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Banking Regulation Act, 1949

 [Act no. 10 of Year 1949, dated 10th. March, 1949]

Contents

Sections

Particulars

Part I

Preliminary

1

Short title, extent and commencement

2

Application of other laws not barreds

3

Act to apply to co-operative societies in certain cases

4

Power to suspend operation of Act

5

Interpretation

5A

Act to override memorandum, articles, etc.

Part II

Business Of Banking Companies

6

Form and business in which banking companies may engage

7

Use of words "bank", "banker", "banking" or "banking company"

8

Prohibition of trading

9

Disposal of non-banking assets

10

Prohibition of employment of Managing Agents and restrictions on certain forms of employment

10A

Board of Directors to include persons with professional or other experience

10B

Banking company to be managed by whole-time Chairman

10BB

Power of Reserve Bank to appoint Chairman of a banking company

10C

Chairman and certain Directors not to be required to hold qualification shares

10D

Provisions of sections 10A and 10B to override all other laws, contracts, etc.

11

Requirement as to minimum paid-up capital and reserves

12

Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders

12A

Election of new Directors

13

Restriction on commission, brokerage, discount, etc., on sale of shares

14

Prohibition of charge on unpaid capital

14A

Prohibition of floating charge on assets

15

Restrictions as to payment of dividend

16

Prohibition of common Directors

17

Reserve Fund

18

Cash reserve

19

Restriction on nature of subsidiary companies

20

Restrictions on loans and advances

20A

Restrictions on power to remit debts

21

Power of Reserve Bank to control advances by banking companies

21A

Rate of interest charged by banking companies not to be subject to scrutiny by courts

22

Licensing of banking companies

23

Restrictions on opening of new, and transfer of existing, places of business

24

Maintenance of a percentage of assets

25

Assets in India

26

Return of unclaimed deposits

27

Monthly returns and power to call for other returns and information

28

Power to publish information

29

Accounts and balance-sheet

30

Audit

31

Submission of returns

32

Copies of balance-sheets and accounts to be sent to Registrar

33

Display of audited balance-sheet by companies incorporated outside India

34

Accounting provisions of this Act not retrospective

34A

Production of documents of confidential nature

35

Inspection

35A

Power of the Reserve Bank to give directions

35B

Amendments of provisions relating to appointments of Managing Directors, etc., to be subject to previous approval of the Reserve Bank

36

Further powers and functions of Reserve Bank

36A

Certain provisions of the Act not to apply to certain banking companies

Part IIA

Control Over Management

36AA

Power of Reserve Bank to remove managerial and other persons from office

36AB

Power of Reserve Bank to appoint additional Directors

36AC

Part IIA to override other laws

Part IIB

Prohibition Of Certain Activities In Relation To Banking Companies

36AD

Punishments for certain activities in relation to banking companies

Part IICA

Cquisition Of The Undertakings Of Banking Companies In Certain Cases

36AE

Power of Central Government to acquire undertakings of banking companies in certain cases

36AF

Power of the Central Government to make scheme

36AG

Compensation to be given to shareholders of the acquired bank

36AH

Constitution of the Tribunal

36AI

Tribunal to have powers of a civil court

36AJ

Procedure of the Tribunal

Part III

Suspension Of Business And Winding Up Of Banking Companies

36B

High Court defined

37

Suspension of business

38

Winding up by High Court

38A

Court liquidator

39

Reserve Bank to be official liquidator

39A

Application of Companies Act to liquidators

40

Stay of proceedings

41

Preliminary report by official liquidator

41A

Notice to preferential claimants and secured and unsecured creditors

42

Power to dispense with meetings of creditors, etc.

43

Booked depositors' credits to be deemed proved

43A

Preferential payments to depositors

44

Power of High Court in voluntary winding up

44A

Procedure for amalgamation of banking companies

45

Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation

Part IIIA

Special Provisions For Speedy Disposal Of Winding Up Proceedings

45A

Part IIIA to override other laws

45B

Power of High Court to decide all claims in respect of banking companies

45C

Transfer of pending proceedings

45D

Settlement of list of debtors

45E

Special provisions to make calls on contributories

45F

Documents of banking company to be evidence

45G

Public examination of Directors and Auditors

45H

Special provisions for assessing damages against delinquent Directors, etc.

45I

Duty of Directors and Officers of banking company to assist in the realization of property

45J

Special provisions for punishing offences in relation to banking companies being wound up

45K

Power of High Court to enforce schemes of arrangements, etc.

45L

Public examination of Directors and Auditors, etc., in respect of a banking company under schemes of arrangement

45M

Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act

45N

Appeals

45-O

Special period of limitation

45P

Reserve Bank to tender advice in winding up proceedings

45Q

Power to inspect

45R

Power to call for returns and information

45S

Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up

45T

Enforcement of orders and decisions of High Court

45U

Power of High Court to make rules

45V

References to Directors, etc., shall be construed as including references to past Directors, etc.

45W

Part II not to apply to banking companies being wound up

45X

Validation of certain proceedings

Part IIIB

Provisions Relating To Certain Operations Of Banking Companies

45Y

Power of Central Government to make rules for the preservation of records

45Z

Return of paid instruments to customers

45ZA

Nomination for payment of depositors' money

45ZB

Notice of claims of other persons regarding deposits not receivable

45ZC

Nomination for return of articles kept in safe custody with banking company

45ZD

Notice of claims of other persons regarding articles not receivable

45ZE

Release of contents of safety lockers

45ZF

Notice of claims of other persons regarding safety lockers not receivable

Part IV

Miscellaneous

46

Penalties

46A

Chairman, Director, etc., to be public servants for the purposes of Chapter IX to the Indian Penal Code

47

Cognizance of offences

47A

Power to Reserve Bank to impose penalty

48

Application of fines

49

Special provisions for private banking companies

49A

Restriction on acceptance of deposits withdrawable by cheque

49B

Change of name by banking company

49C

Alteration of memorandum of a banking company

50

Certain claims for compensation barred

51

Application of certain provisions to the State Bank of India and other notified banks

52

Power of Central Government to make rules

53

Power to exempt in certain cases

54

Protection of action taken under Act

55

Amendment of Act 2 of 1934

55A

Power to remove difficulties

Part V

Application Of The Act To Co-Operative Banks

56

Act to apply to Co-operative Societies subject to modifications

Schedule III

Form A :- Form Of Balance-Sheet

 

Form B :- Form Of Profit And Loss Account

Schedule I

Amendments

Schedule II

[Repealed by the Repealing and the Amending Act, 1957 (36 of 1957) s. 2 and Sch. I.]

Schedule III

Form A :- Form of Balance Sheet

 

Form B :- Profit and loss account for the year ended on 31st March (year)

Schedule IV

List Of Debtors

Schedule V

Principles Of Compensation

An Act to consolidate and amend the law relating to banking 1[***]

WHEREAS it is expedient to consolidate and amend the law relating to banking 1[***];

It is hereby enacted as follows: -



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