Notwithstanding anything to the contrary contained in [ [section 460] of the Companies Act, 1956 (1 of 1956)], the [High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories *** if it considers that no object will be secured thereby sufficient to justify the delay and expense.
Section 42: Power to dispense with meetings of creditors, etc.
The Banking Regulation Act, 1949Central Act · Act 10 of 1949
Where this provision sits
| Act | The Banking Regulation Act, 1949 |
|---|---|
| Section | 42 |
| Marginal note | Power to dispense with meetings of creditors, etc. |
| 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 95 of 1956. . Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957).
- substituted, Act 1 of 1984. . Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984).
- substituted, Act 52 of 1953. . Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953).
- omitted, Act 1 of 1984. . The words "or with the appointment of a committee of inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).
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