Ownership transfer of National Housing Bank: Central Government assumes subscribed capital and control, and gains authority over authorised capital. The Bill transfers ownership and vested subscribed capital of the National Housing Bank from the Reserve Bank to the Central Government upon payment of face value, empowers the Central Government to increase the authorised capital by notification, relocates the head office as notified, replaces Reserve Bank references with Central Government control, reduces Reserve Bank representation on the board, and updates consequential statutory cross-references to current company and foreign exchange laws.
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Ownership transfer of National Housing Bank: Central Government assumes subscribed capital and control, and gains authority over authorised capital.
The Bill transfers ownership and vested subscribed capital of the National Housing Bank from the Reserve Bank to the Central Government upon payment of face value, empowers the Central Government to increase the authorised capital by notification, relocates the head office as notified, replaces Reserve Bank references with Central Government control, reduces Reserve Bank representation on the board, and updates consequential statutory cross-references to current company and foreign exchange laws.
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