National Housing Bank Act, 1987
No: 53 Dated: Dec, 23 1987
National Housing Bank Act, 1987
(Act No 53 of 1987)
An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.
Be it enacted by Parliament in the Thirty-eighth Year of the Republic of India as follows:-
CHAPTER I
PRELIMINARY
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 date1 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.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Board” means the Board of Directors of the National Housing Bank referred to in section 6;
(b) “Chairman” means the Chairman of the Board appointed under section 6;
(c) “director” means a director appointed under section 6;
(d) “housing finance institution” includes every institution, whether incorporated or not, which primarily transacts or has as 2 [one of its principal objects], the transacting of the business of providing finance for housing, whether directly or indirectly;
(e) “Managing Director” means the Managing Director appointed under section 6;
(f) “National Housing Bank” means the National Housing Bank established under section 3;
(g) “notification” means a notification published in the Official Gazette;
(h) “prescribed” means prescribed by regulations made under this Act;
(i) “Reserve Bank” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934).
(j) words and expressions used herein and not defined but defined in the Reserve Bank of India Act, 1934 (2 of 1934), shall have the meanings respectively assigned to them in that Act;
(k) words and expressions used herein and not defined either in this Act or in the Reserve Bank of India Act, 1934 (2 of 1934), but defined in the Banking Regulation Act, 1949 (10 of 1949), shall have the meanings respectively assigned to them in the Banking Regulation Act, 1949.
CHAPTER II
ESTABLISHMENT OF THE NATIONAL HOUSING BANK AND CAPITAL THEREOF
3. Establishment and incorporation of National Housing Bank.—(1) With effect from such date as the Central Government may, by notification, appoint, there shall be established for the purposes of this Act, a bank to be known as the National Housing Bank.
(2) The National Housing Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued.
(3) The head office of the National Housing Bank shall be at [New Delhi or at such other place as the Central Government] may, by notification, specify.
(4) The National Housing Bank may establish offices, branches or agencies at any place in India, and with the previous approval of 2 [the Central Government], at any place outside India.