The NATIONAL HOUSING BANK ACT, 1987

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the National Housing Bank Act, 1987.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Browse all 101 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions.
  3. 3.Establishment and incorporation of National Housing Bank.
  4. 4.Capital.
  5. 5.Management.
  6. 6.Board of Directors.
  7. 7.Term of office of Chairman, Managing Director and other directors, service conditions, etc.
  8. 8.Disqualifications.
  9. 9.Vacation and resignation of office by directors.
  10. 10.Casual vacancy in the office of Chairman or Managing Director.
  11. 11.Meetings of Board.
  12. 12.Executive Committeeand other committees.
  13. 13.Director of Board or member of committee thereof not to participate in meetings in certain cases.
  14. 14.Business of the National Housing Bank.
  15. 15.Borrowings and acceptance of deposits by National Housing Bank.
  16. 16.Loans in foreign currency.
  17. 16A.Assistance to borrower when to operate or a charge in the property offered as security.
  18. 16B.Amount and security to be held in trust.
  19. 17.Power to transfer rights.
  20. 18.Power to acquire rights.
  21. 18A.Exemption from registration.
  22. 19.Power to impose conditions for accommodation.
  23. 20.Power to call for repayment before agreed period.
  24. 21.National Housing Bank to have access to records.
  25. 22.Validity of loan or advance not to be questioned.
  26. 23.National Housing Bank not to make loans or advances against its own bonds or debentures.
  27. 24.Power to inspect.
  28. 25.Power to collect credit information.
  29. 26.Power to publish information.
  30. 27.Advisory services.
  31. 28.Definition of deposit.
  32. 29.Chapter not to apply in certain cases.
  33. 29A.Requirement of registration and net owned fund.
  34. 29B.Maintenance of percentage of assets.
  35. 29C.Reserve fund.
  36. 30.Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
  37. 30A.Power of Reserve Bank to determine policy and issue directions.
  38. 31.Power of National Housing Bank to collect information from housing finance institutions as to deposits.
  39. 32.Duty of housing finance institutions to furnish statements, etc., under this Chapter.
  40. 33.Powers and duties of auditors.
  41. 33A.Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
  42. 33B.Power of National Housing Bank to file winding up petition.
  43. 34.Inspection.
  44. 35.Deposits not to be solicited by unauthorised persons.
  45. 35A.Disclosure of information.
  46. 35B.Power of Reserve Bank to exempt housing finance institution.
  47. 36.Chapter V to override other laws.
  48. 36A.Power to order repayment of deposit.
  49. 36B.Nomination by depositors.
  50. 36C.Definitions.
  51. 36D.Appointment of recovery officer.
  52. 36E.Application to the recovery officer.
  53. 36F.Procedure in respect of application under section 36E.
  54. 36G.Enforcement of order of recovery officer.
  55. 36H.Chief Metropolitan Magistrate and District Magistrate to assist recovery officer in taking charge of property.
  56. 36-I.Establishment of Appellate Tribunal.
  57. 36J.Composition of Appellate Tribunal.
  58. 36K.Qualification for appointment as Presiding Officer of Appellate Tribunal.
  59. 36L.Term of office.
  60. 36M.Staff of Appellate Tribunal.
  61. 36N.Salaries and allowances and other terms and conditions of service of Presiding Officers.
  62. 36-O.Filling up of vacancies.
  63. 36P.Resignation and removal.
  64. 36Q.Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings.
  65. 36R.Jurisdiction, powers and authority of Appellate Tribunal.
  66. 36S.Appeal to the Appellate Tribunal.
  67. 36T.Deposit of amount due, on filing appeal.
  68. 36U.Procedure and powers of recovery officer and Appellate Tribunal.
  69. 36V.Limitation.
  70. 36W.Presiding Officer, recovery officer, other officers and employees to be public servant.
  71. 36X.Protection of action taken in good faith.
  72. 36Y.Bar of jurisdiction.
  73. 36Z.Transitional provisions.
  74. 37.General Fund and other funds.
  75. 38.Preparation of balance sheet, etc., of National Housing Bank.
  76. 39.Disposal of surplus.
  77. 40.Audit.
  78. 41.Returns.
  79. 42.Annual report on housing.
  80. 43.Staff of National Housing Bank.
  81. 43A.Delegation of powers.
  82. 44.Obligation as to fidelity and secrecy.
  83. 45.Defects in appointment not to invalidate acts, etc.
  84. 45A.Arrangement with National Housing Bank on appointment of directors to prevail.
  85. 46.Protection of action taken under the Act.
  86. 47.Indemnity of directors.
  87. 47A.Nomination in respect of deposits, bonds, etc.
  88. 48.[Omitted.]
  89. 49.Penalties.
  90. 50.Offences by companies.
  91. 51.Cognizance of offences.
  92. 52.Application of fine.
  93. 52A.Power of National Housing Bank and Reserve Bank to impose fine.
  94. 53.Bankers’ Books Evidence Act 18 of 1891, to apply in relation to the National HousingBank.
  95. 54.Liquidation of National Housing Bank.
  96. 54A.Power to make rules.
  97. 55.Power of the Board to make regulations.
  98. 56.[Repealed.]
  99. 57.Power to remove difficulties.
  100. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  101. SCH-THE THIRD SCHEDULE.THE THIRD SCHEDULE