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Banking Laws (Amendment) Act, 2012, (Central) Complete Act

Title: the Banking Laws (Amendment) Act, 2012

State: Central

Year: 2012

Preamble - THE BANKING LAWS (AMENDMENT) ACT, 2012 Chapter I - PRELIMINARY Section 1 - Short title and commencement Chapter II - AMENDMENTS TO THE BANKING REGULATION ACT, 1949 Section 2 - Amendment of section 5 Section 3 - Amendment of section 12 Section 4 - Insertion of new section 12B Section 5 - Amendment of section 13 Section 6 - Amendment of section 18 Section 7 - Amendment of section 24 Section 8 - Insertion of new section 26A Section 9 - Insertion of new section 29A Section 10 - Insertion of new Part IIAB Section 11 - Amendment of section 46 Section 12 - Amendment of section 47A Section 13 - Amendment of section 51 Section 14 - Amendment of section 56 Chapter III - AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 Section 15 - Amendment of section 3 Chapter IV - AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980 Section 16 - Amendment of section 3 Chapter V - MISCELLANEOUS Section 17 - Amendment of certain enactments Schedule - THE SCHEDULE

Banking Laws (Amendment) Act, 2012, (Central) Preamble

Title: the Banking Laws (Amendment) Act, 2012

State: Central

Year: 2012

THE BANKING LAWS (AMENDMENT) ACT, 2012 [Act No. 4 of 2013] [5th January, 2013] PREAMBLE An Act further to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and to make consequential amendments in certain other enactments. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:--

Banking Laws (Amendment) Act, 2012, (Central) Chapter II

Title: Amendments to the Banking Regulation Act, 1949

State: Central

Year: 2012

Chapter II AMENDMENTS TO THE BANKING REGULATION ACT, 1949

Banking Laws (Amendment) Act, 2012, (Central) Chapter III

Title: Amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

State: Central

Year: 2012

Chapter III AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

Banking Laws (Amendment) Act, 2012, (Central) Chapter IV

Title: Amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

State: Central

Year: 2012

Chapter IV AMENDMENT TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

Banking Laws (Amendment) Act, 2012 Complete Act

State: Central

Year: 2012

.....Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and to make consequential amendments in certain other enactments. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:" CHAPTER I PRELIMINARY 1. Short title and commencement." (1) This Act may be called the Banking Laws (Amendment) Act, 2012. (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 appointed 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 BANKING REGULATION ACT, 1949 2. Amendment of Section 50." In Section 5 of the Banking Regulation Act, 1949 (hereinafter in the chapter referred to as the principal Act), for Clause (a), the following Clause shall be substituted, namely" ˜( a) ˜˜approved securities'' means the securities issued by the Central Government or any State Government or such other securities as may be specified by the.....

Banking Laws (Amendment) Act, 2012, (Central) Section 14

Title: Amendment of Section 56

State: Central

Year: 2012

.....law establishing, constituting or forming the co-operative bank to the extent the provisions of the Companies Act, 1956 are not inconsistent with the provisions of such law. (4) In addition to the matters referred to in the order under sub-section (1) the auditor shall state in his report-- (a) whether or not the information and explanation required by him have been found to be satisfactory; (b) whether or not the transactions of the co-operative bank which came to his notice have been within the powers of the co-operative bank; (c) whether or not the returns received from branch offices of the co-operative bank have been found adequate for the purpose of his audit; (d) whether the profit and loss accounts, shows a true balance or profit or loss for the period covered by such account; (e) any other matter which he considers should be brought to the notice of the Reserve Bank and the shareholders of the co-operative bank." '.

Banking Laws (Amendment) Act, 2012, (Central) Schedule

Title: the Schedule

State: Central

Year: 2012

THE SCHEDULE (See section 17) Sl. No. Short Title Amendment 1. The Indian Contracts Act, 1872(9 of 1872). Saving of a guarantee agreement of a bank or a financial institution. In section 28, after Exception 2, the following Exception shall be inserted, namely;-- Exception 3.--This section shall not render illegal a contract in writing by which any bank or financial institution stipulate a term in a guarantee or any agreement making a provision for guarantee for extinguishment of the rights or discharge of any party thereto from any liability under or in respect of such guarantee or agreement on the expiry of a specified period which is not less than one year from the date of occurring or non-occurring of a specified event for extinguishment or discharge of such party from the said liability. Explanation.-- (i) In Exception 3, the expression "bank" means-- (a) a "banking company" as defined in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (b) "a corresponding new bank" as defined in clause (da) of section 5 of the Banking Regulation Act, 1949(10 of 1949); (c) "State Bank of India" constituted under section 3 of the State Bank.....

Banking Laws (Amendment) Act, 2012, (Central) Section 4

Title: Insertion of New Section 12b

State: Central

Year: 2012

After section 12A of the principal Act, the following section shall be inserted, namely:-- 12B. Regulation of acquisition of shares or voting rights.-- (1) No person (hereinafter referred to as "the applicant") shall, except with the previous approval of the Reserve Bank, on an application being made, acquire or agree to acquire, directly or indirectly, by himself or acting in concert with any other person, shares of a banking company or voting rights therein, which acquisition taken together with shares and voting rights, if any, held by him or his relative or associate enterprise or person acting in concert with him, makes the applicant to hold five per cent. or more of the paid-up share capital of such banking company or entitles him to exercise five per cent. or more of the voting rights in such banking company. Explanation 1.--For the purposes of this sub-section,-- (a) "associate enterprise" means a company, whether incorporated or not, which,-- (i) is a holding company or a subsidiary company of the applicant; or (ii) is a joint venture of the applicant; or (iii) controls the composition of the Board of Directors or other body governing the applicant; or .....

Banking Laws (Amendment) Act, 2012, (Central) Section 10

Title: Insertion of New Part Iiab

State: Central

Year: 2012

..... (7) The salary and allowances to the Administrator and the members of the committee constituted under sub-section (5) by the Reserve Bank shall be such as may be specified by the Reserve Bank and be payable by the concerned banking company. (8) On and before the expiration of two months before the expiry of the period of supersession of the Board of Directors as specified in the order issued under sub-section (1), the Administrator of the banking company, shall call the general meeting of the company to elect new directors and reconstitute its Board of Directors. (9) Notwithstanding anything contained in any other law or in any contract, the memorandum or articles of association, no person shall be entitled to claim any compensation for the loss or termination of his office. (10) The Administrator appointed under sub-section (2) shall vacate office immediately after the Board of Directors of such banking company has been reconstituted.".