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Start Free TrialBanking 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 Section 17
Title: References to Existing Banks on and from the Commencement of This Act
State: Central
Year: 1970
Any reference to any existing bank in any law, other than this Act, or in any contract or other instrument shall, in so far as it relates to the undertaking which has been transferred by section 4, be construed as a reference to the corresponding new bank.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Schedule I
Title: First Schedule
State: Central
Year: 1970
THE FIRST SCHEDULE (Sections 2, 3 and 4) Existing bank Corresponding new bank 1 2 The Central Bank of India Limited Central Bank of India The Bank of India Limited Bank of India The Punjab National Bank Limited Punjab National Bank The Bank of Baroda Limited Bank of Baroda. The United Commercial Bank Limited 1 [UCO Bank]. Canara Bank Limited Canara Bank United Bank of India Limited United Bank of India .Dena Bank Limited Dena Bank .Syndicate Bank Limited Syndicate Bank. The Union Bank of India Limited Union Bank of India. Allahabad Bank Limited Allahabad Bank. The Indian Bank Limited Indian Bank The Bank of Maharashtra Limited Bank of Maharashtra The Indian Overseas Bank Limited Indian Overseas Bank _______________________ 1. Inserted by Act No. 37 of 1994.
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 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 19
Title: Power to Make Regulations
State: Central
Year: 1970
.....behalf of the corresponding new bank upon shareholders or other persons; (bf) the manner in which the Directors nominated under clause (h) of sub-section (3) of section 9 shall retire.] (c) the delegation of powers and functions of the Board of Directors of a corresponding new bank to the General Manager, Director, officer or other employee of that bank; (d) the conditions or limitations subject to which the corresponding new bank may appoint Advisers, officers or other employees and fix their remuneration and other terms and conditions of service; (e) the duties and conduct of Advisers, officers or other employees of the corresponding new bank; (f) the establishment and maintenance of superannuation, pension, provident or other funds for the benefits of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds; (g) the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings; (h) the provision of a seal for the corresponding new bank and the manner and.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 18A
Title: Supersession of Board in Certain Cases
State: Central
Year: 1970
.....Government shall be such as may be specified by the Central Government and be payable by the concerned corresponding new bank. (8) On and before the expiration of two months before expiry of the period of supersession of the Board of Directors as specified in the order issued under subsection (1), the Administrator of the corresponding new bank, shall call the general meeting of the corresponding new bank to elect new directors and reconstitute its Board of Directors. (9) Notwithstanding anything contained in any other law or in any contract, the memorandum or articles of association, no person shall be entitled to claim any compensation for the loss or termination of his office. (10) The Administrator appointed under sub-section (2) shall vacate office immediately after the Board of Directors of the corresponding new bank has been reconstituted.] ___________________________________________ 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 Section 18
Title: Dissolution
State: Central
Year: 1970
No provision of law relating to winding up of corporations shall apply to a corresponding new bank and no corresponding new bank shall be placed in liquidation save by order of the Central Government and in such manner as it may direct.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Section 16A
Title: Arrangement with Corresponding New Bank on Appointment of Directors to Prevail
State: Central
Year: 1970
.....of Directorship, removal from office of Director and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the corresponding new bank in pursuance of the arrangement 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) and 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 relation 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 No. 1 of 1984, w.e.f. 15th. February, 1984.
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 Schedule III
Title: Third Schedule
State: Central
Year: 1970
THE THIRD SCHEDULE DECLARATION OF FIDELITY AND SECRECY [Sub-sections (2) and (3) of section 13] I,........., do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as Custodian, Director, member of Local Board, Member of Local Committee, Auditor, Adviser, officer or other employee (as the case may be) of the*........... .................and which properly relate to the office or position in the said*..................... held by me. I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto information relating to the affairs of the* .......... or to the affairs of any person having any dealing with the*.........; nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the*.............and relating to the business of the*.............or the business of any person having any dealing with the* *Name of corresponding new bank to be filled in.
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