MISCELLANEOUSCentral
Section 12 of The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
In every Act, rule or regulation in force on the appointed day,--
- (a)for the words "Industrial Reconstruction Bank of India", wherever they occur, the words "Industrial Investment Bank of India Limited" shall be substituted;
- (b)for the words "Reconstruction Bank", wherever they occur, the words "Industrial Investment Bank" shall be substituted.
Summary
- In every active law, rule, or regulation, the old bank's name is replaced by the new Company's name.
- Where the words "Industrial Reconstruction Bank of India" appear, they are replaced with "Industrial Investment Bank of India Limited."
- Where the short term "Reconstruction Bank" appears, it is replaced with "Industrial Investment Bank."
- This legal substitution applies to all acts, rules, or regulations in force on the appointed day.
Practical examples
1A national banking rule written in 1990 states that the "Industrial Reconstruction Bank of India" has the power to participate in joint credit meetings. On and after the appointed day, this rule is read as if it says the "Industrial Investment Bank of India Limited" has that power, without the government needing to reprint the 1990 rulebook.
2A financial regulation from 1995 refers to the interest rates set by the "Reconstruction Bank." Following the transition, any financial officer reading this regulation must substitute those words with "Industrial Investment Bank," ensuring the rule applies correctly to the new entity.
FAQ
1. What happens to the old name "Industrial Reconstruction Bank of India" in existing laws?
It is automatically replaced with "Industrial Investment Bank of India Limited" in every Act, rule, or regulation in force on the appointed day.
2. What is the short term "Reconstruction Bank" changed to?
It is replaced by the words "Industrial Investment Bank."
Test yourself
Q1.On what specific day does the substitution of the names in existing laws take effect?
Q2.What is the new full name that replaces "Industrial Reconstruction Bank of India"?
Q3.What short phrase is substituted for the words "Reconstruction Bank"?
Q4.To which of the following does the substitution rule in Section 12 apply?
Q5.Is there any exception mentioned in Section 12 where the old name can still be used in official laws?