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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

NO.5 OF 1970

Sections Particulars
Chapter I Preliminary
1 Short title and commencement
2 Definitions
Chapter II Transfer Of The Undertakings Of Existing Banks
3 Establishment of corresponding new banks and business thereof
4 Undertaking of existing banks to vest in corresponding new banks
5 General effect of vesting
Chapter III Payment Of Compensation
6 Payment of compensation
Chapter IV Management Of Corresponding New Banks
7 Head office and management
8 Corresponding new banks to be guided by the directions of the Central Government
9 Power of Central Government to make scheme
Chapter V Miscellaneous
10 Closure of accounts and disposal of profits
11 Corresponding new bank deemed to be an Indian company
12 Removal of Chairman from office
13 Obligations as to fidelity and secrecy
14 Custodian to be public servant
15 Certain defects not to invalidate acts or proceedings
16 Indemnity
17 References to existing banks on and from the commencement of this Act
18 Dissolution
19 Power to make regulations
20 Amendment of certain enactments
21 Repeal and savings
Schedule The First Schedule
  The Second schedule
  The Third Schedule

[31st March, 1970]

An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organization, in order to control the heights of the economyand to meet progr essively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matter connected therewith or incidental thereto.

Be it enacted by parliament in the Twenty-first year of the Republic of India as follows:-

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