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Start Free TrialBirds & Company Limited Acquistion & Transfer of Undertakings & Other Properties Act, 1980 Complete Act
Title: Birds & Company Limited Acquistion & Transfer of Undertakings & Other Properties Act, 1980
State: Central
Year: 1980
.....claims Section20 - Disbursement of money by Commissioner to claimants Section21 - Disbursement of amounts to the Company and possession of certain machinery, equipment, etc. Section22 - Undisbursed or unclaimed amount to be deposited to the general revenue account Chapter VII Section23 - Act to have overriding effect Section24 - Contracts to cease to have effect unless ratified by the Central Government or Government company Section25 - Penalties Section26 - Offences by companies Section27 - Protection of action taken in good faith Section28 - Delegation of powers Section29 - Power to make rules Section30 - Power to remove difficulties Section31 - Repeal and saving ScheduleI - SCHEDULE I ScheduleII - SCHEDULE II
List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 16A
Title: Arrangement with Corresponding New Bank on Appointment of Directors to Prevail
State: Central
Year: 1980
.....as aforesaid. (2) Any director appointed as aforesaid shall (a) hold office during the pleasure of the corresponding new bank and may be removed or substituted by any person by order in writing of the corresponding new bank; (b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relating thereto. (c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.] ________________________ 1. Inserted by Act 1 of 1984, Section 74 w.e.f. 15-2-1984
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 8
Title: Corresponding New Banks to Be Guided by the Directions of the Central Government
State: Central
Year: 1980
Every corresponding new bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Governor of the Reserve Bank, give.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 9
Title: Power of Central Government to Make Scheme
State: Central
Year: 1980
.....of clause (i) not more than six directors to be nominated by the Central Government; 12 [(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 than sixteen per cent. but not more than thirty-two per cent. of the total paid-up capital, two directors; (III) more than thirty-two per cent. of the total paid-up capital, three directors, to be elected by the shareholders, other than the Central Government, from amongst themselves: Provided that on the assumption of charge after election of any such director under this clause, equal number of directors nominated under clause (h) shall retire in such manner as may be specified in the scheme: Provided further that in case the number of directors elected, on or before the commencement of the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, in a corresponding new bank exceed the number of directors specified in sub-clause (I) or sub-clause (II) or sub-clause (III), as the case may be, such excess number of .....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 9A
Title: Power of Reserve Bank to Appoint Additional Director
State: Central
Year: 1980
.....in the interests of the corresponding new bank or its depositors, it is necessary so to do, it may, from time to time, by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional directors of the corresponding new bank. (2) Any person appointed as an additional director in pursuance of this section-- (a) shall hold office during the pleasure of the Reserve Bank and subject thereto for a period not exceeding three years or such further periods not exceeding three years at a time as the Reserve Bank may specify; (b) shall not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto; and (c) shall not be required to hold qualification shares in the corresponding new bank.] ________________________________________________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, w.e.f. 16.10.2006.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter V
Title: Miscellaneous
State: Central
Year: 1980
.....loss account, doesnot disclose any matters which are by the provisions of the Banking RegulationAct, 1949, read with the relevant provisions of this Act or any other Act, notrequired to be disclosed. ExplanationII. -For the purposes of this Act,the accounts of the corresponding new bank shall not be deemed as having notbeen properly drawn up on the ground merely that they do not disclose certainmatters if- (i) thosematters are such as the corresponding new bank is, by virtue of any provisioncontained in the Banking Regulation Act, 1949, read with the relevant provisionsof this Act, or any other Act, not required to disclose; and (ii) theprovisions referred to in clause (i) are specified in the balance-sheet andprofit and loss account of the corresponding new bank or in the auditor'sreport. (5) The report of theauditor shall be verified, signed and transmitted to the Central Government. (6) The auditor shall alsoforward a copy of the audit report to the corresponding new bank and to the Reserve Bank. (7) After making provisionfor bad and doubtful debts, depreciation in assets, contributions to staff andsuperannuation funds and all other matters for which provision is.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 10
Title: Closure of Accounts and Disposal of Profits
State: Central
Year: 1980
.....affairs of the corresponding new bank, and in case he hadcalled for any explanation or information, whether it has been given and whetherit is satisfactory; (b) whetheror not the transactions of the corresponding new bank, which have come to hisnotice, have been within the powers of that bank; (c) whetheror not the returns received from the officers and branches of the correspondingnew bank have been found adequate for the purpose of his audit; (d) whetherthe profit and loss account shows a true balance of profit or loss for theperiod covered by such account; and (e) any othermatter which he considers should be brought to the notice of the CentralGovernment. 3 [ExplanationI. -For the purposes of this Act,- (a) thebalance-sheet shall not be treated as not disclosing a true and fair view of theaffairs of the corresponding new bank, and (b) theprofit and loss account shall not be treated as not showing a true balance ofprofit and loss for the period covered by such account, merely by reason of the factthat the balance-sheet or, as the case may be, the profit and loss account, doesnot disclose any matters which are by the provisions of the Banking RegulationAct, 1949,.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 10A
Title: Annual General Meeting
State: Central
Year: 1980
.....corresponding new bank for the period covered by the accounts and the auditor's report on the balance-sheet and accounts.] 3 [(3) Nothing contained in this section shall apply during the period for which the Board of Directors of a corresponding new bank had been superseded under sub-section (1) of section 18A: Provided that the Administrator may, if he considers it appropriate in the interest of the corresponding new bank whose Board of Directors had been superseded, call annual general meeting in accordance with the provisions of this section.] ________________________________________________________________ 1. Inserted by act 37of 1994, Section 7 w.e.f. 15-7-1994. 2. Substituted for the words "shall be entitled to discuss" by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, w.e.f. 16.10.2006. 3. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, w.e.f. 16.10.2006.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 10B
Title: Transfer of Unpaid or Unclaimed Dividend to Unpaid Dividend Account
State: Central
Year: 1980
.....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).] ________________________________________________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 w.e.f. 16.10.2006.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 11
Title: Corresponding New Bank Deemed to Be an Indian Company
State: Central
Year: 1980
For the purposes of the Income-tax Act, 1961, every corresponding new bank shall be deemed to be an Indian company and a company in which the public are substantially interested.
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