Unit Trust of India (Transfer of Undertaking and Repeal) Act : Transfer of initial capital. Indian Bare

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002

Act No : 58

Section : Transfer of initial capital.

3. Transfer of initial capital.-(1) On the appointed day, the initial capital of the Trust, contributed by the Development Bank, the Life Insurance Corporation, the State Bank and the subsidiary banks and other institutions under sections 4 and 4A of the Unit Trust of India Act, 1963 (52 of 1963), as it stood immediately before the commencement of this Act, shall stand transferred to, and vest in, the Central Government. (2) The initial capital contributed by the Development Bank, the Life Insurance Corporation, the State Bank and the subsidiary banks and other institutions shall be refunded, by the Central Government, to such extent as may be determined by it, having re ard to the book value, the assets and liabilities of the Trust.