3. Undertaking of Development Bank to vest in Company.-
(1) On such date as the Central Government may, by notification, appoint, there shall be transferred to, and vest in, the Company, the undertaking of Development Bank.
(2) Notwithstanding anything contained in the Banking Regulation Act, 1949 (10 of 1949), the Company referred to in sub-section (1) shall be deemed to be a banking company within the meaning of clause (c) of section 5 of the Banking Regulation Act, 1949 and as such shall carryon banking business in accordance with the provisions of that Act, in addition to the business which may be carried on and transacted by the Development Bank:
Provided that such Company shall not be required to-
(a) obtain licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949);
(b) maintain for a period of five years from the appointed day the percentage of assets required to be maintained under section 24 of the said Act.
(3) The provisions of the Banking Regulation Act, 1949 (10 of 1949) shall, as far as may be, to the extent they are not repugnant to any provision of this Act, apply to such Company.
(4) Notwithstanding anything contained in the Banking Regulation Act,1949 (10 of 1949), the Central Government may, in consultation with the Reserve Bank of India, by notification, direct that any of the provisions of that Act specified in the notification-
(a) shall not apply to the Company; or
(b) shall apply to the Company, only with such exceptions, modifications and the adaptations as may be specified in the notification.
(5) A copy of every notification proposed to be issued under sub-section (4), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in disapproving the issue of the notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.