Lawzonline.com   Sign-in | Register
 
Home | Discussion Forum | Communities | Professional Search | Law Dictionary | Bare Acts | Law Schools | State Bare Acts | Free Judgement Search | Law quotes
Articles  |    Humor    |    Law Digest
 
 
Bare acts search

  Bookmark and Share
   
Bare acts > Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 > Section 12
 
   


 

12. Insertion of new section 10B. - After section 10A of the Bank (Second) Nationalisation Act, the following section shall be inserted, namely:-


'10B. Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account. - (1) Where, after the commencement of the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, a dividend has been declared by a corresponding new bank but has not been paid or claimed within thirty days from the date of declaration, to, or by, any shareholder entitled to the payment of the dividend, the corresponding new bank shall, within seven days from the date of the expiry of such period of thirty days, transfer the total amount of dividend which remains unpaid or unclaimed within the said period of thirty days, to a special account to be called "Unpaid Dividend Account of ... (the name of the corresponding new bank)". Explanation.-In this sub-section, the expression "dividend which remains unpaid" means any dividend the warrant in respect thereof has not been encashed or which has otherwise not been paid or claimed.

(2) Where the whole or any part of any dividend, declared by a corresponding new bank before the commencement of the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006, remains unpaid at such commencement, the corresponding new bank shall, within a period of 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. '.

 

 

 

 

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

 

Quick Links          
           
Family Laws Insurance Laws Environmental law Tax Law FDI  
Company Law Telecommunication Law Labour Laws Central Rules RBI  
Business & Commercial Laws Consumer laws Corporate laws Criminal laws SEBI  
Intellectual Property law Media & Press laws Pharma & Medical laws Property law FEMA  
Debt Recovery Laws Amendments Professional law Banking Laws Legal Links  
           
           
 
 
  Partner Site
Adbeed.com India No 1 Business Directory and Classified Portal
Mybeed.com Your Online Library
 
 
 

 
   
 

 

 

Privacy PolicyDisclaimer | Link partners

Copyright @2010