Section 33 of The Credit Information Companies (Regulation) Act, 2005.
The provisions of this Act shall be in addition to, and not, save as provided under this Act, in derogation of, the provisions of the Companies Act, 1956 (1 of 1956) or any other law for the time being in force.
Summary
- The rules in this Act do not replace or cancel out other existing laws.
- This Act specifically states that it adds to the requirements of the Companies Act, 1956.
- Companies must obey this Act alongside any other law currently in force.
Practical examples
FAQ
1. If a company follows this Act perfectly, can it ignore the Companies Act?
No, you must follow the provisions of this Act in addition to the Companies Act, 1956.
2. Does this Act legally weaken older banking laws?
No, it applies in addition to any other law for the time being in force, not in derogation of them.
3. What does the phrase "not in derogation of" mean in plain language?
It means this Act does not lessen, weaken, or take away the power of other existing laws.
Test yourself
Q1.Under Section 33 of The Credit Information Companies (Regulation) Act, 2005., how does this Act interact with the Companies Act, 1956?
Q2.Under Section 33 of The Credit Information Companies (Regulation) Act, 2005., if a credit institution is bound by another current law, what is its legal obligation?
Q3.Under Section 33 of The Credit Information Companies (Regulation) Act, 2005., what legal phrase is specifically used to show that this Act does not weaken other laws?
Q4.Under Section 33 of The Credit Information Companies (Regulation) Act, 2005., which specific legislation is explicitly mentioned by name alongside the phrase "any other law"?