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Section 2 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

Section 2. Definitions

In this Act, unless the context otherwise requires,-

(a) “Board” means the Board of trustees constituted under section 10 or section 41;

(b) “Contributing institution” means an institution which is, for the time being, a contributory to the initial capital of the Trust under section 4;

(c) “Contribution certificate” means a certificate issued under section 6;

(d) “Initial capital” means the capital of the Trust referred to in section 4;

(e) “Life Insurance Corporation” means the Life Insurance Corporation of India established under the Life Insurance Corporation Act,1956 (31 of 1956.);

(f) “Prescribed” means prescribed by regulations made under this Act;

(g) “Reserve Bank” means the Reserve Bank of India constituted under the Reserve Bank of India Act,1934 (2 of 1934.);

(h) “Scheduled bank” means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act,1934 (2 of 1934.);

(i) “Securities” means shares, debentures, bonds and other stock of any company or other body corporate, whether incorporated in India or outside, and securities issued by any local authority in India, or by the Government of, or a local authority in, any such country outside India as may be approved by the Reserve Bank and includes Government security as defined in section 2 of the Public Debt Act,1944, (18 of 1944.) but does not include mortgages on immovable property;

(j) “State Bank” means the State Bank of India constituted under the State Bank of India Act,1955 (23 of 1955.);

(k) “Subsidiary bank” has the same meaning as in section 2 of the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959.);

(l) “Trust” means the Unit Trust of India established under section 3;

(m) “Trustee” means a trustee appointed, nominated or elected under section 10 or section 41;

(n) “Unit” means a unit issued under the unit scheme;

(o) ” Unit capital” means the aggregate of the face value of the units sold under the unit scheme and outstanding for the time being;

(p) “Unit certificate” means a certificate issued to the purchaser of a unit under the unit scheme;

(q) “Unit holder” means a person for the time being recognised by the Trust as the holder of a unit certificate under the unit scheme; (r) “Unit scheme” means a scheme made under section 21.

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The Unit Trust of India Act,1963

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