Bare Act Search Results

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 5

Title: Miscellaneous

State: Central

Year: 1970

.....not disclose any matters which are by the provisions of the Banking Regulation Act, 1949 (10 of 1949), read with the relevant provisions of this Act or any other Act, not required to be disclosed. Explanation II: For the purposes of this Act the accounts of the corresponding new bank shall to be deemed as having not been properly drawn up on the ground merely that they do not disclose certain matters if,- (i) those matters are such as the corresponding new bank is, by virtue of any provision contained in the Banking Regulation Act, 1949 (10 of 1949), read with the relevant provision of this Act, or any other Act, not required to disclose, and (ii) the provisions referred to in clause (i) are specified in the balance sheet and profit and loss account of the corresponding new bank or in the Auditor's report.] (5) The report of the Auditor shall be verified, signed and transmitted to the Central Government. (6) The Auditor shall also forward a copy of the audit report to the corresponding new bank and to the Reserve Bank. (7) After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation funds and all other.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 13

Title: Obligations as to Fidelity and Secrecy

State: Central

Year: 1970

(1) Every corresponding new bank shall observe, except as otherwise required by law, the practices and usages customary among bankers, and, in particular, it shall not divulge any information relating to or to the affairs of its constituents except in circumstances in which it is, in accordance with law or practices and usages customary among bankers, necessary or appropriate for the corresponding new bank to divulge such information. (2) Every Director, member of a local Board or a committee, or Auditor, Adviser, officer or other employee of a corresponding new bank shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the Third Schedule. (3) Every Custodian of a corresponding new bank shall, as soon as possible make a declaration of fidelity and secrecy in the form set out in the Third Schedule. 1"(4) Nothing contained in this section shall apply to the credit information disclosed under the Credit Information Companies (Regulation) Act, 2005 ___________________________ 1. Inserted vide Credit Information Regulation Act, 2005.

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Complete Act

State: Central

Year: 1970

.....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 ot the corresponding new' bank. (5) If, on the appointed day. any suit. appeal or other proceeding of whatever nature in relation to any business of the undertaking 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, appeal or other.....