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The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

[Act No. 40 of 1980]

[11th July, 1980.]

Title Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
Sections Particulars
Chapter I Preliminary
1. Short title and commence
2. Definitions
Chapter II Transfer of The Undertakings of Existing Banks and Share Capitals of The Corresponding New Banks
3. Establishment of corresponding new banks and business thereof
3A. Trust not to be entered on the register
3B. Register of beneficial owners
4. Undertakings of existing banks to vest in corresponding new banks
5. General effect of vesting
Chapter III Payment of Amount
6. Payment of amount
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
9A. Power of Reserve Bank to appoint additional director
Chapter V Miscellaneous
10. Closure of accounts and disposal of profits
10A. Annual general meeting
10B. Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account
11. Corresponding new bank deemed to be an Indian company
12. Vacation of office of Chairman, etc.
12A. Bonus
13. Obligations as to fidelity and secrecy
14. Custodian to be public servant
15. Certain defects not to invalidate acts or proceedings
16. Indemnity
16A. Arrangement with corresponding new bank on appointment of directors to prevail
17. Construction of references to existing banks
18. Dissolution
18A. Supersession of Board in certain cases
19. Power to make regulations
20. [Amendment of certain enactment.]- Rep. by the Repealing and Amending Act, 1988 (19 of 1988), s. 2 and the First Schedule (w.e.f. 31-3-1988).
21. Repeal and saving
First Schedule (See Sections 2, 3 and 4)
Second Schedule (See Section 6)
Third Schedule Declaration of Fidelity and Secrecy

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