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TypeBare Act JurisdictionCentral Government

Banking Regulation Act, 1949 Section 13

Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares

~1 min read
https://sooperkanoon.com/act/38672

Bare act section · Research

About this section

Banking Regulation Act, 1949 Section 13 is part of Banking Regulation Act, 1949 - Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares. Read the section text below and explore Indian court judgments that cite it.

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Section Text

Notwithstanding anything to thecontrary contained in 1 [sections 76 and 79 of the Companies Act, 1956 (1 of1956)], no banking company shall pay outdirectly or indirectly by way of commission, brokerage, discount orremuneration in any form in respect of any shares issued by it, any amountexceeding in the aggregate two and one-half per cent of the paid-up value ofthe said shares.

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1. Subsituted by Act 95 of 1956, Section 14 and Schedule I, for"section 105 and 105A of the Indian Companies Act, 1913 (7 of 1913)" w.e.f.14-1-1957.

Frequently asked questions

What does Banking Regulation Act, 1949 Section 13 provide?

Section Section 13 of the Banking Regulation Act, 1949 (Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares) is reproduced on this page as part of the Banking Regulation Act, 1949. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Banking Regulation Act, 1949 Section 13?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Banking Regulation Act, 1949 Section 13. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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