The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
Central Act · Act 40 of 198028 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 further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto. |
|---|---|
| Type | Act |
| Citation | Act 40 of 1980 |
| Year | 1980 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 28 |
| Subjects | corporate, financial, property |
Full text, provision by provision
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- Section 1 Short title and commence.
- 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 Undertakings of existing banks to vest in corresponding new banks.
- Section 5 General effect of vesting.
- Section 6 Payment of amount.
- 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 Vacation of office of Chairman, etc.
- 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 Construction of references to existing banks.
- Section 18 Dissolution.
- Section 18A Supersession of Board in certain cases.
- Section 19 Power to make regulations.
- Section 21 Repeal and saving.
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