Bare Act Search Results

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Complete Act

Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

State: Central

Year: 1970

.....new bank deemed to be an Indian company Section12 - Removal of Chairman from office Section12A - Bonus Section13 - Obligations as to fidelity and secrecy Section14 - Custodian to be public servant Section15 - Certain defects not to invalidate acts or proceedings Section16 - Indemnity Section16A - Arrangement with corresponding new bank on appointment of Directors to prevail Section17 - References to existing banks on and from the commencement of this Act Section18 - Dissolution Section18A - Supersession of Board in certain cases Section19 - Power to make regulations Section20 - Amendment of certain enactments Section21 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE Amending Act1 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) AND FINANCIAL INSTITUTIONS LAWS (AMENDMENT) ACT, 2006

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Amending Act 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006

State: Central

Year: 1970

.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 10B

Title: Transfer of Unpaid or Unclaimed Dividend to Unpaid Dividend Account

State: Central

Year: 1970

.....six months from such commencement, transfer such unpaid amount to the account referred to in sub-section (1). (3) Any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the corresponding new bank to the Investor Education and Protection Fund established under sub-section (1) of section 205C of the Companies Act, 1956. (4) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 205C of the Companies Act, 1956.] ___________________________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, w.e.f. 16.10.2006.

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Preamble 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

State: Central

Year: 1970

BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 [Act, No. 5 of 1970] [31st March, 1970] PREAMBLE An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively and serve better, the needs of development of the economy in conformity with national policy and objectives and for matter* connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-first Year of the Republic of India as follows:--

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 2

Title: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks

State: Central

Year: 1970

CHAPTER II 1 [TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS] _______________________________ 1. Substituted by Act No. 37 of 1994.

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Complete Act

State: Central

Year: 1970

.....by him in this behalf realise any asset and discharge any liability of the existing bank. (4) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Act and to which the existing bank is a party or which are in favour of the existing bank shall be of full force and effect against or in favour of the corresponding new bank. and may be enforced or acted upon as fully and effectually as if in the place of the existing bank the corresponding new bank had been a party thereto or as if they had been issued in favour ot the corresponding new' bank. (5) If, on the appointed day. any suit. appeal or other proceeding of whatever nature in relation to any business of the undertaking which has been transferred under Section 4-, is pending by or against the existing bank the same shall not abate, be discontinued or be. in any way, prejudicially affected by reason of the transfer of the undertaking of the existing bank or of anything contained in this Act but the suit, appeal or other.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 5

Title: Miscellaneous

State: Central

Year: 1970

.....not disclose any matters which are by the provisions of the Banking Regulation Act, 1949 (10 of 1949), read with the relevant provisions of this Act or any other Act, not required to be disclosed. Explanation II: For the purposes of this Act the accounts of the corresponding new bank shall to be deemed as having not been properly drawn up on the ground merely that they do not disclose certain matters if,- (i) those matters are such as the corresponding new bank is, by virtue of any provision contained in the Banking Regulation Act, 1949 (10 of 1949), read with the relevant provision of this Act, or any other Act, not required to disclose, and (ii) the provisions referred to in clause (i) are specified in the balance sheet and profit and loss account of the corresponding new bank or in the Auditor's report.] (5) The report of the Auditor shall be verified, signed and transmitted to the Central Government. (6) The Auditor shall also forward a copy of the audit report to the corresponding new bank and to the Reserve Bank. (7) After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 4

Title: Management of Corresponding New Banks

State: Central

Year: 1970

.....of clause (i), not more than six Directors to be nominated by the Central Government; 12 [(i) where the capital issued under clause (c) of sub-section (2B) of section 3 is -- (I) not more than sixteen per cent. of the total paid-up capital, one director; (II) more than sixteen per cent. but not more than thirty-two per cent. of the total paid-up capital, two directors; (III) more than thirty-two per cent. of the total paid-up capital, three directors, to be elected by the shareholders, other than the Central Government, from amongst themselves: Provided that on the assumption of charge after election of any such director under this clause, equal number of directors nominated under clause (h) shall retire in such manner as may be specified in the scheme: Provided further that in case the number of directors elected, on or before the commencement of the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, in a corresponding new bank exceed the number of directors specified in sub-clause (I) or sub-clause (II) or sub-clause (III), as the case may be, such excess number of directors elected before such.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 9

Title: Power to Central Government to Make Scheme

State: Central

Year: 1970

.....of clause (i), not more than six Directors to be nominated by the Central Government; 12 [(i) where the capital issued under clause (c) of sub-section (2B) of section 3 is -- (I) not more than sixteen per cent. of the total paid-up capital, one director; (II) more than sixteen per cent. but not more than thirty-two per cent. of the total paid-up capital, two directors; (III) more than thirty-two per cent. of the total paid-up capital, three directors, to be elected by the shareholders, other than the Central Government, from amongst themselves: Provided that on the assumption of charge after election of any such director under this clause, equal number of directors nominated under clause (h) shall retire in such manner as may be specified in the scheme: Provided further that in case the number of directors elected, on or before the commencement of the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, in a corresponding new bank exceed the number of directors specified in sub-clause (I) or sub-clause (II) or sub-clause (III), as the case may be, such excess number of directors elected before such.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 3

Title: Establishment of Corresponding New Banks and Business Thereof

State: Central

Year: 1970

.....(b) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) and may engage in 4 [one or more of the other forms of business] specified in sub-section (1) of section 6 of that Act. (6) Every corresponding new bank shall establish a reserve fund to which shall be transferred the share premiums and the balance, if any, standing to the credit of the reserve fund of the existing bank in relation to which it is the corresponding new bank, and such further sums, if any, as may be transferred in accordance with the provisions of section 17 of the Banking Regulation Act, 1949 (10 of 1949). 5 [(7) (i) The corresponding new bank shall, if so required by the Reserve Bank, act as agent of the Reserve Bank at all places in India where it has a branch, for- (a) paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and (b) undertaking and transacting any other business which the Reserve Bank may from time to time entrust to it. (ii) The terms and conditions on which any such agency business shall be carried on by the corresponding new bank on behalf of the Reserve Bank shall be such as may be agreed upon. (iii) If no.....