section 28
Receivables to be held in trust.
The National Bank for Financing Infrastructure and Development Act, 2021Finance202148 sections7 chapters
Chapter VII MISCELLANEOUS
Statutory text
- (1) Any sums received by a financial institution for refinancing from the Institution shall, to the extent of the accommodation granted by the Institution and remaining outstanding, be deemed to have been received by the financial institution in trust for the Institution and shall accordingly be paid by such financial institution to the Institution.
- (2) Where any accommodation has been granted by the Institution to a financial institution, all securities held, or which may be held, by such financial institution on account of any transaction in respect of which such accommodation has been granted, shall be held by such financial institution in trust for the Institution.
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