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The Schedule 2 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

THE SECOND SCHEDULE

(See section 44)

AMENDMENT OF CERTAIN ENACTMENTS

PART I

AMENDMENTS TO THE RESERVE BANK OF INDIA ACT,1934

(2 OF 1934)

Amendments

1. Amendment of section 2.

In section 2, after clause(f), insert the following clause, namely:–

‘(g) “Unit Trust” means the Unit Trust of India established under section 3 of the Unit Trust of India Act,1963.’.

2. Amendment of section 17.

In section 17,–

(a) After clause(4BB), insert the following clause, namely:–

“(4BBB) The making to the Unit Trust of loans and advances–

(i) Repayable on demand or on the expiry of a fixed period not exceeding ninety days from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India, or

(ii) Repayable on demand or within a period of eighteen months from the date of such loan or advance against the security of the bonds of the Unit Trust issue with the approval of and guaranteed by the Central Government;”;

(b) After clause (4E), insert the following clause, namely:–

“(4F) Contributing to the initial capital of the Unit Trust.”.

PART II

AMENDMENT TO THE INDUSTRIAL DISPUTES ACT,1947

(14 OF 1947)

Amendment

Amendment of section 2. In section 2, in sub-section(i)of clause (a), after “Deposit Insurance Corporation Act,1961 or” insert the following, namely:–

“The Unit Trust of India established under section 3 of the Unit Trust of India Act,1963, or”.

PART III

AMENDMENT TO THE INDUSTRIAL FINANCE CORPORATION ACT,1948

Amendment

Substitution of new section for section 20. For section 20, substitute the following , namely:–

“20. Investment of funds.

The Corporation may invest its funds in the securities of the Central Government or of any State Government and may, with the approval of the Central Government, contribute to the initial capital of the Unit Trust of India established under the Unit Trust of India Act,1963″.

PART IV

AMENDMENT TO THE STATE BANK OF INDIA ACT,1955

(23 OF 1955)

Amendment

Amendment of section 33. In section 33, after clause (xixa), insert the following clause, namely:–

“(xixaa) Contributing to the initial capital of the Unit Trust of India established under the Unit Trust of India Act,1963;”.

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The Unit Trust of India Act,1963

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