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Section 45M: Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.

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

[45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.--Where any compromise or arrangement sanctioned in respect of a banking company under [section 391 of the Companies Act, 1956 (1 of 1956),] is being worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the High Court may, if it so thinks fit on the application of such banking company,--

(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or

(b) allow the banking company to settle the list of its debtors in accordance with the provisions of section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the banking company as they apply to a banking company which is being wound up as if the order sanctioning the compromise or arrangement were an order for the winding up of the banking company.]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section45M
Marginal noteSpecial provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.
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.

  • substituted, Act 52 of 1953. . Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
  • substituted, Act 95 of 1956. . Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 153 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957).

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