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Bare acts > Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
 
 
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SECTIONS

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

   
  Preamble
   
  CHAPTER I: Preliminary
1. Short title and commencement
2. Definitions
   
  CHAPTER II: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
3. Establishment of corresponding new banks and business thereof
3-A. Trust Not to be entered in the register
3-B. Register of beneficial owner
4. Undertaking of existing banks to vest in corresponding new banks
5. General affect of vesting
   
  CHAPTER III : Payment of Compensation
6. Payment of compensation
   
  CHAPTER IV: Management of Corresponding New Banks
7. Head office and management
8. Corresponding new banks to be guided by the directions of the Central Government
9. Power to Central Government to make scheme
9-A. Power of Reserve Bank to appoint additional director
   
  CHAPTER V: Miscellaneous
10. Closure of accounts and disposal of profits
10-A. Annual general meeting
10-B. Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account
11. Corresponding new bank deemed to be an Indian company
12. Removal of Chairman from office
12-A. Bonus
13. Obligations as to fidelity and secrecy
14. Custodian to be public servant
15. Certain defects not to invalidate acts or proceedings
16. Indemnity
16-A. Arrangement with corresponding new bank on appointment of Directors to prevail
17. References to existing banks on and from the commencement of this Act
18. Dissolution
18-A. Supersession of Board in certain cases
19. Power to make regulations
20. Amendment of certain enactments
21. Repeal and saving
   
  FIRST SCHEDULE
  SECOND SCHEDULE
  THIRD SCHEDULE
 
 
 

 

 

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