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Start Free TrialBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 10B
Title: Transfer of Unpaid or Unclaimed Dividend to Unpaid Dividend Account
State: Central
Year: 1970
.....six months from such commencement, 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. (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. 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, 1970 Preamble 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
State: Central
Year: 1970
BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 [Act, No. 5 of 1970] [31st March, 1970] PREAMBLE An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively and serve better, the needs of development of the economy in conformity with national policy and objectives and for matter* connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-first Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 2
Title: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
State: Central
Year: 1970
CHAPTER II 1 [TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS] _______________________________ 1. Substituted by Act No. 37 of 1994.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Complete Act
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
State: Central
Year: 1970
.....new bank deemed to be an Indian company Section12 - Removal of Chairman from office Section12A - Bonus Section13 - Obligations as to fidelity and secrecy Section14 - Custodian to be public servant Section15 - Certain defects not to invalidate acts or proceedings Section16 - Indemnity Section16A - Arrangement with corresponding new bank on appointment of Directors to prevail Section17 - References to existing banks on and from the commencement of this Act Section18 - Dissolution Section18A - Supersession of Board in certain cases Section19 - Power to make regulations Section20 - Amendment of certain enactments Section21 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE Amending Act1 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) AND FINANCIAL INSTITUTIONS LAWS (AMENDMENT) ACT, 2006
List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Amending Act 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006
State: Central
Year: 1970
.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 21
Title: Repeal and Saving
State: Central
Year: 1970
.....or incurred under the provisions of this Act by or on behalf of the corresponding new bank constituted thereunder; (c) anything done or any action taken, including any order made, notification issued or directions given under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970 (3 of 1970), shall be deemed to have been done, taken, made, issued or given as the case may be, under the corresponding provisions of this Act. (3) Any suit, appeal or other proceedings of whatever nature instituted on or after the 19th day of July, 1969, by or against a corresponding new bank purported to have been constituted by the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 (8 of 1969), or the Banking Companies (Acquisition and Transfer of Undertakings Act, 1969 (22 of 1969), shall not abate, be discontinued, or be, in any way, prejudicially affected by reason of the expiry of the said Ordinance or the invalidation of the said Act, as the case may be, but such suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the corresponding new bank as if such suit, appeal or other proceedings had been.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 5
Title: General Affect of Vesting
State: Central
Year: 1970
.....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 as 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, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertaking 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, appeal or.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Chapter 1
Title: Preliminary
State: Central
Year: 1970
(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. (2) The provisions of this Act (except section 21, which shall come into force on the appointed day) shall be deemed to have come into force on the 19th day of July, 1969. Section 2 - Definitions In this Act, unless the context otherwise requires,- (a) "appointed day" means the 14th day of February, 1970, being the day on which the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970 (3 of 1970), was promulgated; (b) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956 (1 of 1956); (c) "commencement of this Act" means the 19th day of July, 1969; (d) "corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule; (d) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7; (f) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, as shown in the return as on the last Friday of June, 1969,.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 20
Title: Amendment of Certain Enactments
State: Central
Year: 1970
.....(a), (b), (c), (d) and (h) of sub-section (1) shall apply to a corresponding new bank as they apply to a banking company". (5) In the State Agricultural Credit Corporations Act, 1968 (60 of 1968)- (a) in section 2, after clause (i), the following clause shall be inserted, namely,- (ii) "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; (b) after the words "subsidiary banks" or "subsidiary bank", as the case may be, occurring in clause (d) of sub-section (3) of section 5, in clause (b) of section 9 and in the proviso to section 18, the words "corresponding new banks" or "corresponding new bank", as the case may be, shall be inserted.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 1
Title: Short Title and Commencement
State: Central
Year: 1970
(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. (2) The provisions of this Act (except section 21, which shall come into force on the appointed day) shall be deemed to have come into force on the 19th day of July, 1969.
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