Transfer of subscribed capital to the Central Government upon payment of face value, altering capital control of the bank. Amendment revises section 4 to empower the Central Government to increase the authorised capital by notification and removes Reserve Bank references in subsection (2). It inserts section 4(3) providing that the National Housing Bank's subscribed capital, subscribed by the Reserve Bank, shall stand transferred to and vested in the Central Government upon payment of the face value to the Reserve Bank, effective from a date notified by the Central Government.
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Provisions expressly mentioned in the judgment/order text.
Transfer of subscribed capital to the Central Government upon payment of face value, altering capital control of the bank.
Amendment revises section 4 to empower the Central Government to increase the authorised capital by notification and removes Reserve Bank references in subsection (2). It inserts section 4(3) providing that the National Housing Bank's subscribed capital, subscribed by the Reserve Bank, shall stand transferred to and vested in the Central Government upon payment of the face value to the Reserve Bank, effective from a date notified by the Central Government.
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