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Birds & 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

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 5

Title: General Effect of Vesting

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,.....

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Banking 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 .....

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Banking 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.

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 7

Title: Head Office and Management

State: Central

Year: 1980

.....such commencement: Provided that the Central Government may, if the Chairman of anexisting bank declines to become, or to continue to function as, a Custodian ofthe corresponding new bank, or, if it is of opinion that it is necessary in theinterests of the corresponding new bank so to do appoint any other person as thecustodian of a corresponding new bank and the Custodian so appointed shallreceive such emoluments as the Central Government may specify in this behalf. Explanation. -In this sub-section and in sub-section (1) ofsection 12 the expression "Chairman", in relation to any existingbank, includes the person carrying out the duties of the Chairman or otherwisefunctioning as the chief executive officer of that bank. (6) Custodian shall holdoffice during the pleasure of the Central Government.

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter IV

Title: Management of Corresponding New Banks

State: Central

Year: 1980

.....so appointed shallreceive such emoluments as the Central Government may specify in this behalf. Explanation. -In this sub-section and in sub-section (1) ofsection 12 the expression "Chairman", in relation to any existingbank, includes the person carrying out the duties of the Chairman or otherwisefunctioning as the chief executive officer of that bank. (6) Custodian shall holdoffice during the pleasure of the Central Government. Section 8 - Corresponding new banks to be guided by the directions of the Central Government 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. Section 9 - Power of Central Government to make scheme (1) The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, the said scheme may provide for all or any of the following matters, namely:- (a) the capital structure of the.....

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 6

Title: Payment of Amount

State: Central

Year: 1980

.....in accordance with the option indicated in such application. (8) The interim payment made to an existing bank under sub-section (7) shall be set off against the total amount payable to such existing bank under this Act and the balance of the amount remaining after each payment shall be given to the existing bank in accordance with the option exercised, or deemed to have been exercised, under subsection (4) or sub-section (5), as the case may be: Provided that where any part of the interim payment is obtained by an existing bank in cash, the payment so obtained shall be set off, in the first instance, against the first installment of the cash payment referred to in sub-section (2), and in case the payment so obtained exceeds the amount of the first installment, the excess amount shall be adjusted against the second instalment and the balance of such excess amount, if any, against the third installment of the cash payment.

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter III

Title: Payment of Amount

State: Central

Year: 1980

.....in accordance with the option indicated in such application. (8) The interim payment made to an existing bank under sub-section (7) shall be set off against the total amount payable to such existing bank under this Act and the balance of the amount remaining after each payment shall be given to the existing bank in accordance with the option exercised, or deemed to have been exercised, under subsection (4) or sub-section (5), as the case may be: Provided that where any part of the interim payment is obtained by an existing bank in cash, the payment so obtained shall be set off, in the first instance, against the first installment of the cash payment referred to in sub-section (2), and in case the payment so obtained exceeds the amount of the first installment, the excess amount shall be adjusted against the second instalment and the balance of such excess amount, if any, against the third installment of the cash payment.

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Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 4

Title: Undertakings of Existing Banks to Vest in Corresponding New Banks

State: Central

Year: 1980

On the commencement of this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the corresponding new bank.

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Banking 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.....

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