The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
Central Act · Act 5 of 197029 provisions
The enactment
| Long title | An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 5 of 1970 |
| Year | 1970 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 29 |
| Subjects | corporate, financial, property |
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- Section 1 Short title and commencement
- Section 2 Definitions.
- Section 3 Establishment of corresponding new banks and business thereof.
- Section 3A Trust not to be entered on the register.
- Section 3B Register of beneficial owners
- Section 4 Undertaking of existing banks to vest in corresponding new banks
- Section 5 General effect of vesting.
- Section 6 Payment of compensation.
- Section 7 Head office and management.
- Section 8 Corresponding new banks to be guided by the directions of the Central Government.
- Section 9 Power of Central Government to make scheme.
- Section 9A Power of Reserve Bank to appoint additional director
- Section 10 Closure of accounts and disposal of profits.
- Section 10A Annual general meeting.
- Section 10B Transfer of unpaid or unclaimed money.
- Section 11 Corresponding new bank deemed to be an Indian company
- Section 12 Removal of Chairman from office
- Section 12A Bonus.
- Section 13 . Obligations as to fidelity and secrecy.
- Section 14 Custodian to be public servant
- Section 15 Certain defects not to invalidate acts or proceedings
- Section 16 Indemnity
- Section 16A Arrangement with corresponding new bank on appointment of directors to prevail
- Section 17 References to existing banks on and from the commencement of this Act.—
- Section 18 Dissolution
- Section 18A Supersession of Board in certain cases
- Section 19 Power to make regulations.
- Section 20 Amendment of certain enactments
- Section 21 Repeal and savings
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