Bare Act Search Results

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.....

The Assam Cooperative Societies Act, 1949 Complete Act

State: Assam

Year: 1949

.....and amend the law relating to Co-operative Societies in the Province of Assam. It is hereby enacted as follows: COMMENTS Preamble. This act has been enacted to facilitate the formation and working of Co-operative Societies and to consolidate and amend the law relating to the Co operative Societies in the State of Assam. There is a Central Act, viz., the Co-operative Societies Act, 1912, which amended the Co-operative Credit Societies Act, 1904. The Act of 1904 applies to Societies for the purpose of Co-operative Credit only and not to Co-operative Societies of other kinds. The Central Act has been repealed in its application to Assam and Nagaland by the present Assam Act 1 of 1950. The policy of the Co-operative Societies Act is to save the person concerned from protractive, expensive and sometimes ruinous litigation of the civil courts and its object is to encourage, help and bring co-operation among the persons having limited means. The object of the Co-operative Societies is also to create the quality of credit-worthiness among agriculturists, artisans and other persons with common economic needs so as to bring about a higher standard of living, better business,.....

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 Part 5

Title: Application of the Act to Co-operative Banks

State: Central

Year: 1949

.....for the purposes of this section and section 24, specify from time totime, with reference to any transaction or class of transactions, that suchtransaction or transactions shall be regarded as liability in India of aco-operative bank, and, if any question arises to whether any transaction orclass of transactions shall be regarded for the purposes of this section andsection24, as liability in India of a co-operative bank, the decision of theReserve Bank thereon, shall be final."]; (k) for section 19,the following section shall be substituted, namely:- "19. Restriction on holding shares in otherco-operative societies. -No co-operative bank shall hold shares in any otherco-operative society except to such extent and subject to such conditions asthe Reserve Bank may specify in that behalf: Provided that nothing contained in this section shall applyto- (i) shares acquiredthrough funds provided by the State Government for that purpose; (ii) in the case ofa Central co-operative bank, the holding of shares in the State co-operativebank to which it is affiliated; (iii) in the case ofa primary co-operative bank, the holding of shares in the Central co-perativebank to which it.....

Banking Regulation Act, 1949 Section 56

Title: Act to Apply to Co-operative Societies Subject to Modifications

State: Central

Year: 1949

.....for the purposes of this section and section 24, specify from time totime, with reference to any transaction or class of transactions, that suchtransaction or transactions shall be regarded as liability in India of aco-operative bank, and, if any question arises to whether any transaction orclass of transactions shall be regarded for the purposes of this section andsection24, as liability in India of a co-operative bank, the decision of theReserve Bank thereon, shall be final."]; (k) for section 19,the following section shall be substituted, namely:- "19. Restriction on holding shares in otherco-operative societies. -No co-operative bank shall hold shares in any otherco-operative society except to such extent and subject to such conditions asthe Reserve Bank may specify in that behalf: Provided that nothing contained in this section shall applyto- (i) shares acquiredthrough funds provided by the State Government for that purpose; (ii) in the case ofa Central co-operative bank, the holding of shares in the State co-operativebank to which it is affiliated; (iii) in the case ofa primary co-operative bank, the holding of shares in the Central co-perativebank to which it.....

Banking Regulation Act, 1949, (Maharashtra) Section 18

Title: Cash Reserve

State: Maharashtra

Year: 1949

.....to the co-operative bank; (e) any cash with a co-operative bank or any balance, held by a Co-operatie Bank with another bank, shall not, to the extent such cash or such balance represents the balance in, or investment of, Agricultural Credit Stabilisation Fund of such co-operative Bank, be deemed to be cash maintained in India. (2) The Reserve Bank may, for the purpose of this section and Section 24, specify from time to time, with reference to any transaction or class of transactions, that such transaction or transactions shall be regarded as liability in India of a co-operative bank, and if any question arises as to whether any transaction or class of transaction shall be regarded for the purpose of this section and Section 24, as liability in India of a co-operative bank, the decision of the Reserve Bank thereon shall be final.] _________________________ 1. Substituted by Act 1 of 1984. section 42(v) w.e.f. 29.3.1985).

Banking Regulation Act, 1949, (Maharashtra) Section 5

Title: Interpretation

State: Maharashtra

Year: 1949

.....Act, 1993.-The provisions made for recovery of debts of a bank is an essential aspect of the banking business. Therefore, the purpose of the 1949 Act and the 1993 Act is the same, namely regulation and control of the banking business and therefore, assuming that it is only by virtue of fiction created by section 56 of 1949 Act, that a Co-operative Bank becomes a banking company, then also a Co-operative Banks will have to be included within the meaning of definition of the term "banking company". The Full Bench of Bombay High Court further held, that so far as the aspect of business of banking is concerned, the Co-operative Banks and the companies doing business of banking are in one class. Recovery of dues is an essential aspect of the business of banking and therefore, so far as the aspect of recovery of dues of the banks are concerned, the Co-operative Banks and the companies doing business of banking would be in one class and therefore, they will have to be similarly treated. Narendra Kantilal Shah v. Joint Registrar Co-operative Societies (Appeal) Bombay, 2004 (1) All M. R. 798 : 2004 (1) Mah. L. J. 704 (F.B.) : AIR 2004 Bom. 167 (F. B.). _____________________________ .....

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.....

Madras Drugs (Control) Act, 1949 (30 of 1949) Complete Act

State: Tamil Nadu

Year: 1949

.....be done under this Act. SECTION 19: Saving of other laws The provision of this Act shall be in addition to and not in derogation of any other law for the time being in force regulating any of the matters dealt with in this Act. SECTION 20: Repeal and saving (1) The Madras Drugs (Control) Ordinance, 1949, is hereby repealed. (2) Notwithstanding such repeal, any rules made, notifications or orders issued, action taken, or thing done in the exercise of any power conferred by or under the said Ordinance shall be deemed to have been made, issued, taken or done in the exercise of the powers conferred by or under this Act as if this Act had come into force on the 3rd day of October 1949. Tamil Nadu State Acts

Banking Regulation Act, 1949 Section 20

Title: Restrictions on Loans and Advances

State: Central

Year: 1949

.....depositors and other relevantconsiderations, specify by general or special order as not being a loan oradvance for the purpose of this section; (b) "director" includea member of any board or committee in India constituted by a banking companyfor the purpose of managing, or for the purpose of advising it in regard to themanagement of, all or any of its affairs. (5) If any question arises whetherany transaction is a loan or advance for the purposes of this section, it shallbe referred to the Reserve Bank, whose decision thereon shall be final.] ___________________ 1. Subsituted by Act 58 of 1968, Section 5, forsection 20 w.e.f. 1-2-1969. 2. Subsituted by Act 58 of 1968, Section 5, for section 20 w.e.f.1-2-1969.