1. Short title and commencement.—(1) This Act may be called the Unit Trust of India (Transfer of
Undertaking and Repeal) Act, 2002.
(2) It shall be deemed to have come into force on the 29th day of October, 2002.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Administrator” means a person or a body of persons appointed as Administrator under
section 7;
(b) “appointed day” means such date as the Central Government may, by notification in the
Official Gazette, appoint under section 4;
(c) “bank” shall have the meaning assigned to it in clause (d) of section 2 of the Recovery of
Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);
(d) “Development Bank” means the Industrial Development Bank of India established under the
Industrial Development Bank of India Act, 1964 (18 of 1964);
(e) “financial institution” shall have the meaning assigned to it in clause (h) of section 2 of the
Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);
(f) “Life Insurance Corporation of India” means the Life Insurance Corporation of India
established under sub-section (1) of section 3 of the Life Insurance Corporation
Act, 1956 (31 of 1956);
(g) “Schedule” means Schedules I and II to this Act;
(h) “specified company” means a company to be formed and registered under the Companies
Act, 1956 (1 of 1956) and whose entire capital is subscribed by such financial institutions or banks as
may be specified by the Central Government, by notification in the Official Gazette, for the purpose
of transfer and vesting of the undertaking;
(i) “specified undertaking” includes all business, assets, liabilities and properties of the Trust
representing and relatable to the schemes and Development Reserve Fund specified in the Schedule I;
(j) “State Bank” means the State Bank of India constituted under the State Bank of India
Act, 1955 (23 of 1955);
(k) “Trust” means the Unit Trust of India established under sub-section (1) of section 3 of the
Unit Trust of India Act, 1963 (52 of 1963);
(l) “undertaking” includes all business, assets, liabilities and properties of the Trust representing
and relatable to the schemes and plans specified in the Schedule II;
1. Received the assent of the president on 17th December, 2002, published in the Gazette of India, Extraordinary, Part II, s. 1
dated the 18th December, 2002.
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(m) “unit” means a unit issued