Section 3: Act not to apply to certain co-operative societies.

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

[3. Act not to apply to certain co-operative societies.--Notwithstanding anything contained in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), this Act shall not apply to--

(a) a primary agricultural credit society; or

(b) a co-operative society whose primary object and principal business is providing of longterm finance for agricultural development,

if such society does not use as part of its name, or in connection with its business, the words "bank", "banker" or "banking" and does not act as drawee of cheques.]

Where this provision sits

Act	The Banking Regulation Act, 1949
Section	3
Marginal note	Act not to apply to certain co-operative societies.
Jurisdiction	Central
Status	In 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.

substituted, Act 39 of 2020. . Subs. by Act 39 of 2020, s. 2, for section 3 (w.e.f. 26-6-2020).

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