(3) the nominee is a minor, it shall be lawful for the depositor making the nomination to appoint, in the manner prescribed by rules made by the Central Government under 45ZAof the Banking Regulation Act, 1949, any person to receive the amount of deposit in the event of his death during the minority of the nominee. (4) Payment by a housing finance institution in accordance with the provision of this section shall constitute a full discharge to the housing finance institution of its liability in respect of the deposit: Provided that nothing contained in this sub-section shall affect the right or claim which any person may have against the person to whom any payment is made under this section. (5) No notice of the of any person, other than the person or persons in whose name a deposit is held by the housing finance institution, shall be receivable by the housing finance institution, nor shall the housing finance institution be bound by any such notice even though expressly given to it: Provided that where any decree, order, certificate or other authority from a court of competent jurisdiction relating to such deposit is produced before a housing finance institution, the housing finance institution shall take due note of such decree, order, certificate or other authority.] 30 [CHAPTER VA OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS 36C. Definitions.- In this Chapter, unless the context otherwise requires,- (a) "Appellate Tribunal" means the Appellate Tribunal established under section 36-I; (b) "approved institution" means- (i) a housing finance institution which has been granted a certificate of registration under sub-section (5) of section 29A; (ii) a scheduled bank; (iii) National Housing Bank acting as trustee or otherwise in a transaction of securitisation of housing mortgages undertaken by the National Housing Bank; (iv) such other institutions as the Central Government may, on the recommendation of the National Housing Bank, by notification, specify; (c) "assistance" means any direct or indirect financial assistance granted, by an approved institution during the course of any housing finance activity undertaken by it;
regulation or scheme] should not be made, the 45[rules, regulation or scheme] shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that 45[rules, regulation or scheme]. 56. Amendment of certain enactments.- The enactments specified in the Second Schedule to this Act be amended in the manner provided therein and unless otherwise provided in that Schedule, such amendments shall take effect on and from the date of establishment of the National Housing Bank under section 3. 57. Power to remove difficulties.- If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty: Provided that no such shall be made after the expiry of a period of three years from the commencement of this Act. THE FIRST SCHEDULE [See Section 44(2)] Declaration of Fidelity and Secrecy I, .........do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as director, member of the........committee, auditor, advisor, officer or other employee (as the case may be) of the National Housing Bank and which properly relate to the office or position held by me in or in relation to the said National Housing Bank. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the National Housing Bank nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the National Housing Bank and relating to the business of the said National Housing Bank or the business of any person having any dealing with the said National Housing Bank. Signed before me. (Signature) THE SECOND SCHEDULE (See section 56) AMENDMENTS TO CERTAIN ENACTMENTS PART I
2. In sub-section (1) of section 18, in the Explanation, in sub-clause (ii) of clause (a), after the words "or from the Reconstruction Bank", the words "or from the National Housing Bank" shall be inserted. 3. In section 34A, in sub-section (3), after the words "the Reconstruction Bank", the words "the National Housing Bank" shall be inserted. 4. In section 36AD, in sub-section (3), after the words "the Reconstruction Bank", the words "the National Housing Bank" shall be inserted. 5. In section 56, under clause (j), in the Explanation, in sub-clause (ii) of clause (a), after the words "the Reconstruction Bank", the words "the National Housing Bank" shall be inserted. PART III AMENDMENT TO THE INDUSTRIAL DISPUTES ACT, 1947 (14 OF 1947) AMENDMENTS In Section 2, in clause (a), in sub-clause (i), after the words "the Industrial Reconstruction Bank of India", the words and figures "the National Housing Bank established under section 3 of the National Housing Bank Act, 1987" shall be inserted. PART IV AMENDMENT TO THE PAYMENT OF BONUS ACT, 1965 (21 OF 1965) AMENDMENTS In section 32, after sub-clause (f) of clause (ix), the following sub-clause shall be inserted, namely:- "(ff) the National Housing Bank;". 46[THE THIRD SCHEDULE (See section 16A) DECLARATION REFERRED TO IN SECTION 16A OF THE NATIONAL HOUSING BANK ACT, 1987 Place Date: