AMENDMENT TO THE INDUSTRIAL RECONSTRATION BANK OF INDIA ACT, 1984Central

Section 15 of The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

(1)The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ord. 7 of 1997) is hereby repealed.
(2)Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall tie deemed to have been done or taken under the corresponding provisions of this Act.

Summary

This repealed Ordinance is specifically referred to as Ordinance 7 of 1997.
Despite the repeal, any actions taken or decisions made under that Ordinance are saved and remain valid.
Those previous actions are treated as if they were done or taken under the matching parts of this new Act.

Practical examples

1On February 1, 1997, during the period when only the temporary Ordinance was in force, a government official named Vikram Sen signed an official transfer order for bank assets. Under Section 15, when the permanent Act is passed in March 1997, Vikram's transfer order is saved and is treated as if it were signed under this new Act, keeping it fully legal.

2An employee named Meera Roy submitted her formal option to not continue service with the new Company on February 15, 1997, under the Ordinance rules. Under Section 15, Meera's decision is treated as if she made it under the new Act, meaning her resignation remains valid.

FAQ

1. Which Ordinance is repealed by Section 15?

The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ordinance 7 of 1997) is repealed.

2. What happens to actions taken under the repealed Ordinance?

Any action taken or anything done under the repealed Ordinance is deemed to have been done or taken under the corresponding provisions of this new Act.

3. Does the repeal of the Ordinance invalidate the things done while it was active?

No, those actions are protected and treated as if they were done under the new Act.

4. What is the specific number and year of the repealed Ordinance?

It is Ordinance Number 7 of 1997 (Ord. 7 of 1997).

Test yourself

Q1.Which specific legal document is repealed by Section 15(1)?

Q2.What is the official abbreviation and number of the repealed Ordinance given in the text?

Q3.Under what provisions are actions taken under the repealed Ordinance deemed to have been taken?

Q4.Does Section 15 completely erase the validity of previous actions taken under Ordinance 7 of 1997?

Q5.What is the title of Section 15?

14PreviousSection 14 Repealed.

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