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Section 45Q - Chapter IIIB to override other laws, Section 45QA - Power of Company Law Board to order repayment of deposit : RBI Act 1934

 

 

What is the meaning of Chapter IIIB to override other laws? What is the Power of Company Law Board to order repayment of deposit? Section 45Q and 45QA of Reserve Bank of India Act 1934

Section 45-Q of RBI Act 1934 : "Chapter IIIB to override other laws"

The provisions of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law

 

Section 45-QA of RBI Act 1934 : "Power of Company Law Board to order repayment of deposit"

(1) Every deposit accepted by a non-banking financial company, unless renewed, shall be repaid in accordance with the terms and conditions of such deposit.

(2) Where a non-banking financial company has failed to repay any deposit or part thereof in accordance with the terms and conditions of such deposit, the Company Law Board constituted under section 10E of the Companies Act, 1956 (1 of 1956) may, if it is satisfied, either on its own motion or on an application of the depositor, that it is necessary so to do to safeguard the interests of the company, the depositors or in the public interest, direct, by order, the non-banking financial company to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order :

Provided that the Company Law Board may, before making any order under this sub-section, give a reasonable opportunity of being heard to the non-banking financial company and the other persons interested in the matter.

 

RBI ACT 1934

Section 45 N - Inspection

Section 45NA - Deposits not to be solicited by unauthorised persons

Section 45 NB - Disclosure of information

Section 45 NC - Power of Bank to exempt

Section 45Q - Chapter IIIB to override other laws

Section 45QA - Power of Company Law Board to order repayment of deposit

 

 

Section 45QB - Nomination by depositors

CHAPTER IIIC
PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES

Section 45R - Interpretation

45S - Deposits not to be accepted in certain cases

Section 45T - Power to issue search warrants

 

 

Section 45U - Definitions

CHAPTER IIID
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.

Section 45V - Transactions in derivatives

Section 45W - Power to regulate transactions in derivatives, money market instruments, etc

Section 45X - Duty to comply with directions and furnish information

 

 

CHAPTER IIIE
JOINT MECHANISM

Section 45Y - Joint Mechanism

CHAPTER IV
GENERAL PROVISIONS

Section 46 - Contribution by Central Government to the Reserve Fund

Section 46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund

Section 46C - National Industrial Credit (Long Term Operations) Fund

Section 46D - National Housing Credit (Long-Term Operations) Fund

Section 47 - Allocation of surplus profits

Section 48 - Exemption of Bank from income-tax and super-tax

Section 49 - Publication of Bank rate

Section 50 - Auditors

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