{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"145","heading":"Amendment of section 49","text":"Amendment of section 49. 145. In the principal Act, in section 49,— (i) | in sub-section (1), for the word \"Corporation\", the word \"Board\" shall be substituted; (ii) | in sub-section (2),— (a) | in clause (a), for the word \"Corporation\", the word \"Board\" shall be substituted; (b) | clause (c) shall be omitted; (c) | in clause (e), for the word \"Fund\", the words \"fund or funds\" shall be substituted; (d) | for clause (h), the following clause shall be substituted, namely:— \"(h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and the quorum therefor;\"; (e) | clause (i) shall be omitted; (f) | after clause (m), the following clauses shall be inserted, namely:— \"(n) the manner of election of directors under clause (f) of sub-section (2) of section 4; (o) the form and manner of registers to be kept and maintained under sub-section (1) of section 5B; (p) the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and the manner of nomination in favour of a minor, under section 5E; (q) the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered; (r) the maintenance and operation of the funds and reserves under section 24; (s) the form and manner in which the books and records referred to in section 24A may be kept;\"; (iii) | after sub-section (2), the following sub-section shall be inserted, namely:— \"(2A) Any reference in the regulations as in force immediately before the coming into force of section 132 of the Finance Act, 2021 to \"Investment Committee\" shall be construed as a reference to the Investment Committee of the Board referred to in section 19A.\".","html":"

Amendment of section 49.

145. In the principal Act, in section 49,—

(i)in sub-section (1), for the word \"Corporation\", the word \"Board\" shall be substituted;
(ii)in sub-section (2),—
(a)in clause (a), for the word \"Corporation\", the word \"Board\" shall be substituted;
(b)clause (c) shall be omitted;
(c)in clause (e), for the word \"Fund\", the words \"fund or funds\" shall be substituted;
(d)for clause (h), the following clause shall be substituted, namely:—
\"(h) the manner in which meetings of the Board and its Committees shall be held, the business to be transacted and procedure to be followed thereat, and the quorum therefor;\";
(e)clause (i) shall be omitted;
(f)after clause (m), the following clauses shall be inserted, namely:—
\"(n) the manner of election of directors under clause (f) of sub-section (2) of section 4;
(o) the form and manner of registers to be kept and maintained under sub-section (1) of section 5B;
(p) the manner of nomination by an individual registered member or joint holder of shares, the manner of variation or cancellation of such nomination, and the manner of nomination in favour of a minor, under section 5E;
(q) the manner in which and the conditions subject to which shares, including partly paid-up shares, may be issued, held, transferred and registered;
(r) the maintenance and operation of the funds and reserves under section 24;
(s) the form and manner in which the books and records referred to in section 24A may be kept;\";
(iii)after sub-section (2), the following sub-section shall be inserted, namely:—
\"(2A) Any reference in the regulations as in force immediately before the coming into force of section 132 of the Finance Act, 2021 to \"Investment Committee\" shall be construed as a reference to the Investment Committee of the Board referred to in section 19A.\".
","words":314,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/145/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}