FINANCIAL CORPORATIONS (AMENDMENT) ACT,2000
of new section 41 B
section 41A of the principal Act, the following section shall be inserted,
(1) Notwithstanding anything contained in any other law for the time being
in force, where a nomination in respect of any deposits, bonds or other
securities is made in the prescribed manner, the amount due on such deposits,
bonds or securities shall, on the death of the depositor or holder there
of, vest in, and be payable to, the nominee subject any right, title or
interest of any other person to such deposits, bonds or securities.
Any payment by the Financial Corporation in accordance with the provisions
of sub-section (1) shall constitute a full discharge to the Financial Corporation
of its liability in respect of such deposits, bonds or securities.''.
of section 43
section 43 of the principal Act, in the first proviso, the words and Figure
``section 6 or'' shall be omitted.
of section 43 B
section 43B of the principal Act, sub-section (2) shall be omitted.
of section 46 A
section 46A of the principal Act, in sub-section (1), for the words "Development
Bank'', the words "Small Industries Bank'' shall be substituted.
of section 47
47 of the principal Act shall be omitted.
of section 48
48 of the principal Act,-
in sub-section 91), for the words ``Development Bank'', the words ``Small
Industries Bank'' shall be substituted;
in sub-section (2).-
after clause (c), the following clauses shall be inserted, namely:-
the maintenance of register of shareholders, particulars to be entered
in such register, the safeguards to be observed in the maintenance of register
of shareholders on computer floppies or diskettes, compact disk or any
other electronic form the inspection and closure of the register of shareholders
and all other matters connected therewith under section 6;
clause (n), the following clauses shall be inserted, namely:-
the manner of nomination of directors under clause (d) of section 10;
the entrusting or delegation of duties to the managing director by the
Board under clause (c) of sub-section (1) of section 17;
the functions of Executive Committee under sub-section (2) of section 18;
the guidelines and prudential norms in accordance with which investment
may be made under section 34;
the manner in which nomination may be made under section 41B; and
the investments (whether by way of deposits in bank or otherwise) of the
amounts which are not for the time being required for transaction of business.''.
the form and manner in which the balance-sheet and the accounts of
the Financial Corporation shall be prepared;
any other matter which is to be, or may be, prescribed.''.
of section 48 A
section 48A of the principal Act, the words ``Every rule made under section
47 and'' shall be omitted.
of new section 48 B
section 48A of the principal Act, the following section shall be inserted,
Power to make rules
The Central Government may, be notification in the Official Gazette, make
rules for carrying out the provisions of this Act.
In particular, and without prejudice to the generality of the foregoing
power such rules may provide for the procedure for filling and hearing
of appeals under sub-section (5) of section 5.
Every rule 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 expiry
of the session immediately following the session or the successive sessions
aforesaid, both Houses agree in making any modification in the rule or
both Houses agree that the rule should not be made, the rule 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 rule.''