Bare Act Search Results

Banking Regulation Act, 1949 Section 39

Title: Reserve Bank to Be Official Liquidator

State: Central

Year: 1949

1[39. Reserve Bank to be official liquidator.- 2[(1)] Notwithstanding anything contained in section 38A of this Act or in section 448 or section 449 of the Companies Act, 1956(1 of 1956), where in any proceeding for the winding up by the High Court of a banking company, an application is made by the Reserve Bank in this behalf, the Reserve Bank, the State Bank of India or any other bank notified by the Central Government in this behalf or any individual, as stated in such application shall be appointed as the official liquidator of the banking company in such proceeding and the liquidator, if any, functioning in such proceeding shall vacate office upon such appointment.] 3[(2) Subject to such directions as may be made by the High Court, the remuneration of the official liquidator appointed under this section, the cost and expenses of this establishment and the cost and expenses of the winding up shall be met out of the assets of the banking company which is being wound up, and notwithstanding anything to the contrary contained in any other law for the time being in force, no fees shall be payable to the Central Government, out of the assets of the banking company.] .....

Banking Regulation Act, 1949 Section 41

Title: Preliminary Report by Official Liquidator

State: Central

Year: 1949

.....its assets which are likely to be collected in cash before the expiry of that period of two months in order that such assets may be applied speedily towards the making of preferential payments under section 530 of the Companies Act, 1956, and in the discharge, as far as possible, of the liabilities and obligations of the banking company to its depositors and other creditors in accordance with the provisions hereinafter contained; and the official liquidator shall make for the purposes aforesaid every endeavour to collect in cash as such of the assets of the banking company as practicable. ______________________ 1. Substituted by Act 37 of 1960, Section 3, for section 41.

Banking Regulation Act, 1949 Section 45S

Title: Chief Presidency Magistrate and District Magistrate to Assist Official Liquidator in Taking Charge of Property of Banking Company Being Wound Up

State: Central

Year: 1949

.....by public auction. (3) For the purpose of securingcompliance with the provisions of sub-section (1), the 2 [Chief Metropolitan Magistrate orthe Chief Judicial Magistrate] may take or cause to be taken such steps and useof cause to be used such fore as may, in his opinion, be necessary. (4) No act of the 2 [Chief Metropolitan Magistrate orthe Chief Judicial Magistrate] done in pursuance of this section shall becalled in question in any court or before any authority.] _________________________ 1. Certainwords omitted by Act 55 of 1963 Section 13 w.e.f. 1-2-1964. 2. Substituted by Act 1 of 1984, Section 36 for certainwords w.e.f. 15-2-1984. 3. Substituted by Act 53 of 1963, Section 23 w.e.f.1-2-1964. 4. Substituted by Act 53 of 1963, Section 23 forsub-section (2) w.e.f. 1-2-1964.

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....

Constitution of India Complete Act

State: Central

Year: 1949

.....of this Constitution if- (a) he or either of his parents or any of his grand- parents was born in India as defined in (Government of India Act, 1935) (as originally enacted); and (b) (i) in the case where such person has so migrated before the nineteenth day of July, 1948. he has been ordinarily resident in the territory of India since the date of his migration, or (ii) in the case where such person has so migrated on or after the nineteenth day of July, 1948, he has been registered as a citizen of India by an officer appointed in that behalf by the Government of the Dominion of India on an application made by him therefor to such officer before the commencement of this Constitution in the form and manner prescribed by that Government : Provided that no person shall be so registered unless he has been resident in the territory of India for at least six months immediately preceding the date of his application. ARTICLE 7: Rights of citizenship of certain migrants to Pakistan: Notwithstanding anything in (Art.5) and (Art.6), a person who has after the first day of March, 1947, migrated from the territory of India to the territory now included in Pakistan shall not be.....

The Merged States (Laws) Act, 1949 Complete Act

State: Himachal

Year: 1949

THE MERGED STATES (LAWS) ACT, 1949 THE MERGED STATES (LAWS) ACT, 1949 [Act No. 59 of 1949] [For Statement of Objects and Reasons see Government of India Gazette 1949 Part-V P.401 unmodified by ALO 1950 and for Hindi text see RHP (Extra) Dated 5-11-88, p. 2717] PREAMBLE An Act to extend certain laws to certain areas administered as parts of Governors' Provinces or as Chief Commissioners' Provinces. [26th December, 1949] WHEREAS by orders under section 290A of the Government of India Act, 1935 (26 Geo. 5, c. 2), provision has been made for the administration of certain areas either as if they formed part of an adjoining Governor's Province or as if they were a Chief Commissioner's province; AND WHEREAS it is expedient to provide that certain laws should be extended to, and by virtue of such extension, be in force in, the said areas; It is hereby enacted as follows :-- Section 1 - Short title and commencement (1) This Act may be called the Merged States (Laws) Act, 1949. (2) It shall come into force on the 1st day of January, 1950. Section 2 - Definitions In this Act,- (a) the expression "absorbing Province" and "merged State" have the same meanings as in the State's.....

Central Reserve Police Force Act, 1949 Complete Act

State: Central

Year: 1949

.....15th day of August, 1947, but before the commencement of this Act, shall, for all purposes, be deemed to have been made, done or taken under this Act as if this Act were in force on the day on which such order was made, thing was done or action was taken. SCHEDULE 01: THE SCHEDULE RECRUITING ROLL (See Section 5-) After you have served in the Force for such period as the Central Government may prescribe, you may, at any time when not on active duty, apply for discharge, through the officer to whom you may be subordinate, to the Commandant, and you will be granted your discharge after two months from the date of your application, unless your discharge would cause the vacancies in the Force to exceed one-tenth of the sanctioned strength in which case you shall be bound to remain until this objection is waived or removed. But when on active duty, you shall have no claim to a discharge, and you shall be bound to remain to do your duty until the necessity for retaining you in the Force ceases when you may make your application in the abovementioned manner: Provided that, if you wish to withdraw from the Force, you may submit your resignation at any time before the expiration of.....

East Punjab Drugs (Control) Act, 1949 Complete Act

State: Haryana

Year: 1949

.....drug for sale in association with a mark indicating price, by the furnishing of a quotation or otherwise howsoever ; (d) "producer" includes a manufacturer. (2) A drug shall be deemed to be in the possession of a person- (i) when it is held on behalf of that person by another person ; (ii) notwithstanding that it is mortgaged to another person. 3. Drugs to which this Act applies.-The l[State] Government may, by notification , declare any drug to-be a drug to which this Act shall apply. 4. Fixing of maximum prices and maximum quantities which may be held or sold.-(1) The l[State Government] may, by notification , fix in respect of any drug.-- (a) the maximum price or rate which may be charged by a dealer or producer ; (b) the maximum quantity which may at any one time be possessed by a dealer or producer ; (c) the maximum quantity which may in any one transaction be sold to any person. (2) The prices or rates and the quantities fixed in respect of any drug under this section may be different in different localities or for different classes of dealers or producers. 5. Restrictions on sale, etc. where maximum is fixed under section 4.- No dealer or producer.....

Banking Regulation Act, 1949 Part 2

Title: Business of Banking Companies

State: Central

Year: 1949

.....of guarantee and indemnity business; (f) managing, selling andrealising any property which may come into the possession of the company insatisfaction or part satisfaction of any of its claims; (g) acquiring and holding andgenerally dealing with any property or any right, title or interest in any suchproperty which may form the security or part of the security for any loans or advancesor which may be connected with any such security; (h) undertaking and executingtrusts; (i) undertaking theadministration of estates as executor, trustee or otherwise; (j) establishing and supportingor aiding in the establishment and support of associations, institutions,funds, trusts and conveniences calculated to benefit employees or ex-employeesof the company or the dependents or connections of such persons; grantingpensions and allowances and making payments towards insurance; subscribing toor guaranteeing moneys for charitable or benevolent objects or for anyexhibition or for any public, general or useful object; (k) the acquisition,construction, maintenance and alteration of any building or works necessary orconvenient for the purposes of the company; (l) selling,.....

Banking Regulation Act, 1949 Section 29

Title: Accounts and Balance-sheet

State: Central

Year: 1949

.....or profit and loss account, as the case may be, of a bankingcompany. 10 [(3A) Notwithstanding anything to the contrary contained insub-section (3) of section 210 of the Companies Act, 1956 (1 of 1956), theperiod to which the profit and loss account relates shall, in the case of abanking company, be the period ending with the last working day of the yearimmediately preceding the year in which the annual general meeting is held.] 11 [Explanation.--In sub-section (3A), "year" meansthe year or, as the case may be, the period referred to in sub-section (1).] (4) The CentralGovernment, after giving not less than three months' notice of its mention soto do by a notification in the Official Gazette, may from time to time by alike notification amend the Form set out in the Third Schedule. ___________________ 1. Inserted by Act 66 of 1988, Section 8 w.e.f. 30-12-1988. 2. 31st day of March (pecified by Central Government Vide S.O. 86(E), dated 29 th January, 1992), published in the Gazette of India, Extra., Pt.II, Section 3(ii) NO. 77, dated 29th January, 1992. 3. Subsituted by Act 20 of 1950, Section 3, for "in a States". 4. Subsituted by Act 20 of 1950, Section.....