Section Text
1 [5A. Act to override memorandum, articles, etc
Save as otherwise expressly provided in this Act. -
(a) the provisions of this Act shall have effectnotwithstanding anything to the contrary contained in the memorandum orarticles of a banking company, or in any agreement executed by it, or in anyresolution passed by the banking company in general meeting or by its Board ofDirectors, whether the same be registered, executed or passed, as the case maybe, before or after the commencement of the Banking Companies (Amendment) Act,1959 (33 of 1959); and
(b) any provision contained in the memorandum, articles,agreement or resolution aforesaid shall, to the extent to which it is repugnantto the provisions of this Act, become or be void, as the case may be.]
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1. Inserted by Act 33 of 1959, Section 2 w.e.f. 1-10-1959.