Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act : Repeal and saving of Act 15

Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act,1993

Act No : 23

Section : Repeal and saving of Act 15 of 1948.

10.Shares, bonds and debentures to be deemed to be approved securities. Notwithstanding anything contained in any other law for the time being in force. the shares, bonds and debentures of the Company shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882 (2 of 1982), the Insurance Act, 1938 (4 of 1938) and the Banking Regulation Act, 1949 (10 of 1949). 2 11. 11.Repeal and saving of Act 15 of 1948. (1) On the appointed day, the Industrial Finance Corporation Act, 1948 shall stand repealed. (2) Notwithstanding the repeal of the Industrial Finance Corporation Act, 1948 (15 of 1948), the Company shall, so far as may be, comply with the provisions of sections 33, 34, 34A, 35 and 43 of the Act so repealed for any of the purposes related to the annual accounts of the Corporation. 5