Substitution of section 33A

Section 162 of the Finance Act, 2019 (No. 2) deals with substitution of section 33A. Substitution of section 33A 162. For section 33A of the principal Act, the following section shall be substituted, namely:— "33A.

Substitution of section 33A

162. For section 33A of the principal Act, the following section shall be substituted, namely:—

"33A. Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.—(1) If any housing finance institution which is a company violates the provisions of any section or fails to comply with any direction or order given by the National Housing Bank or the Reserve Bank, under any of the provisions of this Chapter, the Reserve Bank may, by order, prohibit such housing finance institution from accepting any deposit.

(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.".

Section 162, The Finance Act, 2019 (No. 2).