Preamble - INVESTOR EDUCATION AND PROTECTION FUND (AWARENESS AND PROTECTION OF INVESTORS) AMENDMENT RULES, 2014

INVESTOR EDUCATION AND PROTECTION FUND (AWARENESS AND PROTECTION OF INVESTORS) AMENDMENT RULES, 2014

PREAMBLE

In exercise of the powers conferred by sub-section (1) of Section 642 read with sub-section (3) of Section 205C of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Investor Education and Protection Fund (awareness and protection of investors) Rules, 2001, namely:-

Rule 1 - RULE 1

(1) These rules may be called the Investor Education and Protection Fund (awareness and protection of investors) Amendment Rules, 2014.

(2) They shall come into force with effect from the 31st March, 2014.

Rule 2 - RULE 2

In rule 2 of Investor Education and Protection Fund (awareness and protection of investors) Rules, 2001 (hereinafter referred to as the said rules), after clause (d), the following clause shall be inserted, namely:-

'(da) "corresponding new bank" means the corresponding new bank as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);'

Rule 3 - RULE 3

In rule 3 of the said rules, in sub-rule (i), after the words "Any money required to be credited by the companies to the fund, as provided in the Act", the following shall be inserted, namely:-

"and any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of section 10B of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and section 10B of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, which remains unpaid or unclaimed for a period of seven years from the date of such transfer"

Rule 4 - RULE 4

In Form 1 annexed to said rules, for the word "company", wherever it occurs, the words "company and corresponding new bank" shall be substituted.