Bare Act Search Results

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....in recent years in banking, especially the rapid growth of banking resources and of the number of banks and branches. Regard must also be had to the fact that the banking system is likely in the post-war period to be more vulnerable by reason of the great expansion, both quantitatively and relatively that has taken place in demand deposits, as compared with time deposits, during the war years. The enactment of a separate comprehensive measure has in consequence now become imperative. 2. With this object in view. a Bill to amend the law relating to Banking Companies was introduced in the Legislative Assembly in November. 1944 and was subsequently circulated for eliciting public opinion through the Provincial Governments, In the ensuing Budget Session of the Assembly the Bill was referred to a Select Committee which was due to meet in October, 1945. but it lapsed before its consideration by the Committee. A fresh Bill with certain modifications which suggested themselves on consideration of the opinions and criticisms received on the 1944 Bill was introduced in the Legislative Assembly in March 1946 and was referred to a Select Committee in April 1946. The report of the Select.....

Banking Regulation Act, 1949 Part 3

Title: Suspension of Business and Winding Up of Banking Companies

State: Central

Year: 1949

.....in the opinion of the Reserve Bank- (i) a compromise or arrangement sanctioned by a court in respect of the banking company cannot be worked satisfactorily with or without modifications; or (ii) the returns, statements or information furnished to it under or in pursuance of the provisions of this Act disclose that the banking company is unable to pay its debts; or (iii) the continuance of the banking company is prejudicial to the interests of its depositors. (4) Without prejudice to the provisions contained in section 434 of the Companies Act, 1956 (I of 1956) a banking company shall be deemed to be unable to pay its debts if it has refused to meet any lawful demand made at any of its offices or branches within two working days, if such demand is made at a place where there is an office, branch or agency of the Reserve Bank, or within five working days, if such demand is made elsewhere, and if the Reserve Bank certifies in writing that the banking company is unable to pay its debts. (5) A copy of every application made by the Reserve Bank under sub-section (1) shall be sent by the Reserve Bank to the registrar. ] ______________________ 1. Substituted by Act 33 of.....

Banking Regulation Act, 1949 Section 45

Title: Power of Reserve Bank to Apply to Central Government for Suspension of Business by a Banking Company and to Prepare Scheme of Reconstitution of Amalgamation

State: Central

Year: 1949

.....orfor the maintenance of the business of the banking company; (g) the payment incash or otherwise to depositors and other creditors in full satisfaction oftheir claim- (i) in respect oftheir interest or rights in or against the banking company before itsreconstruction or amalgamation; or (ii) where theirinterest or rights aforesaid in or against the banking company has or have beenreduced under clause (f), in respect of such interest or rights as so reduced; (h) the allotmentto the members of the banking company for shares held by them therein beforeits reconstruction or amalgamation whether their interest in such shares hasbeen reduced under clause (f) or not, of shares in the banking company on itsreconstruction or, as the case may be, in the transferee bank and where anymembers claim payment in cash and not allotment of shares, or where it is notpossible to allot shares to any members, the payment in cash to those membersin full satisfaction of their claim- (i) in respect oftheir interest in shares in the banking company before its reconstruction oramalgamation; or (ii) where suchinterest has been reduced under clause (f) in respect of their interest inshares as.....

Banking Regulation Act, 1949, (Maharashtra) Section 45

Title: Power of Reserve Bank to Apply to Central Government for Suspension of Business by a Banking Company and to Prepare Scheme of Reconstitution or Amalgamation

State: Maharashtra

Year: 1949

.....conditions as it thinks fit and proper and may from time to time extend the period, so however, that the total period of moratorium shall not exceed six months. (3) Except as otherwise, provided by any directions given by the Central Government, in the order made by it under subsection (2) or at any time thereafter, the banking company shall not during the period of moratorium make any payment to any depositors or discharge any liabilities or obligations to any other creditors. Sub-sections 4 to 15 of Sec. 45 omitted by Act 23 of 1965, Section 14 {w.e.f. 1.3.1966) _______________________ 1. Inserted for the words "any agreement" by Act 37 of 1960. section 6. 2. Substituted for the words "any agreement" by Act 7 of 1961. s. 4. 3. Substituted for the words "the banking company" ibid., section 4.

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Complete Act

State: Central

Year: 1961

.....the State Bank4[and a subsidiary bank] but does not include the5[Tamil Nadu Industrial Investment Corporation Limited]; its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of the clause; Clause (b).-"A banking company for the purposes of this Bill will include the State Bank of India and its statutory subsidiaris, but will exclude the Madras Industrial Investment Corporation Ltd. which, although it is technically a banking company as defined in the Banking Companies Act. Performs actually the functions of a State Financial Corporation." - S.O.R. (c) "Board" means the Board of Directors constituted under section 6-; (d) "company" means any company as defined in section 3 of the Companies Act, 1956-and includes a foreign company within the meaning of section 561-of that Act; 6[(dd) "co-operative bank" means a State co-operative bank, a Central co-operative bank and a primary co-operative bank;] (e) "Corporation" means7[the Deposit Insurance and Credit Guarantee Corporation] established under section 3-; 8[(ee) "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking.....

Maharashtra Debt Relief Act 1975 Complete Act

State: Maharashtra

Year: 1975

.....Act, 1965 (o) "worker" means a person who earns his livelihood through any profession, calling or trade and also a person who is working in any factory (including a badli worker therein) Explanation."in this clause-" (1) the expression "factory" has the meaning assigned to it in the Factories Act, l948, with this modification that the limitation on the number of workers working there shall be dispensed with; (2) the expression "badli worker" means a worker who is provided with a bad card and who is employed in a factory in place of another worker who is temporarily absent and whose name is borne on the muster-roll of the factory (3) for the avoidance of doubt, it is hereby declared that the expression ˜profession: calling or trade' shall include and shall be deemed always to have included ˜employment', and that expression shall he construed accordingly. (p) words and expressions used in this Act but not defined therein shall have the meanings, respectively assigned to them in the Maharashtra Agricultural Lands (Ceiling on Holdings Act, 1961. CHAPTER II REVIVAL OF DEBTS SECTION 03: REVIVAL OF ALL DISCHARGED DEBTS UNDER ORDINANCE VII OF 1975 Notwithstanding.....

The Tripura Agricultural Debtors Relief Act, 1975 Complete Act

State: Tripura

Year: 1975

.....powers of Tribunal in respect thereof. 15. (1) In making settlement of debts by the Tribunal, no creditor shall be allowed a greater amount in satisfaction of both the principal and interest of a debt than twice the amount of the principal and accordingly-- (i) if, in the course of the proceedings before the Tribunal it is found that any of the creditors has received from his debtor twice or more than twice the amount of the principal in cash or in kind, the Tribunal shall pass orders that the debt shall be deemed to have been fully discharged and shall declare that the debtor shall from the date of the order, be in lawful possession of the property secured for the debt that is deemed to have been discharged ; (ii) If, in the course of such proceedings, it is found that with respect to any debt, the amount received in cash or in kind by the Tribunal shall pass orders that only such amount as together with the amount already so received, will be equal to twice the amount of the principal, shall be repayable with respect to such debt. Illustration. (1) A has borrowed a sum of Rs.100/- which with interest has accumulated to Rs.150/-. If A has repaid Rs. 120/- he is liable to repay.....

Multi State Co-operative Societies Act, 1984 [Repealed] Chapter II

Title: Central Registrar and Registration of Societies

State: Central

Year: 1984

.....his shares, deposits or loans, as the case may be. (5) Any member or creditor who does not exercise his option within the period specified section-section (4) shall be deemed to have assented to the proposals contained in the resolution. (6)(a) Are solution passed by a multi-State co-operative society under this section shall not take effect until the assent thereto of all the members and creditors has been obtained. (b) The multi-State co-operative society shall make arrangements for meeting in full or otherwise satisfying all claims of the members and creditors who exercise the option within the period specified in sub-section (4). (7) On receipt of an application for the registration of new societies formed by division in. accordance with the resolution passed under sub-section (1) or of a new society formed by amalgamation in accordance with the resolution passed under sub-section (2), the Central Registrar, on being satisfied that the resolution has become effective under sub-section (6) shall, unless for reasons to be recorded in writing he thinks fit to refuse so to do, register the new societies or society, as the case may be, and the bye-laws thereof. .....

Multi State Co-operative Societies Act, 1984 [Repealed] Section 15

Title: Central Registrar to Prepare Scheme of Amalgamation or Reorganisation of Co-operative Bank in Certain Cases

State: Central

Year: 1984

When an order of moratorium has been made by the Central Government under sub-section (2) of section 45 of the Banking Regulation Act, 1949 in respect of a co-operative bank, the Central Registrar, with the previous approval of the Reserve Bank in writing, may, during the period of moratorium, prepare a scheme- (a) For the amalgamation of the co-operative bank with any other co-operative bank; or (b) For the reorganisation of the co-operative bank.

Multi State Co-operative Societies Act, 1984 [Repealed] Repealing Act 1

Title: Multi-state Co-operative Societies Act, 2002

State: Central

Year: 1984

.....from the salary or wages payable to him, such amount as may be specified in the agreement and to pay the amount so deducted to the society in satisfaction of any debt or other demand the member owes to the society. (2) On the execution of such agreement, the employer disbursing the salary or wages of the members shall, if so required by the multi-State co-operative society, by a requisition in writing and so long as the society does not intimate that the whole of such debt or other demand has been paid, make the deduction in accordance with the agreement and pay the amount so deducted to the society within a period of fourteen days of the date on which deduction has been made, as if it were a part of the salary or wages payable on the day as required under the Payment of Wages Act, 1936(4 of 1936), and such payment shall be valid discharge of the employer for his liability to pay the amount deducted. (3) If after the receipt of a requisition made under sub-section (2), the employer disbursing the salary or wages of the member at any time fails to deduct the amount specified in the requisition from the salary or wages payable to the member concerned or makes default in.....