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Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Repealing Act 1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 Repeal of Act The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 (46 of 1949) is hereby repealed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Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed] Complete Act

Title: Banking Companies (Legal Practitioners Clients Account) Act, 1949 [Repealed]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BANKING COMPANIES (LEGAL PRACTITIONERS CLIENTS ACCOUNT) ACT, 1949 [REPEALED] Preamble 1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

Indian Evidence Act 1872 Section 126

Title: Professional Communications

State: Central

Year: 1872

.....that nothing in this section shall protect from disclosure-- (1) Any such communication made in furtherance of any 1 [illegal] purpose; (2) Any fact observed by any barrister, pleader, attorney or vakil, in the course of his employment as such, showing that any crime or fraud has been committed since the commencement of his employment. It is immaterial whether the attention of such barrister, 2 [pleader], attorney or vakil was or was not directed to such fact by or no behalf of his client. Explanation.-The obligation staled in this section continues after the employment has ceased. Illustration (a) A, a client, says to B, an attorney--"I have committed forgery and I wish you to defend me". As the defence of a man known to be guilty is not a criminal purpose, this communication is protected from disclosure. (b) A, a client, says to B, an attorney--"I wish to obtain possession of property by the use of forged deed on which I request you to sue". This communication, being made in furtherance of a criminal purpose, is not protected from disclosure. (c) A, being charged with embezzlement, retains B, an attorney, to defend him. In the course of the proceedings, B.....

Assessor (Licencing Professional Requirements and Code of Conduct) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....been given a reasonable opportunity to make good the application within a time frame as may be deemed appropriate by the Authority, according to the facts and circumstances of each case. (2) The refusal shall be communicated to the applicant within thirty days of such refusal, stating the grounds of rejection. (3) Where it is found that a surveyor and loss assessor suffers from any of the disqualifications or has knowingly contravened any provisions of the Act or the IRDA Act, or the rules or regulations made under those Acts or any order or direction or instruction issued by the Authority, the Authority may, after giving such surveyor and loss assessor an opportunity of being heard, cancel his licence, with effect from such date as may be specified by it and the Authority shall notify such cancellation in the Official Gazette. (4) The Authority may refuse to grant or renew licence, or suspend or cancel a licence already granted, to a surveyor and loss assessor, if he/it: (i) fails to discharge the duties and responsibilities in a satisfactory and professional manner; or (ii) violates the code of conduct prescribed under these regulations; or (iii) makes a statement which is.....

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.....

Securities Contracts Regulation Act, 1956 (42 of 1956) Section 23D

Title: Penalty for Failure to Segregate Securities or Moneys of Client or Clients

State: Central

Year: 1956

1[Section 23D - Penalty for failure to segregate securities or moneys of client or clients If any person, who is registered under Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) as a stock broker or sub-broker, fails to segregate securities or moneys of the client or clients or uses the securities or moneys of a client or clients for self or for any other client, he shall be liable to a penalty not exceeding one crore rupees.] _____________________ 1. Inserted vide The Securities Laws (Amendment) Act, 2004

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.....