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Section 28 - National Bank for Financing Infrastructure and Development Act, 2021
Chapter VII
Miscellaneous
28. Receivables to be held in trust.-
(1) Any sums received by a financial institution for refinancing from the Institution shall, to the extent of the accommodation granted by the Institution and remaining outstanding, be deemed to have been received by the financial institution in trust for the Institution and shall accordingly be paid by such financial institution to the Institution.
(2) Where any accommodation has been granted by the Institution to a financial institution, all securities held, or which may be held, by such financial institution on account of any transaction in respect of which such accommodation has been granted, shall be held by such financial institution in trust for the Institution.
Related Sections
- Section 41: Bankers' Books of Evidence Act, 1891 to apply in relation to the Institution
- Section 16: Disclosure of interest by members of Board or of committees
- Section 29: Setting up of other development financial institution
- Section 20: Performance review of Institution
- Section 31: Powers of Central Government to make rules
Related Acts
- National Commission for Backward Classes (Repeal) Act, 2018
- Punjab Municipal Corporation Law (Extension to Chandigarh) Amendment Act, 2017
- Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023
- Repealing and Amending Act, 2015
- India International Arbitration Centre Act, 2019
* Only for reference.