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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II

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

State: Central

Year: 1980

.....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 of the corresponding new bank. (5) If, immediately before the commencement of this Act, any suit, appeal or other proceeding of whatever nature in relation to any business of the 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,.....

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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.....

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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.....

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 3

Title: Establishment of Corresponding New Banks and Business Thereof

State: Central

Year: 1980

.....in clause (b) of section 5 of the Banking Regulation Act, 1949, and may engage in 6[one or more of the other forms of business] specified in sub-section (I) 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 relating to which it is the corresponding new bank, and such further sums, if any, as may be transferred in accordance with provisions of section 17 of the Banking Regulation Act, 1949. 7[(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 shall be carried on by the corresponding new bank on behalf of the Reserve Bank shall be such as may be agreed upon. (ii) The terms and conditions on which any such agency business shall be carried on by then corresponding new bank of the Reserve Bank shall be such as may be.....

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter IV

Title: Management of Corresponding New Banks

State: Central

Year: 1980

.....so appointed shallreceive such emoluments as the Central Government may specify in this behalf. Explanation. -In this sub-section and in sub-section (1) ofsection 12 the expression "Chairman", in relation to any existingbank, includes the person carrying out the duties of the Chairman or otherwisefunctioning as the chief executive officer of that bank. (6) Custodian shall holdoffice during the pleasure of the Central Government. Section 8 - Corresponding new banks to be guided by the directions of the Central Government Every corresponding new bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Governor of the Reserve Bank, give. Section 9 - Power of Central Government to make scheme (1) The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, the said scheme may provide for all or any of the following matters, namely:- (a) the capital structure of the.....

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 16A

Title: Arrangement with Corresponding New Bank on Appointment of Directors to Prevail

State: Central

Year: 1970

.....of Directorship, removal from office of Director and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the corresponding new bank in pursuance of the arrangement as aforesaid. (2) Any director appointed as aforesaid shall- (a) hold office during the pleasure of the corresponding new bank and may be removed or substituted by any person by order in writing of the corresponding new bank; (b) and incur any obligation or liability by reason only of his being a Director or for anything done or omitted to be done in good faith in the discharge of his duties as a Director or anything in relation thereto; (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of Directors liable to such retirement.] _________________________ 1. Inserted by Act No. 1 of 1984, w.e.f. 15th. February, 1984.

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Chandernagore Merger Act 1954 Section 18

Title: Repeal of Corresponding Laws and Savings

State: Central

Year: 1954

.....investigation, legal proceeding or remedy in respect of such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid; and any such investigation, legal proceeding or remade may be instituted, continued, or enforce, and any such penalty, forfeiture, or punishment may be imposed as if this act had not been passed. (3) Subject to the provisions of sub-section (2), anything done or any action taken (including any appointment or delegation made, notification, order, instruction or direction issued, rule, form, by law or scheme framed, certificate, patent, permit, or licence granted, or registration effect), under such corresponding law shall be deemed to have been done to taken under the corresponding provision of the law as extended to or inverse, in Chandernagore on and from the appointed day and shall contrive in force accordingly unless and until superseded by anything done or any action taken under such law.

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Chandernagore (Merger) Act, 1954 Section 18

Title: Repeal of Corresponding Laws and Savings

State: Karnataka

Year: 1954

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 16A

Title: Arrangement with Corresponding New Bank on Appointment of Directors to Prevail

State: Central

Year: 1980

.....as aforesaid. (2) Any director appointed as aforesaid shall (a) hold office during the pleasure of the corresponding new bank and may be removed or substituted by any person by order in writing of the corresponding new bank; (b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relating thereto. (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.] ________________________ 1. Inserted by Act 1 of 1984, Section 74 w.e.f. 15-2-1984

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Government of India Act, 1915-19 [Repealed] Section 126

Title: Carrying on Dangerous Correspondence

State: Central

Year: 1915

.....grounds for the charge and for continuing the confinement, the person charged shall remain in custody until he is brought to trial in India or sent to England for trial. (6) All such examinations and proceedings, or attested copies thereof under the seal of the high court shall be sent to the Secretary of State as soon as may be, in order to their being produced in evidence on the trial of the person charged in the event of his being sent for trial to England. (7) If any such person is to be sent to England, the Governor-General or governor, as the case may be, shall cause him to be so sent at the first convenient opportunity, unless he is disabled by illness from undertaking the voyage in which case he shall be so sent as soon as his state of health will safely admit thereof. (8) The examinations and proceedings transmitted in pursuance of this section shall be received as evidence in all courts of law, subject to anyjust exceptions as to the competency of the witnesses,

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