The National Bank for Agriculture and Rural Development Act, 1981

69 sections.

Section 1 — Short title, extent and commencement.
Section 2 — Definitions.
Section 3 — Establishment and incorporation of National Bank for Agriculture and Rural Development.
Section 4 — Capital.
Section 5 — Management.
Section 6 — Board of Directors.
Section 7 — Term of office of Chairman and other directors, retirement and payment of fees.
Section 8 — Term of office of Managing Director and whole-time directors, conditions of service, etc.
Section 9 — Disqualifications.
Section 10 — Vacation and resignation of office by directors.
Section 11 — Casual vacancy in the office of Managing Director.
Section 12 — Meetings of Board.
Section 13 — Committees of National Bank.
Section 14 — Advisory Council.
Section 15 — Member of Board or Committee thereof not to participate in meetings in certain cases.
Section 16 — Transfer of assets and liabilities of Agricultural Refinance and Development Corporation.
Section 17 — Dissolution of the Corporation and repeal of Act 10 of 1963.
Section 18 — Transfer of business from Reserve Bank.
Section 19 — Borrowings by the National Bank.
Section 20 — Borrowings in foreign currency.
Section 21 — Production and marketing credit.
Section 22 — Conversion loan for production credit.
Section 23 — Rescheduling of loans to artisans, small-scale industries, etc.
Section 24 — Investment credit--medium term.
Section 25 — Other investment credit.
Section 26 — Purchase and sale of shares.
Section 27 — Loans to State Governments for share capital contribution.
Section 27A — Loans to State Government, undertakings, etc.
Section 28 — Security for credit.
Section 29 — Amounts and securities to be held in trust.
Section 30 — Direct loans.
Section 30A — Bills rediscounting.
Section 31 — Commission.
Section 32 — Issue of guarantees.
Section 33 — Power to impose conditions for accommodation.
Section 34 — Power to call for repayment before agreed period.
Section 35 — National Bank to have access to records.
Section 36 — Validity of loan or advance not to be questioned.
Section 37 — National Bank not to grant loans or advances against its own bonds or debentures.
Section 37A — Prohibited business.
Section 38 — Other functions of National Bank.
Section 38A — Promotion of subsidiaries.
Section 38B — Securitisation of debt.
Section 38C — Exemption from compulsory registration.
Section 39 — Incidental powers.
Section 40 — Deposits and investments.
Section 41 — Credit information.
Section 42 — National Rural Credit (Long Term Operations) Fund.
Section 43 — National Rural Credit (Stabilisation) Fund.
Section 44 — Research and Development Fund.
Section 45 — Reserve Fund and other Funds.
Section 46 — Preparation of balance-sheet, etc., of National Bank.
Section 47 — Disposal of surplus.
Section 48 — Audit.
Section 49 — Returns.
Section 50 — Staff of National Bank.
Section 51 — Obligation as to fidelity and secrecy.
Section 52 — Defects in appointment not to invalidate acts, etc.
Section 52A — Agreement with National Bank on appointment of directors to prevail.
Section 53 — Protection of action taken under the Act.
Section 54 — Indemnity of directors.
Section 55 — [Omitted].
Section 56 — Penalties.
Section 57 — Offences by companies.
Section 58 — Bankers' Books Evidence Act, 1891, to apply in relation to National Bank.
Section 59 — Liquidation of National Bank.
Section 60 — Power of Board to make regulations.
Section 61 — [Repealed.].
Section 62 — Power to remove difficulty.

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