Citizen Investment Trust Act, 1991

Chapter - 1
Preliminary

1. Short Title and Commencement: (1) This Act may be called the "Citizen Investment Fund Act, 2047".

(2) This Act shall come into force immediately. 2. Definitions: Unless the subject or context otherwise requires, in this Act,-

(a) "Fund" means the Citizen Investment Fund established pursuant to Section 3.

(b) "General Meeting" means the general meeting of shareholders called pursuant to Section 21.

(c) "Board" means the Board of Directors of the Fund formed pursuant to Section 25.

(d) "Chairperson" means the Chairperson of the Board.

(e) "Director" means a member of the Board and includes the Chairperson of the Board.

(f) "Executive Director" means the Executive Director of the Fund appointed pursuant to Section 42.

(g) "Share" means the divided portion of the share capital of the Fund.

(h) "Shareholder" means a person having ownership in the shares of the Fund.

(i) "Share Certificate" means the certificate provided by the Fund to a shareholder for the purchase of shares.

(j) "Loan" means a debt provided by the Fund upon taking any movable or immovable property as collateral or mortgage or other necessary security or guarantee, on terms determined by the Fund.

(k) "Debenture" means a debt instrument issued by the Fund, with or without being secured against the assets of the Fund.

(l) "Government Bond" means a bond issued by the Government of Nepal under the National Debt Act, 2077.

(m) "Security" means shares, stock, cash, debentures, debenture stock, and bonds issued by the Government of Nepal, and includes receipts relating to the deposit of securities and documents of rights and entitlements relating to securities.

(n) "Investment" means an investment made in shares or debentures and other securities of an incorporated body.

(o) "Investment Account Scheme" means the Investment Account Scheme operated by the Fund pursuant to Section 15.

(p) amended by the First Amendment. "Citizen Unit Scheme" means the Citizen Unit Scheme operated by the Fund pursuant to Section 16, and includes the capital fund collected and accumulated from general savers and investors and the scheme managing such capital fund.

(q) "Unit" means a unit issued to raise capital under the Citizen Unit Scheme.

(r) "Unit Holder" means a person or incorporated body having ownership in a unit of the Fund.

(s) "Unit Certificate" means the certificate provided by the Fund to a unit holder for investing money in the Citizen Unit Scheme.

(t) "Technical Sub-Committee" means the Technical Sub-Committee of experts formed pursuant to Section 43.

(u) "Incorporated Body" means a bank, public company, industry, or similar government or non-government institution established as an incorporated body pursuant to the prevailing law.

(v) inserted by the First Amendment. (v1) "Trustee" means the Board, sub-committee, or member of such Board or sub-committee, or an authorized officer of the Fund designated by the Fund pursuant to Section 43(K) for managing the investment of the capital fund collected and accumulated from savers and investors under this Act, according to the terms of the respective scheme, or for fulfilling obligations under an agreement entered into with any other incorporated body in that regard.

(w) "Prescribed" or "as prescribed" means prescribed or as prescribed in the regulations made under this Act.