a housing finance institution.
(4) Nothing contained in this section shall empower the National Housing Bank to depute any officer or member of its staff to any institution on any salary, emoluments or other terms and conditions which is or are less favourable to him than that or those to which he is entitled to immediately before such deputation.
(5) The National Housing Bank may 1*** receive or take on deputation any officer or other employee from any institution including a housing finance institution for such period and on such terms and conditions as it may think necessary in the interest of the National Housing Bank.
(2) The duties and conduct, terms and conditions of service and the establishment and maintenance of provident fund or any other fund for the benefit of the officers and other members of staff of the National Housing Bank shall be such as may be prescribed.
(3) The National Housing Bank may depute any officer or any member of its staff for such period and on such terms and conditions as it may determine, to any institution including a housing finance institution.
(4) Nothing contained in this section shall empower the National Housing Bank to depute any officer or member of its staff to any institution on any salary, emoluments or other terms and conditions which is or are less favourable to him than that or those to which he is entitled to immediately before such deputation.
(5) The National Housing Bank may 1*** receive or take on deputation any officer or other employee from any institution including a housing finance institution for such period and on such terms and conditions as it may think necessary in the interest of the National Housing Bank.
1. The words, figures and letters “, without prejudice to the provisions of section 54AA of the Reserve Bank of India Act, 1934 (2 of 1934),” Omitted by Act 13 of 2018, s. 175, (w.e.f. 1-6-2018).
Section 43A Delegation of powers.
1[43A. Delegation of powers.-- The Board may, by general or special order, delegate to an officer or officers of the National Housing Bank, subject to such conditions and limitations, if any, as may be specified in the order, such of its powers and duties under this Act as it may deem necessary.]
1. Ins. by Act 15 of 2000. s. 22(w.e.f. 12-6-2000).
Section 44 Obligation as to fidelity and secrecy.
(1) The 1[National Housing Bank or the Reserve Bank, as the case may be,] shall not, except as otherwise required by this Act or any other law, divulge any information relating to, or to the affairs of, its constituents except in circumstances in which it is, in accordance with the law or practice and usage customary among bankers, necessary or appropriate for the 1[National Housing Bank or the Reserve Bank, as the case may be,] to divulge such information.
(2) Every director, member of a committee, auditor, adviser, officer or other employee of the National Housing Bank or of the Reserve Bank, whose services are utilised by the National Housing Bank under the provisions of this Act, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.
2[(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005.]
(2) Every director, member of a committee, auditor, adviser, officer or other employee of the National Housing Bank or of the Reserve Bank, whose services are utilised by the National Housing Bank under the provisions of this Act, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.
2[(3) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005.]
1. Subs. by Act 23 of 2019, s. 168, for "National Housing Bank" (w.e.f. 09-08-2019).
2. Ins. by Act 30 of 2005, s. 34 and th e Schedule (w.e.f. 14-10-2006).
2. Ins. by Act 30 of 2005, s. 34 and th e Schedule (w.e.f. 14-10-2006).
Section 45 Defects in appointment not to invalidate acts, etc.
(1) No act or proceeding of the Board or of any committee of the National Housing Bank shall be questioned on the ground merely of the existence of any vacancy in, or defect in the constitution of, the Board or the committee, as the case may be.
(2) No act done by any person acting in good faith as a director of the Board or as a member of a committee of the National Housing Bank shall become invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.
(2) No act done by any person acting in good faith as a director of the Board or as a member of a committee of the National Housing Bank shall become invalid merely on the ground that he was disqualified to be a director or that there was any other defect in his appointment.
Section 45A Arrangement with National Housing Bank on appointment of directors to prevail.
1[45A. Arrangement with National Housing Bank on appointment of directors to prevail.--(1) Where any arrangement entered into by the National Housing Bank with a housing finance institution which is a company provides for the appointment by the National Housing Bank of one or more directors of such housing finance institution, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the 2[Companies Act, 2013 (18 of 2013)] or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to that housing finance institution, or any provision regarding share qualification, age limit, number of director-ships, 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 National Housing Bank in pursuance of the arrangement as aforesaid.
(2) Any director appointed as aforesaid shall--
(a) hold office during the pleasure of the National Housing Bank and may be removed or substituted by any person by order in writing of the National Housing Bank;
(b) not incur any obligation or liability by reasons 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.]
(2) Any director appointed as aforesaid shall--
(a) hold office during the pleasure of the National Housing Bank and may be removed or substituted by any person by order in writing of the National Housing Bank;
(b) not incur any obligation or liability by reasons 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.]
1. Ins. by Act 15 of 2000, s. 23 (w.e.f. 12-6-2000).
2. Subs. by Act 13 of 2018, s. 176, for Companies Act, 1956 (1 of 1956) (w.e.f. 1-6-2018).
2. Subs. by Act 13 of 2018, s. 176, for Companies Act, 1956 (1 of 1956) (w.e.f. 1-6-2018).
Section 46 Protection of action taken under the Act.
No suit or other legal proceeding shall lie against the National Housing Bank or any director or any officer or other employee of 1[the National Housing Bank or the Reserve Bank] or any other person authorised by 1[the National Housing Bank or the Reserve Bank] to discharge any functions under this Act for any loss or damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act or of any other law or provision having the force of law.
1. Subs. by Act 23 of 2019, s. 169, for "the National Housing Bank" (w.e.f. 09-08-2019).
Section 47 Indemnity of directors.
(1) Every director shall be indemnified by the national Housing Bank against all losses and expenses incurred by him in, or in relation to, the discharge of his duties, except such as are caused by his own wilful act or default.
(2) A director shall not be responsible for any other director or for any officer or other employee of the National Housing Bank or for any loss or expenses resulting to the National Housing Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the National Housing Bank or the insolvency or wrongful act of any debtor or any person under obligation to the National Housing Bank or of anything done in good faith in the execution of the duties of his office in relation thereto.
(2) A director shall not be responsible for any other director or for any officer or other employee of the National Housing Bank or for any loss or expenses resulting to the National Housing Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the National Housing Bank or the insolvency or wrongful act of any debtor or any person under obligation to the National Housing Bank or of anything done in good faith in the execution of the duties of his office in relation thereto.
Section 47A Nomination in respect of deposits, bonds, etc.
1[47A. Nomination in respect of deposits, bonds, etc.--(1) Notwithstanding anything contained in any other law for the lime being in force, where a nomination in respect of any deposit, bonds or other securities is made with the National Housing Bank in the prescribed manner, the amount due on such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title or interest of any other person to such deposits, bonds or securities.
(2) Any payment made by the National Housing Bank in accordance with the provisions of sub-section (1) shall be a full discharge of its liability in respect of such deposits, bonds or securities.]
(2) Any payment made by the National Housing Bank in accordance with the provisions of sub-section (1) shall be a full discharge of its liability in respect of such deposits, bonds or securities.]
1. Ins. by Act 15 of 2000, s. 24 (w.e.f. 12-6-2000).
Section 48 Explanation from tax on income.
[Explanation from tax on income.]--Omitted by the Finance Act, 2001 (14 of 2001), s. 141 (w.e.f. 1-4-2002).
Section 49 Penalties.
(1) Whoever in any return, balance-sheet, or other document or in any information required or furnished by or under or for the purposes of any provision of this Act, wilfully makes a statement which is false in any material particular, knowing it to be false, or wilfully omits to make a material statement, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine.
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2[(2A) If any person contravenes the provisions of sub-section (1) of section 29A, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
1* * * * * .
(2C) Whoever fails to comply with 3[any order made by the National Company Law Tribunal] under sub-section (2) of section 36A, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to a fine of not less than rupees fifty for every day during which such non-compliance continues;]
(3) If any person 4[other than an auditor]--
(a) receives any deposit in contravention of any direction given or order made under Chapter V; or
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(b) issues any prospectus or advertisement otherwise than in accordance with section 35 or any order made under section 30, as the case may be; he shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine which may extend,--
(i) in the case of a contravention falling under clause (a), to twice the amount of the deposit received; and
(ii) in the case of a contravention falling under clause (b), to twice the amount of the deposit called for by the prospectus or advertisement.
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1* * * * *.
2[(2A) If any person contravenes the provisions of sub-section (1) of section 29A, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.
1* * * * * .
(2C) Whoever fails to comply with 3[any order made by the National Company Law Tribunal] under sub-section (2) of section 36A, shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to a fine of not less than rupees fifty for every day during which such non-compliance continues;]
(3) If any person 4[other than an auditor]--
(a) receives any deposit in contravention of any direction given or order made under Chapter V; or
5* * * * *
(b) issues any prospectus or advertisement otherwise than in accordance with section 35 or any order made under section 30, as the case may be; he shall be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine which may extend,--
(i) in the case of a contravention falling under clause (a), to twice the amount of the deposit received; and
(ii) in the case of a contravention falling under clause (b), to twice the amount of the deposit called for by the prospectus or advertisement.
6* * * * *
1. Sub-sections (2) and (2B) omitted by Act 18 of 2023, s. 2 and Schedule (w.e.f. 22-01-2024).
2. Ins. by s. 25, ibid. (w.e.f. 12-6-2000).
3. Subs. by s. 170, ibid., for "any order made by the authorised officer" (w.e.f. 09-08-2019).
4. Ins. by Act 15 of 2000, s. 24 (w.e.f. 12-6-2000).
5. Clause (aa) omitted by Act 18 of 2023, s. 2 and Schedule (w.e.f. 22-1-2024).
6. Sub-section (4) omitted by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
2. Ins. by s. 25, ibid. (w.e.f. 12-6-2000).
3. Subs. by s. 170, ibid., for "any order made by the authorised officer" (w.e.f. 09-08-2019).
4. Ins. by Act 15 of 2000, s. 24 (w.e.f. 12-6-2000).
5. Clause (aa) omitted by Act 18 of 2023, s. 2 and Schedule (w.e.f. 22-1-2024).
6. Sub-section (4) omitted by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
Section 50 Offences by companies.
(1) Where an offence has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section--
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director", in relation to a firm, means a partner in the firm.
Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section--
(a) "company" means any body corporate and includes a firm or other association of individuals; and
(b) "director", in relation to a firm, means a partner in the firm.
Section 51 Cognizance of offences.
(1) No court shall take cognizance of any offence punishable under this Act except upon a complaint in writing made by an officer of 1[the National Housing Bank or the Reserve Bank] generally or specially authorised in writing in this behalf by 1[the National Housing Bank or the Reserve Bank] and no court other than that of a Metropolitan Magistrate or a Judicial Magistrate of the first class or a court superior thereto shall try any such offence.
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), a Magistrate may, if he sees reason so to do, dispense with the personal attendance of the officer of 1[the National Housing Bank or the Reserve Bank] filing the complaint but the Magistrate may in his discretion, at any stage of the proceedings, direct the personal attendance of the complainant.
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), a Magistrate may, if he sees reason so to do, dispense with the personal attendance of the officer of 1[the National Housing Bank or the Reserve Bank] filing the complaint but the Magistrate may in his discretion, at any stage of the proceedings, direct the personal attendance of the complainant.
1. Subs. by Act 23 of 2019, s. 171, for "the National Housing Bank," (w.e.f. 09-08-2019).
Section 52 Application of fine.
1[1 52. Application of fine.-- A court imposing any fine under this Act may direct that the fine, if realised shall be applied--
(a) firstly in, or towards payment of, the cost of the proceedings, and
(b) secondly for repayment of the deposit to the person to whom repayment of the deposit was to be made, and on such payment, the liability of the housing finance institution to make repayment of the deposit shall, to the extent of the amount paid by the Court, stand discharged.]
(a) firstly in, or towards payment of, the cost of the proceedings, and
(b) secondly for repayment of the deposit to the person to whom repayment of the deposit was to be made, and on such payment, the liability of the housing finance institution to make repayment of the deposit shall, to the extent of the amount paid by the Court, stand discharged.]
1. Subs. by Act 15 of 2000, s. 26, for section 52 (w.e.f. 12-6-2000).
Section 52A Power of National Housing Bank and Reserve Bank to impose penalty.
1[52A. Power of National Housing Bank and Reserve Bank to impose 2[penalty].-- (1) Notwithstanding anything contained in section 49, if the contravention or default of the nature referred to in the said section is committed by a housing finance institution which is a company, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such company--
(a) a penalty not exceeding 3[twenty-five thousand]; or
(b) where the contravention or default is under sub-section (2A) or clause (a) 4*** of sub-section (3) of that section, a penalty not exceeding 5[ten lakh] rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to 6[one lakh] rupees for every day, after the first, during which the contravention or default continues.
7 [(1A) If any person or housing finance institution which is a company fails to produce any book, account or other document, or to furnish any statement or information, which, under the provisions of this Act, is the duty of such person or housing finance institution to produce or furnish, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person or housing finance institution, a penalty not exceeding one lakh fifty thousand rupees in respect of each contravention or default and where such contravention or default is a continuing one, further penalty which may extend to seven thousand five hundred rupees for every day, after the first, during which the contravention or default continues.
(1B) If any auditor fails to comply with any direction given or order made by the National Housing Bank or the Reserve Bank under section 33, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person a penalty not exceeding ten lakh rupees.
(1C) If any person (other than an auditor) or housing finance institution which is a company fails to comply with any direction given or order made by the National Housing Bank or the Reserve Bank under any of the provisions of Chapter V, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person or housing finance institution, a penalty not exceeding ten lakh rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to one lakh rupees for every day, after the first, during which the contravention or default continues.
(1D) If any other provision of this Act is contravened or if any default is made in complying with any other requirement of this Act, or of any order, regulation or direction made or given or condition imposed thereunder, the National Housing Bank or the Reserve Bank, as the case may be, may impose on any person or housing finance institution which is a company, guilty of such contravention or default, a penalty not exceeding one lakh rupees in respect of each contravention or default and where such contravention or default is a continuing one, further penalty which may extend to ten thousand rupees for every day, after the first, during which the contravention or default continues.]
(2) For the purpose of imposing penalty under 8 [this section], the National Housing Bank or the Reserve Bank, as the case may be, shall serve a notice on the 9[person or housing finance institution] which is a company requiring it to show cause why the amount specified in the notice should not be imposed as a penalty and a reasonable opportunity of being heard shall also be given to such 10[person or housing finance institution.]
(3) Any penalty imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section shall be payable within a period of thirty days from the date on which notice issued by the National Housing Bank or the Reserve Bank, as the case may be, demanding payment of the sum is 11[served on the person or housing finance institution] which is a company and, in the event of 12[failure of such person or housing finance institution] to pay the sum within such period, may be levied on a direction made by the principal civil court having jurisdiction in 13[the area where such person ordinarily resides or, as the case may be, the registered office] or the head office of such housing finance institution is situated :
Provided that no such direction shall be made, except on an application made by an officer of the National Housing Bank or the Reserve Bank, as the case may be, authorised in this behalf, to the principal civil court.
(4)The court which makes a direction under sub-section (3), shall issue a certificate specifying the sum payable by the 14[person or] housing finance institution which is a company and every such certificate shall be enforceable in the same manner as if it were a decree made by the court in a civil suit.
(5) No complaint shall be filed against any housing finance institution which is a company in any court of law pertaining to any contravention or default in respect of which any penalty has been imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section.
(6) Where any complaint has been filed against a housing finance institution which is a company in a court in respect of contravention or default of the nature referred to in section 49, no proceedings for imposition of penalty against such housing finance institution shall be taken under this section.]
(a) a penalty not exceeding 3[twenty-five thousand]; or
(b) where the contravention or default is under sub-section (2A) or clause (a) 4*** of sub-section (3) of that section, a penalty not exceeding 5[ten lakh] rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to 6[one lakh] rupees for every day, after the first, during which the contravention or default continues.
7 [(1A) If any person or housing finance institution which is a company fails to produce any book, account or other document, or to furnish any statement or information, which, under the provisions of this Act, is the duty of such person or housing finance institution to produce or furnish, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person or housing finance institution, a penalty not exceeding one lakh fifty thousand rupees in respect of each contravention or default and where such contravention or default is a continuing one, further penalty which may extend to seven thousand five hundred rupees for every day, after the first, during which the contravention or default continues.
(1B) If any auditor fails to comply with any direction given or order made by the National Housing Bank or the Reserve Bank under section 33, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person a penalty not exceeding ten lakh rupees.
(1C) If any person (other than an auditor) or housing finance institution which is a company fails to comply with any direction given or order made by the National Housing Bank or the Reserve Bank under any of the provisions of Chapter V, the National Housing Bank or the Reserve Bank, as the case may be, may impose on such person or housing finance institution, a penalty not exceeding ten lakh rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to one lakh rupees for every day, after the first, during which the contravention or default continues.
(1D) If any other provision of this Act is contravened or if any default is made in complying with any other requirement of this Act, or of any order, regulation or direction made or given or condition imposed thereunder, the National Housing Bank or the Reserve Bank, as the case may be, may impose on any person or housing finance institution which is a company, guilty of such contravention or default, a penalty not exceeding one lakh rupees in respect of each contravention or default and where such contravention or default is a continuing one, further penalty which may extend to ten thousand rupees for every day, after the first, during which the contravention or default continues.]
(2) For the purpose of imposing penalty under 8 [this section], the National Housing Bank or the Reserve Bank, as the case may be, shall serve a notice on the 9[person or housing finance institution] which is a company requiring it to show cause why the amount specified in the notice should not be imposed as a penalty and a reasonable opportunity of being heard shall also be given to such 10[person or housing finance institution.]
(3) Any penalty imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section shall be payable within a period of thirty days from the date on which notice issued by the National Housing Bank or the Reserve Bank, as the case may be, demanding payment of the sum is 11[served on the person or housing finance institution] which is a company and, in the event of 12[failure of such person or housing finance institution] to pay the sum within such period, may be levied on a direction made by the principal civil court having jurisdiction in 13[the area where such person ordinarily resides or, as the case may be, the registered office] or the head office of such housing finance institution is situated :
Provided that no such direction shall be made, except on an application made by an officer of the National Housing Bank or the Reserve Bank, as the case may be, authorised in this behalf, to the principal civil court.
(4)The court which makes a direction under sub-section (3), shall issue a certificate specifying the sum payable by the 14[person or] housing finance institution which is a company and every such certificate shall be enforceable in the same manner as if it were a decree made by the court in a civil suit.
(5) No complaint shall be filed against any housing finance institution which is a company in any court of law pertaining to any contravention or default in respect of which any penalty has been imposed by the National Housing Bank or the Reserve Bank, as the case may be, under this section.
(6) Where any complaint has been filed against a housing finance institution which is a company in a court in respect of contravention or default of the nature referred to in section 49, no proceedings for imposition of penalty against such housing finance institution shall be taken under this section.]
1. Subs. by Act 23 of 2019, s. 172, for section 52A (w.e.f. 9-8-2019).
2. Subs. by Act 18 of 2023, s. 2 and Schedule, for fine (w.e.f. 22-1-2024).
3. Subs. by s. 2 and Schedule, ibid., for five thousand (w.e.f. 22-1-2024).
4. The word, brackets and letters or clause (aa) omitted by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
5. Subs. by s. 2 and Schedule, ibid., for five lakh (w.e.f. 22-1-2024).
6. Subs. by s. 2 and Schedule, ibid., for twenty-five thousand (w.e.f. 22-1-2024).
7. Ins. by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
8. Subs. by s. 2 and Schedule, ibid for "sub-section (1)" (w.e.f. 22-1-2024).
9. Subs. by s. 2 and Schedule, ibid., for "housing finance institution" (w.e.f. 22-1-2024).
10. Subs. by s. 2 and Schedule, ibid., for "served on the housing finance institution" (w.e.f. 22-1-2024).
11. Subs. by s. 2 and Schedule, ibid., for "failure of such housing finance institution" (w.e.f. 22-1-2024).
12. Subs. by s. 2 and Schedule, ibid., for "the area where the registered office" (w.e.f. 22-1-2024).
13. Ins. by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
2. Subs. by Act 18 of 2023, s. 2 and Schedule, for fine (w.e.f. 22-1-2024).
3. Subs. by s. 2 and Schedule, ibid., for five thousand (w.e.f. 22-1-2024).
4. The word, brackets and letters or clause (aa) omitted by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
5. Subs. by s. 2 and Schedule, ibid., for five lakh (w.e.f. 22-1-2024).
6. Subs. by s. 2 and Schedule, ibid., for twenty-five thousand (w.e.f. 22-1-2024).
7. Ins. by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
8. Subs. by s. 2 and Schedule, ibid for "sub-section (1)" (w.e.f. 22-1-2024).
9. Subs. by s. 2 and Schedule, ibid., for "housing finance institution" (w.e.f. 22-1-2024).
10. Subs. by s. 2 and Schedule, ibid., for "served on the housing finance institution" (w.e.f. 22-1-2024).
11. Subs. by s. 2 and Schedule, ibid., for "failure of such housing finance institution" (w.e.f. 22-1-2024).
12. Subs. by s. 2 and Schedule, ibid., for "the area where the registered office" (w.e.f. 22-1-2024).
13. Ins. by s. 2 and Schedule, ibid., (w.e.f. 22-1-2024).
Section 53 Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National Housing Bank.
The Bankers' Books Evidence Act, 1891, shall apply in relation to the National Housing Bank as if it were a bank as defined in section 2 of that Act.
Section 54 Liquidation of National Housing Bank.
No provision of law relating to the winding up of companies shall apply to the National Housing Bank and the National Housing Bank shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.
Section 54A Power to make rules.
1[54A. Power to make rules.--(1) The Central Government may, by notification, make rules to carry out the provisions of this Act.
(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) qualifications for appointment as a recovery officer under sub-section (1) of section 36D;
(b) the salaries and allowances and other terms and conditions of service of the officers and other employees of the Appellate Tribunal under sub-section (3) of section 36M;
(c) the salaries and allowances and other terms and conditions of service of the Presiding Officers of the Appellate Tribunal under section 36N; and
(d) the procedure for the investigation of misbehaviour or incapacity of the Presiding Officers of the Appellate Tribunals under sub-section (3) of section 36P.]
(2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
(a) qualifications for appointment as a recovery officer under sub-section (1) of section 36D;
(b) the salaries and allowances and other terms and conditions of service of the officers and other employees of the Appellate Tribunal under sub-section (3) of section 36M;
(c) the salaries and allowances and other terms and conditions of service of the Presiding Officers of the Appellate Tribunal under section 36N; and
(d) the procedure for the investigation of misbehaviour or incapacity of the Presiding Officers of the Appellate Tribunals under sub-section (3) of section 36P.]
1. Ins. by Act 15 of 2000, s. 27 (w.e.f. 12-6-2000).
Section 55 Power of the Board to make regulations. 11 docs
(1) The Board may, with the previous approval of 1*** the Central Government, by notification, make regulations not inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the fees and allowances that may be paid to the directors for attending the meetings of the Board or its committees under sub-section (5) of section 7;
2[(aa) the manner in which directors shall be elected under clause (ca) of sub-section (1) of section 6;]
(b) the times and places at which the Board may meet, and the rules of procedure that may be followed in regard to the transaction of business under sub-section (1) of section 11;
(c) the number of members that the Executive Committee may consist, the functions that it may discharge and times and places at which it shall meet and the rules of procedure that it may follow in the transaction of business under section 12;
(d) the manner and terms of issue and redemption of bonds and debentures under clause (a) of sub-section (1) of section 15;
(e) the manner in which and the conditions subject to which the National Housing Bank may borrow in foreign currency under sub-section (1) of section 16;
(f) the form in which the statements, information, etc., is to be furnished under section 32;
3[(fa) the form of application to be made under section 36E and the documents to be annexed to such application;
(fb) the form in which notice of demand is required to be served on the borrower under sub-section (1) of section 36F;
(fc) the manner in which the property shall be transferred under sub-section (2) of section 36G;
(fd) the form in which the appeal can be filed with the Appellate Tribunal under section 36S and the amount of fee required to be deposited with such appeal;]
(g) the special fund, reserve fund and other funds to be created under sub-section (2) of section 37;
(h) the form and manner in which the balance-sheet and accounts shall be prepared and maintained under sub-section (1) of section 38;
(i) the duties and conduct, salaries, allowances and conditions of service of the officers and other members of staff of the National Housing Bank under section 43;
(j) the establishment and maintenance of provident fund and any other fund for the benefit of officers and other members of staff of the National Housing Bank under section 43; and
3[(ja) the manner in which nomination may be made under sub-section (1) of section 47A; and]
(k) any other matter which is to be, or may be, prescribed.
(3) Any regulation which may be made by the Board under this Act may be made 4***, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Housing Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act.
(4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable.
(5) The Central Government shall cause every 5[rules, regulation or scheme] made under this Act to 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 4[rules, regulation or scheme] or both Houses agree that the 4[rules, regulation or scheme] should not be made, the 4[rules, regulation or scheme] 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 4[rules, regulation or scheme.]
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the fees and allowances that may be paid to the directors for attending the meetings of the Board or its committees under sub-section (5) of section 7;
2[(aa) the manner in which directors shall be elected under clause (ca) of sub-section (1) of section 6;]
(b) the times and places at which the Board may meet, and the rules of procedure that may be followed in regard to the transaction of business under sub-section (1) of section 11;
(c) the number of members that the Executive Committee may consist, the functions that it may discharge and times and places at which it shall meet and the rules of procedure that it may follow in the transaction of business under section 12;
(d) the manner and terms of issue and redemption of bonds and debentures under clause (a) of sub-section (1) of section 15;
(e) the manner in which and the conditions subject to which the National Housing Bank may borrow in foreign currency under sub-section (1) of section 16;
(f) the form in which the statements, information, etc., is to be furnished under section 32;
3[(fa) the form of application to be made under section 36E and the documents to be annexed to such application;
(fb) the form in which notice of demand is required to be served on the borrower under sub-section (1) of section 36F;
(fc) the manner in which the property shall be transferred under sub-section (2) of section 36G;
(fd) the form in which the appeal can be filed with the Appellate Tribunal under section 36S and the amount of fee required to be deposited with such appeal;]
(g) the special fund, reserve fund and other funds to be created under sub-section (2) of section 37;
(h) the form and manner in which the balance-sheet and accounts shall be prepared and maintained under sub-section (1) of section 38;
(i) the duties and conduct, salaries, allowances and conditions of service of the officers and other members of staff of the National Housing Bank under section 43;
(j) the establishment and maintenance of provident fund and any other fund for the benefit of officers and other members of staff of the National Housing Bank under section 43; and
3[(ja) the manner in which nomination may be made under sub-section (1) of section 47A; and]
(k) any other matter which is to be, or may be, prescribed.
(3) Any regulation which may be made by the Board under this Act may be made 4***, in consultation with the Central Government, before the expiry of three months from the date of establishment of the National Housing Bank, and any regulation so made may be altered and rescinded by the Board in the exercise of its powers under this Act.
(4) The power to make regulations conferred by this section shall include the power to give retrospective effect to the regulations or any of them from a date not earlier than the date of commencement of this Act, but no retrospective effect shall be given to any regulation so as to prejudicially affect the interests of any person to whom such regulation may be applicable.
(5) The Central Government shall cause every 5[rules, regulation or scheme] made under this Act to 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 4[rules, regulation or scheme] or both Houses agree that the 4[rules, regulation or scheme] should not be made, the 4[rules, regulation or scheme] 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 4[rules, regulation or scheme.]
1. The words "the Reserve Bank and in consultation with" omitted by Act 13 of 2018, s. 177 (w.e.f 1-6-2018).
2. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000).
3. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000).
4. The words "by the Reserve Bank" omitted by Act 13 of 2018, s. 177 (w.e.f. 1-6-2018).
5. Subs. by Act 15 of 2000, s. 28, for "regulation or scheme" (w.e.f. 12-6-2000).
2. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000).
3. Ins. by Act 15 of 2000, s. 28 (w.e.f. 12-6-2000).
4. The words "by the Reserve Bank" omitted by Act 13 of 2018, s. 177 (w.e.f. 1-6-2018).
5. Subs. by Act 15 of 2000, s. 28, for "regulation or scheme" (w.e.f. 12-6-2000).
Section 56 Amendment of certain enactments.
[Amendment of certain enactments.]--Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First Schedule (w.e.f. 3-9-2001).