SectionsParticulars
1Short title and commencement
1. Short title and commencement.- 1.     This Act may be called the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993. 2.     I...
2Definitions
2. Definitions.- In this Act, unless the context otherwise requires,-a.     "appointed day" means such date as the Central Government may, by notification in...
3Undertaking of the Corporation to vest in the company
On such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in, the Company, the un...
4General effect of vesting of undertaking in the Company
4. General effect of vesting of undertaking in the Company.- 1.     Every shareholder of the Corporation immediately before the appointed day shall be deeme...
5Concession, etc., to be deemed to have been granted to the Company
5. Concession, etc., to be deemed to have been granted to the Company.- With effect from the appointed day, all fiscal and other concessions, licences, benefi...
6Tax exemption or benefit to continue to have effect
6. Tax exemption or benefit to continue to have effect.- 1.     Where any exemption from, or any assessment with respect to, any tax has been granted or mad...
7Guarantee to be operative
7. Guarantee to be operative.- Any guarantee given for or in favour of the Corporation with respect to any loan, lease finance or other assistance shall cont...
8Provisions in respect of officers and other employees of Corporation
1.     Every officer or other employee of the Corporation (except a Director of the Board, Chairman or Managing Director) serving in the employment immediat...
9Act 18 of 1891 to apply to the books of the company
9. Act 18 of 1891 to apply to the books of the company .- The Company shall be deemed to be a bank for the purposes of the Bankers Books Evidence Act, 1891....
10Shares, bonds and debentures to be deemed to be approved securities
10. 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...
11Repeal and saving of Act 15 of 1948
11. Repeal and saving of Act 15 of 1948.- 1.     On the appointed day, the Industrial Finance Corporation Act, 1948 shall stand repealed. 2.     Notwithsta...
12Repeal and saving
12. Repeal and saving.- 1.     The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Ordinance, 1993 (Ord. 5 of 1993) is hereby repealed. ...
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