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Start Free TrialBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Chapter II
Title: Amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
State: Central
Year: 2006
.....in excess of one per cent. of the total voting rights of all the shareholders holding preference share capital only.". Section 3 - Amendment of section 9 In section 9 of the Bank Nationalisation Act,-- (a) in sub-section (2), after clause (c), the following clause shall be inserted, namely:-- "(ca) the manner in which the excess number of directors shall retire under second proviso to clause (i) of sub-section (3);"; (b) in sub-section (3),-- (i) in clause (a), for the words "not more than two whole-time directors", the words "not more than four whole-time directors" shall be substituted; (ii) for clause (c), the following clause shall be substituted, namely:-- "(c) one director, possessing necessary expertise and experience in matters relating to regulation or supervision of commercial banks, to be nominated by the Central Government on the recommendation of the Reserve Bank;"; (iii) clause (d) shall be omitted; (iv) for clause (i), the following shall be substituted, namely:-- "(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.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Section 6
Title: Insertion of New Section 10b
State: Central
Year: 2006
.....of 1956), remains unpaid at such commencement, the corresponding new bank shall, within a period of six months from such commencement, transfer such unpaid amount to the account referred to in sub-section (1). (3) Any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the corresponding new bank to the Investor Education and Protection Fund established under sub-section (1) of section 205C of the Companies Act, 1956. (4) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 205C of the Companies Act, 1956.'.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Chapter III
Title: Amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 2006
.....in excess of one per cent. of the total voting rights of all the shareholders holding preference share capital only.". Section 9 - Amendment of section 9 In section 9 of the Bank (Second) Nationalisation Act,-- (a) in sub-section (2), after clause (c), the following clause shall be inserted, namely:-- "(ca) the manner in which the excess number of directors shall retire under the second proviso to clause (i) of sub-section (3);"; (b) in sub-section (3),-- (i) in clause (a), for the words "not more than two whole-time directors", the words "not more than four whole-time directors" shall be substituted; (ii) for clause (c), the following clause shall be substituted, namely:-- "(c) one director, possessing necessary expertise arid experience in matters relating to regulation or supervision of commercial banks, to be nominated by the Central Government on the recommendation of the Reserve Bank;"; (iii) clause (d) shall be omitted; (iv) for clause (i), the following shall be substituted, namely:-- "(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.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 Section 12
Title: Insertion of New Section 10b
State: Central
Year: 2006
.....remains unpaid at such commencement, the corresponding new bank shall, within a period of six months from such commencement, transfer such unpaid amount to the account referred to in sub-section (1). (3) Any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of this section which remains Unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the corresponding new bank to the Investor Education and Protection Fund established under sub-section (1) of section 205C of the Companies Act, 1956(1 of 1956). (4) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 205C of the Companies Act,1956(1 of 1956).'.
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