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Start Free TrialBanking Regulation Act, 1949 Part 2
Title: Business of Banking Companies
State: Central
Year: 1949
.....of guarantee and indemnity business; (f) managing, selling andrealising any property which may come into the possession of the company insatisfaction or part satisfaction of any of its claims; (g) acquiring and holding andgenerally dealing with any property or any right, title or interest in any suchproperty which may form the security or part of the security for any loans or advancesor which may be connected with any such security; (h) undertaking and executingtrusts; (i) undertaking theadministration of estates as executor, trustee or otherwise; (j) establishing and supportingor aiding in the establishment and support of associations, institutions,funds, trusts and conveniences calculated to benefit employees or ex-employeesof the company or the dependents or connections of such persons; grantingpensions and allowances and making payments towards insurance; subscribing toor guaranteeing moneys for charitable or benevolent objects or for anyexhibition or for any public, general or useful object; (k) the acquisition,construction, maintenance and alteration of any building or works necessary orconvenient for the purposes of the company; (l) selling,.....
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949, (Maharashtra) Section 21A
Title: Rates of Interest Charged by Banking Companies Not to Be Subject to Scrutiny by Courts
State: Maharashtra
Year: 1949
.....Agriculturists Relief Act, 1938 Andhra Bank Ltd. v. Banu Narasamma (1988) 63 Comp. Cases 210 (AP). This section is a restraint on the power of the court to reopen any account maintained by the bank relating to transactions with its customers on the ground that the rate of interest charged is excessive or unreasonable. If it is proved that the interest charged on loans advanced is not in conformity with that prescribed by the Reserve Bank of India, the Court can disallow such excess interest rate and may grant relief to the party. Bank of India v. Karnam Ranga Rao. (1988) 64 Comp. Cases 477 (Kar.). _______________________ 1. Inserted by Act 1 of 1984 section 24 (w.e.f. 15.2.1984).
View Complete Act List Judgments citing this sectionAfrican Development Bank Act, 1983 Section 5
Title: Conferment of Status and Certain Immunities, Exemptions and Privileges on Bank and Conferment of Certain Immunities, Exemptions and Privileges on Its Officers and Employees
State: Central
Year: 1983
(1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in India; Provided that nothing in Article 57 of the Agreement shall be construed as-- (a) entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or (b) conferring on the Bank any exemption from duties or taxes which form part of the price of goods sold; or (c) conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered. (2) The Central Government may, by notification in the official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.
View Complete Act List Judgments citing this sectionAsian Development Bank Act 1966 Section 5
Title: Conferment of Status and Certain Immunities, Exemptions and Privileges on Bank and Conferment of Certain Immunities, Exemptions and Privileges on Its Officers and Employees
State: Central
Year: 1966
(1) Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in India: Provided that nothing in Article 56 of the Agreement shall be construed as-- (a) entitling the Bank to import into India goods free of any duty of customs without any restriction on their subsequent sale therein; or (b) conferring on the Bank any exemption from duties or taxes which from part of the price of goods sold; or (c) conferring on the Bank any exemption from duties or taxes which are in fact no more than charges for services rendered. (2) The Central Government may, by notification in the Official Gazette, amend the Schedule in conformity with any amendments, duly made and adopted, of the provisions of the Agreement set out therein.
View Complete Act List Judgments citing this sectionIndustrial Development Bank of India Act, 1964 [Repealed] Preamble 1
Title: Industrial Development Bank of India Act, 1964
State: Central
Year: 1964
Preamble 1 - INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT , 1964 [Act, No. 18 of 1964] [16th May, 1964] PREAMBLE An Act to establish the industrial Development Bank of India,1[as the principal financial institution for co-ordinating, in conformity with national priorities, the working of institutions engaged in financing, promoting or developing industry, for assisting the development of such institutions] for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments. BE it enacted by Parliament in the Fifteenth Year of the Republic of India as follows:-- ______________________ 1. Inserted by Act 52 of 1975, section 2.
View Complete Act List Judgments citing this sectionBanking 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:--
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Preamble 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980 (Act, No. 40 of 1980) [11th July, 1980] 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 organization, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the Stale towards securing the principles laid down in clauses (b) and (c) of Article 39 of the Constitution and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty first year of the Republic of India as follows:
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Chapter V
Title: Management of Subsidiary Banks
State: Central
Year: 1959
.....things as may be exercised or done by that bank. (3) The Board of Directors of a subsidiary bank shall, in discharging its functions under this Act, act on business principles, regard being had to public interest. ________________________ 1. Substituted fur the words "general manager" by the State Bank Laws (Amendment) Act, 1973(48 of 1973), Section 21 w.e.f. 1-7-1974. Section 25 - Composition Of The Board Of Directors (1) Subject to the provisions of sub-section (2) the Board of Directors of a subsidiary bank shall consist of the following:-- 4[(a) the Chairman for the time being of the State Bank, ex officio or an official of the State Bank or of the subsidiary bank nominated by him as Chairman, with the approval of the Reserve Bank;] 1[(aa) the managing director appointed under sub-section (1) of section 29 or under section 32;] 5(b) one director, possessing necessary expertise and experience in the matters relating to regulation or supervision of commercial banks, to be nominated by the Reserve Bank; (c) not more than five directors to be nominated by the State Bank of whom not more than three shall be officers of that bank: 2Provided that any.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Chapter VI
Title: Business of Subsidiary Banks
State: Central
Year: 1959
.....carrying on the business of banking. _____________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Banking Companies Act, 1949" Section 38A - Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail 1[38A. Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail (1) Where any arrangement entered into by a subsidiary bank with a company provides for the appointment by the subsidiary bank of one or more Directors of such company, such provision and any appointment of Directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the company and any provision regarding share qualification, age limit number of directorships, removal from office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the subsidiary bank in pursuance of the arrangement as.....
View Complete Act List Judgments citing this sectionState Bank of India Subsidiary Banks Act, 1959 Amending Act 2
Title: The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007
State: Central
Year: 1959
.....An Act further to amend the State Bank of Saurashtra Act, 1950, the State Bank of Hyderabad Act, 1956 and the State Bank of India (Subsidiary Banks) Act, 1959. be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-- PART I PRELIMINARY 1. Short title and commencement (1) This Act may be called the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007. (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 appoi'nted for different provisions of this Act and any reference in any 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 STATE BANK OF SAURASHTRA ACT, 1950 2. Substitution of new section for section 5 For section 5 of the State Bank of Saurashtra Act, 1950 (hereafter in this Chapter referred to as the State Bank of Saurashtra Act), the following section shall be substituted, namely:-- "5. Authorised Capital - (1) Subject to the provisions of this Act, the authorised capital of the Saurashtra Bank shall.....
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