10.
Other functions of securitisation company or
reconstruction company.- (1) Any securitisation
company or reconstruction company registered
under section 3 may-
(a) act as an agent for any
bank or financial institution for the purpose
of recovering their dues from the borrower on
payment of such fees or charges as may be mutually
agreed upon between the parties;
(b) act as a manager referred
to in clause (c) of sub-section (4) of section
13 on such fee as may be mutually agreed upon
between the parties;
(c) act as receiver if appointed
by any court or tribunal:
Provided that no securitisation
company or reconstruction company shall act
as a manager if acting as such gives rise to
any pecuniary liability.
(2) Save as otherwise provided
in sub-section (1), no securitisation company
or reconstruction company which has been granted
a certificate of registration under sub-section
(4) of section 3, shall commence or carry on,
without prior approval of the Reserve Bank,
any business other than that of securitisation
or asset reconstruction:
Provided that a securitisation
company or reconstruction company which is carrying
on, on or before the commencement of this Act,
any business other than the business of securitisation
or asset reconstruction or business referred
to in sub-section (1), shall cease to carry
on any such business within one year from the
date of commencement of this Act.
Explanation-For the purposes
of this section, securitisation company or reconstruction
company does not include its subsidiary.
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