Bare Act Search Results

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

Title: Miscellaneous

State: Central

Year: 1980

.....loss account, doesnot disclose any matters which are by the provisions of the Banking RegulationAct, 1949, read with the relevant provisions of this Act or any other Act, notrequired to be disclosed. ExplanationII. -For the purposes of this Act,the accounts of the corresponding new bank shall not be deemed as having notbeen properly drawn up on the ground merely that they do not disclose certainmatters if- (i) thosematters are such as the corresponding new bank is, by virtue of any provisioncontained in the Banking Regulation Act, 1949, read with the relevant provisionsof this Act, or any other Act, not required to disclose; and (ii) theprovisions referred to in clause (i) are specified in the balance-sheet andprofit and loss account of the corresponding new bank or in the auditor'sreport. (5) The report of theauditor shall be verified, signed and transmitted to the Central Government. (6) The auditor shall alsoforward a copy of the audit report to the corresponding new bank and to the Reserve Bank. (7) After making provisionfor bad and doubtful debts, depreciation in assets, contributions to staff andsuperannuation funds and all other matters for which provision is.....

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 13

Title: Obligations as to Fidelity and Secrecy

State: Central

Year: 1980

(1)Every corresponding new bank shall observe, except as otherwise required by law,the practices and usages customary among bankers and, in particular, it shallnot divulge any information relating to or to the affairs of its constituentsexcept in circumstances in which it is, in accordance with law or practices andusages customary among bankers, necessary or appropriate for the correspondingnew 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 enteringupon his duties make a declaration of fidelity and secrecy in the form set outin the Third Schedule. (3)Every Custodian of a corresponding new bank shall, as soon as possible, make adeclaration 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 informationdisclosed under the Credit Information Companies (Regulation) Act, 2005 __________________________ 1.Inserted vide Credit Information (Regulation) Act, 2005

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

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 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.....