(1) This Act may be called The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
(2) It shall be deemed to have come into force on the 15th day of April, 1980.
Section 2 - Definitions
In this Act, unless thecontext otherwise requires, -
(a) "bankingcompany" does not include a foreign company within the meaning of section591 of the Companies Act, 1956;
(b) "correspondingnew bank", in relation to an existing bank, means the body corporatespecified against such bank in column 2 of the First Schedule;
(c) "Custodian"means the person who becomes, or is appointed, a Custodian under section 7;
(d) "existingbank" means a banking company specified in column 1 of the First Schedule,being a company the total of the demand and time liabilities in India of which,as shown in the return as on the 14th day of March, 1980, furnished to theReserve Bank under section 42 of the Reserve Bank of India Act, 1934 amounts tonot less than rupees two hundred crores;
1 [(da)"prescribed" means prescribed by regulations made under this Act;]
(e) words andexpressions used therein and not defined but defined in the Banking RegulationAct, 1949, have the meanings respectively assigned to them in that Act.
1 [(f)words and expressions used herein and not defined either in this Act or in the BankingRegulation Act, 1949 (10 of 1949), but defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectivelyassigned to them in the Companies Act, 1956.]
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1. Insertedby Act 37 of 1994, Section 10 w.e.f. 15-7-1994