PRELIMINARYCentral
Section 2 of The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
In this Act, unless the context otherwise requires,--
- (a)"appointed day" means such date as the Central Government may, by notification, appoint under section 3;
- (b)"Company" means the Industrial Development Bank of India Limited to be formed and registered under the Companies Act, 1956 (1 of 1956);
- (c)"Development Bank" means the Industrial Development Bank of India established under sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);
- (d)"notification" means a notification published in the Official Gazette;
- (e)"Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).
Summary
- This section defines key words used throughout the law to avoid any confusion.
- Appointed day is the date chosen by the Central Government under section 3 for the transfer of the bank to happen.
- Company refers to the Industrial Development Bank of India Limited, which must be registered under the Companies Act, 1956.
- Development Bank refers to the original Industrial Development Bank of India set up under the 1964 law.
- Notification means any official public announcement printed in the Official Gazette.
- Reserve Bank means the Reserve Bank of India, which was set up under the Reserve Bank of India Act, 1934.
Practical examples
1An investor named Rajesh reads a commercial contract from October 2004 mentioning the Company, and he checks Section 2 to confirm it means the Industrial Development Bank of India Limited.
2A bank clerk named Sunita checks the government Gazette on July 5, 2004, to see if a specific notification about interest rates has been formally published.
FAQ
1. What does the term appointed day mean under this law?
It means the specific date chosen and officially announced by the Central Government under section 3 of this Act.
2. What is the official name of the Company in this Act?
The Company means the Industrial Development Bank of India Limited.
3. Under which old law was the original Development Bank established?
It was established under subsection (1) of section 3 of the Industrial Development Bank of India Act, 1964.
4. Under which law is the Company formed and registered?
It is registered under the Companies Act, 1956.
5. What does notification mean?
It means a public announcement published in the Official Gazette.
Test yourself
Q1.What does the term Company mean under Section 2?
Q2.Which Act is used to register the Company?
Q3.What is the definition of a notification under Section 2?
Q4.Under which Act was the Reserve Bank established?
Q5.Under which section is the date for the appointed day chosen?