Unit Trust of India Act,1963
Act No : 52
Section :
Definitions.
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; 2*[(ca) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964);] 3*[4*[(cb)] "first unit scheme" means the unit scheme made before the commencement of the Unit Trust of India (Amendment) Act, 1966 (17 of 1966);] 5*[(cc) "General Insurance Corporation" means the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972;] ---------------------------------------------------------------------- 1. 1st February, 1964; vide Notification No. G.S.R. 172, dated 31-1- 1964, Gazette of India, Extraordinary, Pt. II, Sec. 3(i), p. 47. 2. Ins. by Act 52 of 1975, s. 44 (w.e.f. 16-2-1976). 3. Ins. by Act 17 of 1966, s. 2 (w.e.f. 10-6-1966). 4. Cl. (cc) relettered as (cb) by Act 52 of 1975, s. 44 (w.e.f. 16- 2-1976). 5. Ins. by Act 63 of 1985, s. 2 (w.e.f. 23.4.1986). 144 (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; 1*["(fa) "public financial institution" means every financial institution, other than the Trust, specified by or under section 4A of the Companies Act, 1956;] (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); 2*[(i) "security" means- (a) any share, stock, bond, debenture or debenture stock, of any body corporate; (b) any unit or sub-unit issued by, or other participation in a unit scheme framed by, any body or authority (not being the Trust) outside India or a mutual fund established outside India; and includes- (i) a government security as defined in section 2 of the Public Debt Act, 1944 (18 of 1944); (ii) a savings certificate to which the Government Savings Certificates Act, 1959 (46 of 1959), applies; (iii) any security 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 (iv) any foreign security as defined in section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), as may be approved by the Reserve Bank;] (j) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); 3*[(jj) "subsequent unit scheme" means any scheme made after the commencement of the Unit Trust of India (Amendment) Act, 1966 (17 of 1966);] (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 4*[a unit scheme]; (o) "unit capital" means the aggregate of the face value of the units sold under 2*[a unit scheme] and outstanding for the time being; ---------------------------------------------------------------------- 1. Ins. by Act 63 of 1985, s.2 (w.e.f. 23.4.1986). 2. Subs. by s. 2, ibid. (w.e.f. 23-4-1986). 3. Ins. by Act 17 of 1966, s. 2 (w.e.f. 10-6-1966). 4. Subs. by s. 2, ibid., for "the unit scheme" (w.e.f. 10-6-1966). 145 (p) "unit certificate" means a certificate issued to the purchaser of a unit under 1*[a unit scheme]; (q) "unit holder" means a person for the time being recognised by the Trust as the holder of a unit certificate under 1*[a unit scheme]; (r) "unit scheme" means a scheme made under section 21.
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