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Chapter-1

Chapter-1

Preliminary

1. Short Title and commencement:

(1) This Act may be called “Citizen Investment Trust Act, 2047 (1991)”
(2) This Act shall come in to force immediately.

2. Definition: Unless the subject or the context otherwise requires, in this Act,-
(a) “Trust” means Citizen Investment Trust established pursuant to Section 3.
(b) “General Meeting” means general meeting of shareholders called pursuant to Section 21.
(c) “Committee” means Board of Directors of the Trust constituted pursuant to Section 25.
(d) “Chairperson” means Chairperson of the Committee.
(e) “Director” means member of Committee and this expression includes Chairperson of the Committee also.
(f) “Executive Director” means Executive Director of the Trust appointed pursuant to Section 42.
(g) “Share” means divided part of share capital of the Trust.
(h) “Shareholder” means person having ownership in share of the Trust.
(i) “Share Certificate” means certificate issued by the Trust to shareholder for purchasing the share of Trust.
(j) “Loan” means loan to be provided as per the terms and conditions determined by the Trust upon taking any movable or immovable collateral or mortgage or other security or guarantee as may be required
(k) “Debenture” means debenture issued by the Trust with or without placing the Trust’s assets as security.
(l) “Bond” means debt bond issued by the Government of Nepal pursuant to Domestic Borrowing Act, 2059.
(m) “Security” means share, stock, cash, debenture, debenture stock and debt bond issued by the Government of Nepal and this expression also includes deposit related receipt of stock as well as right and letter of authority (Adhikar Patra )relating to stock.
(n) “Investment” means investment made in share or debenture and other securities of any corporate body.
(o) “Investment Account Scheme” means investment account scheme operated by Trust pursuant to Section 15.
(p) “Citizen Unit Scheme” means citizen unit scheme operated by Trust pursuant to Section 16 and this expression also includes capital fund accumulated by collecting from general depositors and investors and the scheme to manage such capital fund also.
(q) “Unit” means unit issued to collect capital under Citizen Unit Scheme.
(r) “Unit Holder” means any individual or corporate body having ownership in unit of the Trust.
(s) “Unit Certificate” means certificate issued by the Trust to Unit Holder in consideration of making investment in Citizen Unit Scheme.
(t) “Technical Sub- Committee” means technical sub- committee of specialists constituted pursuant to Section 43.
(u) “Corporate body” means Bank, Public Company, Industry or similar other Governmental or Non Governmental Organization established as corporate body as per the prevailing law.
(u1) “Trustee” means Committee, Sub-committee of Trusts or member of such Committee or Sub-committee or Officer employee of the Trust as prescribed by the Trust pursuant to Section 43a to manage capital fund accumulated by collecting from depositor and investors as per the terms and conditions of concerned scheme or, to fulfill obligation created by agreement held with any other corporate body in this regard.
(v) “Prescribed” or “as Prescribed” means prescribed or as prescribed in Bye-laws made under this Act.

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