(2) This Ordinance may be called the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970.
(2) The provisions of this Ordinance (except section 21, which shall come into force on the appointed day) shall be deemed to have come into force on the 19th day of July, 1969 Short title and commencement.
(129) 130 THE GAZETTE OF INDIA EXTRAORDINARY [PART II
2. In this Ordinance; unless the context otherwise requires,— («) "appointed day" means the date of promulgation of this Ordinance;
(b) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956;
(c) "commencement of this Ordinance" means the 19th day of July; 1969;
(d) "corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;
(e) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7;
(/) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, an shown in the return as on the! last Friday of June, 1969, furnished to the Reserve Bank under section 27 of the Banking Regulation Act, 1949, were not less than rupees fifty crores;
(ci) "Schedule" means a Schedule to this Ordinance;
(h) words and expressions used herein and not defined but defined in the Banking Regulation Act, 1949, have the meanings respectively assigned to them in that Act.
CHAPTER II TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS