Chapter-7 Miscellaneous

Estimated reading: 3 minutes 16 views

Exemption from registration fee or revenue stamp: The transaction of registering the property taken by an institution from a borrower as a security in the name of the institution or of sale or purchase of any immovable property by the institution shall be exempted from the registration fee or revenue stamp.

Exemption from income tax: The Government of Nepal may, by publishing a notice in the Nepal Gazette, grant exemption so that income tax is not chargeable fully or partly on the income earned by the institution.

Annual report to be submitted: The institution shall submit to the Bank a preliminary annual report47 of the activities carried out by its in relation to the financial intermediation, along with its profit and loss statements48 within Three months after the expiration of each financial year.

Bank to be consulted: Prior to dissolving the institution pursuant to the Associations Registration Act, 2034(1977), the Bank shall be consulted.

33A .49 To merger or be merged: (1) Notwithstanding anything contained in the Associations Registration Act, 2034(1977), if twothirds members of the number of members present at the general meeting of the institution carrying out the act of financial intermediation pursuant to this Act supports a proposal to merge another institution to it or be merged to another institution, the proposal shall be deemed to have been passed by the general meeting. Provided that, no proposal may be passed in a manner to merge or be merged to any institution that has not carried out the act of financial intermediation.
(2) The proposal passed pursuant to Sub-section (1) shall be submitted to the office registering the institution to be merged and come into force only when separate approval is received from that office and the Bank. After the receipt of such approval, the legal identity of such an institution shall be deemed to have ipso facto lapsed.
(3) The properties of the institution to be merged pursuant to Sub-section (1) shall be transferred to the merging institution, and the merging institution shall bear all liabilities of that institution.

Saving of act done in good faith: The members or employees of the institution shall not be held individually or collectively liable for any act done by them in good faith subject to this Act or the rules framed under this Act.

Prevailing law to apply: Notwithstanding anything contained in the prevailing law, the matters provided for in this Act or the Rules framed hereunder shall be dealt with accordingly, and the other matters shall be as per the prevailing law.

Power to frame Bye-laws: The institution may, subject to this Act or the Rules framed hereunder, may frame Bye-laws, as required, for the operation of its activities, and such Bye-laws shall come into force upon being approved by the Bank.

Post a comment

Your email address will not be published.

Share this Doc

Chapter-7 Miscellaneous

Or copy link

Contents
Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.