1494. Unit Trust of India General Regulations, 1964 - Notification under regulation 42 - Authorisation to incumbents to exercise signing powers on behalf of Trust
Circular No. 53 was issued by the Central Board of Direct Taxes on 11 January 1971. Its subject is 1494. Unit Trust of India General Regulations, 1964 - Notification under regulation 42 - Authorisation to incumbents to exercise signing powers on behalf of Trust.
Sets out who may sign for the Unit Trust of India. Under regulation 42 of the Unit Trust of India General Regulations, 1964, and superseding an earlier notification of 3 January 1981, the Board of Trustees authorises three tiers of officers. Chief General Managers, General Managers, Joint General Managers, Deputy General Managers, Deputy General Managers or Officers-in-Charge at regional offices, and Assistant General Managers may endorse and transfer promissory notes, stock receipts, debentures, stock, shares, other securities and documents of title to goods held by or standing in the name of the Trust; draw, accept and endorse bills of exchange and other instruments in the Trust's current and authorised business; and sign deeds, agreements, lease deeds, transfers and conveyances affecting immovable property, transfer deeds for purchase or sale of shares and debentures, applications for new shares, fractional coupons for rights and bonus issues, sale and repurchase orders for Government securities through the Reserve Bank of India, cheques, delivery instructions to banks and brokers, transfer endorsements on Government securities and redemption receipts, besides letters and receipts. Managers and Deputy Managers may sign cheques, delivery instructions to banks and brokers for purchase and sale of securities, and letters and receipts. Staff officers may sign letters and issue receipts in the current and authorised business emanating from their own divisions or departments.
To replace the earlier authorisation of 3 January 1981 and put on record, under regulation 42, the posts whose incumbents may sign on the Trust's behalf and the documents each tier may sign.
| Under the 1961 Act | Now |
|---|---|
| s.4 | s.4 |
1494. Unit Trust of India General Regulations, 1964 - Notification under regulation 42 - Authorisation to incumbents to exercise signing powers on behalf of Trust
In pursuance of regulation 42 of the Unit Trust of India General Regulations, 1964, and in supersession of the Notification No. UT/120/Secy. 52/80-81, dated January 3, 1981, and published in the Gazette of India, dated January 3, 1981, in Part III, section 4, the Board of Trustees of the Unit Trust of India hereby authorise the incumbents of the undernoted posts to exercise signing powers on behalf of the Trusts as shown below : —
1. Chief General Manager/s.
2. General Manager/s.
3. Joint General Manager/s.
4. Deputy General Manager/s.
5. Deputy General Manager/s or Officer-in-Charge at the Regional Offices of the Trust.
6. Assistant General Manager/s.
To endorse and transfer promissory notes, stock receipts, debentures, stock, shares and all other securities and documents of title to goods whatsoever standing in the name of or held by the Trust, and to draw, accept and endorse bills of exchange and all other instruments in the current and authorised business of the Trust and to sign all deeds, agreements, instruments and writings of whatever nature, lease deeds, transfers, conveyances and other deeds relating to or affecting rights to or in immovable property and to sign all other accounts, certificates, receipts and documents connected with the authorised business of the Trust, including transfer deeds for purchase or sale of shares and debentures, transfer deeds for new shares allotted by a company or other body corporate to the Trust, applications for new shares of a company or other body corporate, fractional coupons for rights and bonus issue of a company or other body corporate, sale and repurchase orders for Government securities through the Reserve Bank of India, cheques, delivery instructions to banks and brokers in connection with purchase and sale of securities, transfer endorsement on Government securities standing in the name of the Trust and redemption receipts relating to stock, shares, debentures and all other securities and letters and receipts.
II. Manager
Deputy managers
To sign cheques, delivery instructions to banks and brokers in connection with the purchase and sale of securities, letters and receipts in the current and authorised business of the Trust.
III. Staff officers
To sign letters and issue receipts in the current and authorised business of the Trust emanating from their respective divisions/departments.
Notification : U.T. No. 120/Secy. 52/80-81, dated 17-4-1989.
Where a document executed for the Trust is being verified for authority — a share transfer deed, a delivery instruction, or a conveyance.
Source: the Income Tax Department’s own published text — its page for this instrument.
