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Old 24th January 2018, 01:04 PM
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Join Date: Aug 2012
Default Re: Constitution of National Housing Bank

The President, having been informed of the subject matter of the National Housing Bank (Amendment) Bill, 2012, has recommended the introduction of the Bill in Lok Sabha under clause (1) of article 117 of the Constitution of India.

Notes on Clauses

Clause 1. This clause provides for the short title and commencement of the Bill.

Clause 2. This clause seeks to define the expression Company occurring in the Bill. This clause also seeks to amend the definition of the expression
housisng finance institution occurring in the National Housing Bank Act, 1987 (the Act) to cover such housing finance institutions which partly transacts the business of housing finance and has one of its principal objects the transacting of business of providing finance for housing.

Clause 3. This clause seeks to amend section 3 of the Act relating to establishment and incorporation of the National Housing Bank. It is proposed to amend sub-section (3) of section 3 so as to reflect the change of name of Bombay to Mumbai and also provide that the head office of the Bank shall be at such other place as the Central Government, by notification, may specify.

Clause 4. This clause seeks to amend section 4 of the Act relating to capital of the National Housing Bank. Under the existing provision the Central Government in consultation with the Reserve Bank is authorised to increase the authorised capital of the National Housing Bank up to two thousand crores rupees. It is proposed to substitute proviso to subsection (1) of section 4 of the Act to provide that the Central Government may, by notification, increase the authorised capital to such amount as may be specified in the notification, from time to time.

Clause 5. This clause seeks to insert new section 4A relating to transfer of capital to Central Government and a new section 4B relating to payment of amount to the Reserve Bank.

Clause 6. This clause seeks to amend section 6 of the Act relating to composition of the Borad of Directors. The existing provisions contained in clause (d) of sub-section (1) of section 6 of the Act, provides for two directors from out of the directors of the Reserve Bank nominated on the Board of the National Housing Bank. It is proposed that there shall be one director to be nominated by the Reserve Bank on the Board of the National Housing Bank and such director need to be a director of the Reserve Bank.

Rest of the Question Paper you may get from the below Attachement that is Free to Download

Information About the Clauses President s Recommendation Under Article 117 Of The Constitution Of India of the National Housing Bank



Attached Files
File Type: Information About the Clauses President (184.6 KB, 55 views)

Last edited by pawan; 24th January 2018 at 01:08 PM.
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