In force · As amended up to 2026-08
47. Indemnity of directors.— (1) Every director shall be indemnified by the national Housing Bank against all losses and expenses incurred by him in, or in relation to, the discharge of his duties, except such as are caused by his own wilful act or default.
(2) A director shall not be responsible for any other director or for any officer or other employee of the National Housing Bank or for any loss or expenses resulting to the National Housing Bank from the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the National Housing Bank or the insolvency or wrongful act of any debtor or any person under obligation to the National Housing Bank or of anything done in good faith in the execution of the duties of his office in relation thereto.
1. Ins. by Act 30 of 2005, s. 34 and Schedule (w.e.f. 14-12-2006).
2. Ins. by Act 15 of 2000, s. 23 (w.e.f. 12-6-2000).
3. Subs. by Act 13 of 2018, s. 176, for "Companies Act, 1956 (1 of 1956)" (w.e.f. 1-6-2018).
4. Subs. by Act 23 of 2019, s. 169, for "the National Housing Bank" (w.e.f. 9-8-2019).
1[47A. Nomination in respect of deposits, bonds, etc.— (1) Notwithstanding anything contained in any other law for the lime being in force, where a nomination in respect of any deposit, bonds or other securities is made with the National Housing Bank in the prescribed manner, the amount due on such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title or interest of any other person to such deposits, bonds or securities.
(2) Any payment made by the National Housing Bank in accordance with the provisions of
sub-section (1) shall be a full discharge of its liability in respect of such deposits, bonds or securities.]
48 . [ Explanation from tax on income .] — Omitted by the Finance Act , 2001 (14 of 2001), s . 141 ( w.e.f. 1-4-2002).
Source: India Code