PRELIMINARYCentral

Section 2 of The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

In this Act, unless the context otherwise requires--

(a)"appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under section 3;
(b)"Company" means the Industrial Investment Bank of India Limited to be formed and registered under the Companies Act, 1956 (1 of 1956);
(c)"Reconstruction Bank" means the Industrial Reconstruction Bank of India established under sub-section (1) of section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984).

Summary

It defines the appointed day as the date appointed by the Central Government by notification in the Official Gazette under Section 3.
It defines the Company as the Industrial Investment Bank of India Limited, to be formed and registered under the Companies Act, 1956.
It defines the Reconstruction Bank as the Industrial Reconstruction Bank of India established under the Industrial Reconstruction Bank of India Act, 1984.

Practical examples

1On 26th March, 1997, a businessman named Vikram read the Official Gazette and saw a notification. The notification stated that the appointed day for the transfer was 27th March, 1997. Under Section 2, Vikram now knows that 27th March, 1997 is the official date when the bank's property gets transferred.

2An investor named Priya was researching the legal status of the new bank. Under Section 2, she identified that the Company referred to in her investment contracts is the Industrial Investment Bank of India Limited, which was registered under the Companies Act, 1956.

FAQ

1. What is the appointed day under this Act?

The appointed day is the date that the Central Government chooses and announces in the Official Gazette under Section 3.

2. What is the official name of the Company defined in Section 2?

The Company is the Industrial Investment Bank of India Limited.

3. Under which Act must the Company be formed and registered?

The Company must be registered under the Companies Act, 1956.

4. How is the Reconstruction Bank defined?

It is defined as the Industrial Reconstruction Bank of India, which was established under Section 3 of the Industrial Reconstruction Bank of India Act, 1984.

Test yourself

Q1.What does the term "appointed day" mean under Section 2?

Q2.Under which Act is the Company defined in Section 2(b) registered?

Q3.What is the exact full name of the "Company" defined in Section 2?

Q4.Under which section of the Industrial Reconstruction Bank of India Act, 1984 was the Reconstruction Bank established?

Q5.Which Act number is associated with the Industrial Reconstruction Bank of India Act, 1984 in Section 2?

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