Unit Trust of India Act,1963
Act No : 52
Section :
Capital of the Trust.
22. Capital of the Trust. (1) The capital of the Trust in relation to the first unit scheme shall consist of- (i) the initial capital, (ii) the unit capital of the said scheme, (iii) any reserves created for that scheme, (iv) any amount borrowed for the purposes of that scheme, (v) any amount received for the purposes of that scheme by way of gifts, grants, donations or benefactions from the Government or any other source and treated as the capital of that scheme under section 20B, (vi) any other capital allocated to that scheme by the Board having regard to the nature of such capital and other relevant factors. (2) The capital of the Trust in relation to any subsequent unit scheme shall consist of- (i) the unit capital of that scheme, (ii) any reserves created for that scheme. ---------------------------------------------------------------------- 1. Subs. by Act 17 of 1966, s. 7, for "the scheme" (w.e.f. 10-6- 1966). 2. Subs. by s. 7, ibid., for "The scheme" (w.e.f. 10-6-1966). 3. Subs. by s. 8, ibid., for former Chapter V (sections 22 to 25) (w.e.f. 10-6-1966). 159 (iii)any amount borrowed for the purposes of that scheme, (iv) any amount received for the purposes of that scheme by way of gifts, grants, donations or benefactions from the Government or any other source and treated as the capital of that scheme under section 20B, (v) any other capital allocated to that scheme by the Board having regard to the nature of such capital and other relevant factors. (3) The capital in respect of a unit scheme shall be held separately from the capital in respect of any other unit scheme and such capital shall, subject to the provisions of this Chapter, be applied solely for the purposes of that unit scheme.
Read All Comments
