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Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Repealing Act 1

Title: Banking Companies Legal Practioners Clients Accounts Repeal Act, 2001

State: Central

Year: 1949

THE BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 [Act, No. 20 of 2001] [26th August, 2001] PREAMBLE An Act to repeal the Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949. Be it enacted by Parliament in the Fifty-second Year of the Republic of India as follows: - 1. Short title This Act may be called the Banking Companies (Legal Practitioners' Clients' Accounts) Repeal Act, 2001. 2. Repeal of Act The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 (46 of 1949) is hereby repealed

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Preamble 1

Title: THE BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001

State: Central

Year: 2001

THE BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 [Act, No. 20 of 2001] [26th August, 2001] PREAMBLE An Act to repeal the Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949. be it enacted by Parliament in the Fifty-second Year of the Republic of India as follows: -

Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Complete Act

Title: Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed]

State: Central

Year: 1949

Preamble1 - BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNT) ACT, 1949 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Restriction of liability of banking companies in certain cases Repealing Act1 - BANKING COMPANIES LEGAL PRACTIONERS CLIENTS ACCOUNTS REPEAL ACT, 2001

BANKING COMPANIES (LEGAL PRACTITIONERS CLIENTS ACCOUNT) ACT, 1949 [REPEALED] Preamble 1

Title: BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNT) ACT, 1949

State: Central

Year: 1949

THE BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNT) ACT, 1949 [Act, No. 46 of 1949] [8th December, 1949] PREAMBLE An Act to restrict the liability of banking companies in connection with certain transaction by legal practitioners; WHEREAS it is expedient to restrict the liability of banking companies in connection with certain transactions by legal practitioners; It is hereby enacted as follows :

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Complete Act

Title: BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001

State: Central

Year: 2001

Preamble1 - THE BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Section1 - Short title Section2 - Repeal of Act

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) ACT, 1949 Complete Act

State: Central

Year: 1949

.....bank]] as defined in the State Bank of India (Subsidiary Banks) Act, 1959: (b) "legal practitioner" has the same meaning as in the Legal Practitioners Act, 1879-. SECTION 03: RESTRICTION OF LIABILITY OF BANKING COMPANIES IN CERTAIN CASES (1) Where, under any law or rules having the force of law, a legal practitioner keeping an account in a banking company for clients' moneys may only operate on such account for specified purposes, then. neither the banking company with which such an account is kept nor any other banking company shall, in connection with any transaction relating to such account incur any liability, or be under any obligation to make any inquiry, or be deemed to have any knowledge of any right of any person to any money paid or credited to such account, which it would not incur, or be under, or be deemed to have in the case of an account kept by a person entitled absolutely to all the moneys 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 from any liability or obligation which.....

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Complete Act

State: Central

Year: 2001

.....of the Republic of India a follows. Prefatory Note-Statement of Objects and Reasons.-The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 was enacted with a view to restricting the liability of banking companies in connection with transactions by legal practitioners. This Act, inter alia, provides for restriction of liability of banking companies in certain cases which relate to the keeping of account in banking companies by legal practitioners for clients' money. 2. The Commission on Review of Administrative Laws, which was set up by the Government of India on the 8th May, 1998 recommended the repeal of the said Act. 3. Reserve Bank of India has also expressed the view that, in practice, no legal practitioner has been opening or operating any clients' account with the banking companies and, therefore, the protection given in the said Act to the banking companies has become redundant. 4. In pursuance of the recommendation of the said Commission and the views expressed by the Reserve Bank of India, the Central Government proposes to repeal the said Act. 5. The Bill seeks to achieve the above object. SECTION 01: SHORT TITLE This Act may be called the.....

Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 1949

(1) This Act may be called the banking companies (Legal Practitioners' Clients' Accounts) Act, 1949. {Substituted by the A.O. 1950, for the former sub-section.} [(2) It extends to the whole of India {The words "except the State of Jammu Kashmir" omitted by Act 62 of 1956, section 2 and Schedule.} * * *.] (3) It shall come into force in the Presidency-town of Bombay at once, and in the rest of the {Substituted by the Bombay Reorganization (Adaptation of Laws on Union Subjects) Order, 1961, for "State of Bombay" (w.e.f. 1-5-1960).} [State of Maharashtra] or any part thereof or {Substituted by the A.O. 1950, for "in any other Province or any Acceding State or any Part of such Province or State".} [ in any other State or in any part of such State] on such date or dates {The Act was brought into force in Orissa on 1st August, 1950, vide Notifn. No. S.R.O. 270, dated the 12th July, 1950, Gazette of Indian, Pt. II, Section 3, p. 278 and in the State of Punjab on the 1st October, 1951, vide Notifn. No. S.R.O. 1431, dated 18th September, 1951, Gazette of India, Pt. II, Section 3, p. 1597.} as the Central Government may, by notification in the Official Gazette, appoint.

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Section 1

Title: Short title

State: Central

Year: 2001

This Act may be called the Banking Companies (Legal Practitioners' Clients' Accounts) Repeal Act, 2001.

BANKING COMPANIES (LEGAL PRACTITIONERS' CLIENTS' ACCOUNTS) REPEAL ACT, 2001 Section 2

Title: Repeal of Act

State: Central

Year: 2001

The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 (46 of 1949) is hereby repealed