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Section 14A: Prohibition of floating charge on assets.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[14A. Prohibition of floating charge on assets.--(1) Notwithstanding anything contained in section 6, no banking company shall create a floating charge on the undertaking or any property of the company or any part thereof, unless the creation of such floating charge is certified in writing by the Reserve Bank as not being detrimental to the interests of the depositors of such company.

(2) Any such charge created without obtaining the certificate of the Reserve Bank shall be invalid.

(3) Any banking company aggrieved by the refusal of a certificate under sub-section (1) may, within ninety days from the date on which such refusal is communicated to it, appeal to the Central Government.

(4) The decision of the Central Government where an appeal has been perferred to it under subsection (3) or of the Reserve Bank where no such appeal has been preferred shall be final.]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section14A
Marginal noteProhibition of floating charge on assets.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. . Ins. by Act 33 of l959, s. 9 (w.e.f. 1.10.1959).

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