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

NO.5 OF 1970

Contents

Sections

Particulars

Chapter I

Preliminary

 

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 economy and to meet progressively, 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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