20.
Central Registry.- (1) The Central
Government may, by notification, set up or cause
to be set up from such date as it may specify
in such notification, a registry to be known
as the Central Registry with its own seal for
the purposes of registration of transaction
of securitisation and reconstruction of financial
assets and creation of security interest under
this Act.
(2) The head office of the
Central Registry shall be at such place as the
Central Government may specify and for the purpose
of facilitating registration of transactions
referred to in sub-section (1), there may be
established at such other places as the Central
Government may think fit, branch offices of
the Central Registry.
(3) The Central Government
may, by notification, define the territorial
limits within which an office of the Central
Registry may exercise its functions.
(4) The provisions of this
Act pertaining to the Central Registry shall
be in addition to and not in derogation of any
of the provisions contained in the Registration
Act, 1908 (16 of 1908), the Companies Act, 1956
(1 of 1956), the Merchant Shipping Act, 1958
(44 of 1958), the Patents Act, 1970 (39 of 1970),
the Motor Vehicles Act, 1988 (59 of 1988) and
the Designs Act, 2000 (16 of 2000) or any other
law requiring registration of charges and shall
not affect the priority of charges or validity
thereof under those Acts or laws.
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