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Start Free TrialBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
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 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 the suit,.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 3
Title: Establishment of Corresponding New Banks and Business Thereof
State: Central
Year: 1980
.....in clause (b) of section 5 of the Banking Regulation Act, 1949, and may engage in 6[one or more of the other forms of business] specified in sub-section (I) of section 6 of that Act. (6) Every corresponding new bank shall establish a reserve fund to which shall be transferred the share premiums and the balance, if any, standing to the credit of the reserve fund of the existing bank in relating to which it is the corresponding new bank, and such further sums, if any, as may be transferred in accordance with provisions of section 17 of the Banking Regulation Act, 1949. 7[(7) (i) The corresponding new bank shall, if so required by the Reserve Bank, act as agent of the Reserve Bank at all places in India where it has a branch, for- (a) paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and (b) undertaking and transacting any other business shall be carried on by the corresponding new bank on behalf of the Reserve Bank shall be such as may be agreed upon. (ii) The terms and conditions on which any such agency business shall be carried on by then corresponding new bank of the Reserve Bank shall be such as may be.....
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