Bare Act Search Results

Banking Regulation Act, 1949 Part 2C

Title: Acquisition of the Undertakings of Banking Companies in Certain Cases

State: Central

Year: 1949

.....the shareholders of the acquiredbank, or where the acquired bank is a banking company incorporated outsideIndia, to the acquired bank in full satisfaction of their, or as the case maybe, its claims; (f) the provision, if any, for completing the effectualtransfer to the Central Government or the transferee bank of any asset or anyliability which forms part of the undertaking of the acquired bank in anycountry outside India; (g) such incidental, consequential and supplementalmatters as may be necessary to secure that the transfer of the business,property, assets and liabilities of the acquired bank to the Central Governmentor transferee bank, as the case may be, is effectual and complete. (3) The Central Government may, after consultation withthe Reserve Bank, by notification in the Official Gazette, add to, amend orvary any scheme made under this section. (4) Every scheme made under this section shall bepublished in the Official Gazette. (5) Copies of every scheme made under this section shallbe laid before each House of Parliament as soon as may be after it is made. (6) The provisions of this Part and of any scheme madethere under shall have effect notwithstanding.....

Banking Regulation Act, 1949 Section 36AE

Title: Power of Central Government to Acquire Undertakings of Banking Companies in Certain Cases

State: Central

Year: 1949

.....banking company has been given a reasonable opportunity of showing cause against the proposed action. Explanation.In this Part, (a) "notified order" means an order published in the Official Gazette; (b) "undertaking", in relation to a banking company incorporated outside India, means the undertaking of the company in India. (2) Subject to the other provisions contained in this Part, on the appointed day, the undertaking of the acquired bank and all the assets and liabilities of the acquired bank shall stand transferred to, and vest in, the Central Government. (3) The undertaking of the acquired bank and its assets and liabilities shall be deemed to include all rights, powers, authorities and privileges and all property, whether movable or immovable, including, in particular, cash balances, reserve funds, investments, deposits and all other interests and rights in, or arising out of, such property as may be in the possession of or held by, the acquired bank immediately before the appointed day and all books, accounts and documents relating thereto, and shall also be deemed to include all debts, liabilities and obligations, of whatever kind, then existing of the.....

Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Section 3

Title: Restriction of Liability of Banking Companies in Certain Cases

State: Central

Year: 1949

.....under, or be deemed to have, in the case of an account kept by a person entitled absolutely to all the money paid or credited to the account : Provided that nothing in this sub-section shall- (i) apply to the case of an account kept by a legal practitioner as trustee for a specified beneficiary, or (ii) relieve a banking company form any liability or obligation which it would incur or be under, apart form this Act. (2) Notwithstanding anything contained in sub-section (1), a banking company in which a legal practitioner keeps an account for clients' moneys shall not, in respect of any liability of such practitioner to the banking company, not being a liability in connection with that account, have or obtain any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against moneys standing to the credit of that account.

Banking Regulation Act, 1949 Section 53

Title: Power to Exempt in Certain Cases

State: Central

Year: 1949

.....issued only in such modified form as may be agreed upon by both the Houses.]. ________________________ 1. Inserted by Act 55 of 1963, Section 29 w.e.f. 1-2-1964. 2. Section 53 renumbered as sub-section (1) by Special Economic Zones Act, 2005, section 57 and Third Schedule, Pt. II 3. Substituted for the words "banking company 1[or institution] or to any class of banking companies" by Special Economic Zones Act, 2005, section 57 and Third Schedule, Pt. II. 4. Inserted by the Special Economic Zones Act, 2005, section 57 and Third Schedule, Pt. II 5. Omitted by the Banking Regulation (Amendment) Act, 2007, w.e.f. 23rd January, 2007. Prior to omission the text read as under: "or any of their branches functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005" 6. Substitution by the Banking Regulation (Amendment) Act, 2007, w.e.f. 23rd January, 2007. Prior to substitution the text read as under: "A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament"

Abolition of Privy Council Jurisdiction Act, 1949 [Repealed] Section 4

Title: Continuance of Privy Council Jurisdiction in Certain Pending Cases

State: Central

Year: 1949

Nothing contained in shall affect the jurisdiction of His Majesty in Council to dispose of- (a) any Indian appeal or petition on which the Judicial Committee of the Privy Council has before the appointed day delivered judgment or, as the case may be, reported to His Majesty, but which has not been determined by an Order in Council of His Majesty; or (b) any Indian appeal or petition on which the Judicial Committee has after hearing the parties, reserved judgment or order; or (c) any Indian appeal which has been entered before the appointed day in the list of business of the Judicial Committee for the Michaelmas sittings of the year 1949 and which after that day is not directed to be removed there from, by or under the authority of the Judicial Committee; or (d) any Indian petition which has been lodged before the appointed day in the Registry of the Privy Council.

Banking Regulation Act, 1949 Section 3

Title: Act to Apply to Co-operative Societies in Certain Cases

State: Central

Year: 1949

1[3. Act to apply to co-operative societies in certain cases.- Nothing in this Act shall apply to.- (a) a primary agricultural credit society; (b) a co-operative land mortgage bank; and (c) any other co-operative society, except in the manner and to the extent specified in Part V.] ______________________ 1. Substituted by Act 23 of 1956, Section 12, for the former Section 12, for the former section w.e.f. 1-3-1966.

Banking Regulation Act, 1949 Section 36AAB

Title: Order of Winding Up of Multi-state Co-operative Bank to Be Final in Certain Cases

State: Central

Year: 1949

.....DepositInsurance and Credit Guarantee Corporation Act, 1961, as an insured bank, andsubsequently- (a) in pursuance of a scheme prepared with the previousapproval of the Reserve Bank under section 18 of the Multi-State Co-operativeSocieties Act, 2002, an order sanctioning a scheme of compromise andarrangement or reorganisation or reconstruction has been made; or (b) on requisition by the Reserve Bank, an order for windingup of the multi-State co-operative bank has been made under section 87 of theMulti-State Co-operative Societies Act, 2002; or (c) an order for the supersession of the Board theappointment of an administrator therefor has been made under section 36AAA, Such order for sanctioning the scheme of compromise and arrangementor reorganisation or reconstruction under clause (a) or the winding up of themult-State Co-operative Bank under clause (b) or any order for the supersessionof the Board and the appointment of an administrator under clause (c) shall notbe liable to be called in question in any manner.] ____________________ 1. Inserted by Act 24 of 2004.

Bombay Prohibition Act, 1949, (Maharashtra) Section 52

Title: Power of Authorised Officer to Grant Licences, Permits and Passes in Certain Cases

State: Maharashtra

Year: 1949

Notwithstanding anything in this Act, it shall be lawful for any officer authorised by the1[State] Government in this behalf to grant any licences, passes or permits for import, export, transport, possession, sale, buying, cultivation, collection, manufacture,2[bottling], consumption and use of any intoxicant, hemp, or mhowra flowers or molasses or for the tapping of any toddy producing tree or the drawing of toddy from such tree in cases other than those specifically provided under any of the provisions of this Act. _____________________ 1. This word was Substituted for the words "Provincial" By the Adaptation of Laws Order, 1950. 2. This word was inserted by Bom. 22 of 1960, s. 35

Bombay Prohibition Act, 1949, (Maharashtra) Section 142

Title: Power of Collector to Close Places Where Intoxicant or Hemp is Sold in Certain Cases

State: Maharashtra

Year: 1949

1[142. Power of Collector to close places where intoxicant or hemp is sold in certain cases (1) If the Collector is of opinion that it is in the interest of public peace to close any place in which any intoxicant or hemp is sold, it shall be lawful for the Collector by an order in writing to the persons holding a licence for the sale of such intoxicant or hemp to require him to close such place at such time or for such period as may be specified in the order. (2) If a not or unlawful assembly is imminent, or takes place; it shall be lawful for any Executive Magistrate or Police Officer who is present to direct that such place shall be closed and kept closed for such period as he thinks fit, and in the absence of any Executive Magistrate or Police Officer the person referred to in Sub-section (1) shall himself close such place. (3) Any order given under this section shall be final.] ______________________ 1. This section was Substituted for the original by Bom. 22 of 1960, s. 93.

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....