SECTIONS | Banking Regulation Act, 1949 |
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| Preamble |
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| PART I: PRELIMINARY |
1. | Short title, extent and commencement |
2. | Application of other laws not barred |
3. | Act to apply to co-operative societies in certain cases |
4. | Power to suspend operation of Act |
5. | Interpretation |
5-A. | Act to override memorandum, articles, etc |
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| PART II: BUSINESS OF BANIKNG COMPANIES |
6. | Forms of business in which banking companies may engage |
7. | Use of words "bank", "banker", "banking" or "banking company" |
8. | Prohibition of trading |
9. | Disposal of non-banking assets |
10. | Prohibition of employment of managing agents and restrictions on certain forms of employment |
10-A. | Board of directors to include persons with professional or other experience |
10-B. | Ranking company to be managed by whole-time chairman |
10-BB. | Power of Reserve Bank to appoint Chairman of the Board of directors appointed on a whole-time basis r a managing director of a banking company |
10-C. | Chairman and certain directors not to be required to hold qualification shares |
10-D. | Provisions of sections 10A and 10B to override all other laws, contracts, etc |
11. | Requirement as to minimum paid-up capital and reserves |
12. | Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders |
12-A. | Election of new directors |
13. | Restriction on commission, brokerage, discount, etc., on sale of shares |
14. | Prohibition of charge on unpaid capital |
14-A. | Prohibition of floating charge on assets |
15. | Restrictions as to payment of dividend |
16. | Prohibition of common directors |
17. | Reserve Fund |
18. | Cash reserve |
19. | Restriction on nature of subsidiary companies |
20. | Restrictions on loans and advances |
20-A. | Restrictions on power to remit debts |
21. | Power of Reserve Bank to control advances by banking companies |
21-A. | Rates of interest charged by banking companies not to be subject to scrutiny by courts |
22. | Licensing of banking companies |
23. | Restrictions on opening of new, and transfer of existing, places of business |
24. | Maintenance of a percentage of assets |
25. | Assets in India |
26. | Return of unclaimed deposits |
27. | Monthly returns and power to call for other returns and information |
28. | Power to publish information |
29. | Accounts and balance-sheet |
30. | Audit |
31. | Submission of returns |
32. | Copies of balance-sheets and accounts to be sent to registrar |
33. | Display of audited balance-sheet by companies incorporated outside India |
34. | Accounting provisions of this Act not retrospective |
34-A. | Production of documents of confidential nature |
35. | Inspection |
35-A. | Power of the Reserve Bank to give directions |
35-B. | Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank |
36. | Further powers and functions of Reserve Banks |
36-A. | Certain provisions of the Act not to apply to certain banking companies |
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| PART IIA: CONTROL OVER MANAGEMENT |
36-AA. | Power of Reserve Bank to remove managerial and other persons from office |
36-AB. | Power of Reserve Bank to appoint additional directors |
36-AC. | Part IIA to override other laws |
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| PART IIB: PROHIBITION OF CERTAIN ACTIVITIES IN RELATION TO BANKING COMPANIES |
36-AD | Punishments for certain activities in relation to banking companies |
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| PART IIC: ACQUISITION OF THE UNDERTAKINGS OF BANKING COMPANIES IN CERTAIN CASES |
36-AE. | Power of Central Government to acquire undertakings of banking companies in certain cases |
36-AF. | Power of the Central Government to make scheme |
36-AG. | Compensation to be given to shareholders of the acquired bank |
36-AH. | Constitution of the Tribunal |
36-AI. | Tribunal to have powers of a civil court |
36-AJ. | Procedure of the Tribunal |
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| PART III: SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES |
36-B. | High Court defined |
37. | Suspension of business |
38. | Winding up by High Court |
38-A. | Court liquidator |
39. | Reserve Bank to be official liquidator |
39-A. | Application of Companies Act to liquidators |
40. | Stay of proceedings |
41. | Preliminary report by official liquidator |
41-A. | Notice to preferential claimants and secured and unsecured creditors |
42. | Power to dispense with meetings of creditors, etc |
43. | Booked depositors' credits to be deemed proved |
43-A. | Preferential payments to depositors |
44. | Powers of High Court in voluntary winding up |
44-A. | Procedure for amalgamation of banking companies |
44-B. | Restriction on compromise or arrangement between banking company and creditors |
45. | Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution of amalgamation |
45-A. | Part IIIA to override other laws |
45-B. | Power of High Court to decide all claims in respect of banking companies |
45-C. | Transfer of pending proceedings |
45-D. | Settlement of list of debtors |
45-E. | Special provisions to make calls on contributories |
45-F. | Documents of banking company to be evidence |
45-G. | Public examination of directors and auditors |
45-H. | Special provisions for assessing damages against delinquent directors, etc |
45-I. | Duty of directors and officers of banking company to assist in the realisation or property |
45-J. | Special provisions for punishing offences in relation to banking companies being wound up |
45-K. | Power of High Court to enforce schemes of arrangements, etc |
45-L. | Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement |
45-M. | Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act |
45-N. | Appeals |
45-O. | Special period of limitation |
45-P. | Reserve Bank to lender advice in winding up proceeding |
45-Q. | Power to inspect |
45-R. | Power to call for returns and information |
45-S. | Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of properly of banking company being wound up |
45-T. | Enforcement of orders and decisions of High Court |
45-U. | Power of High Court to make rules |
45-V. | References to directors, etc., shall be construed as including references to past directors, etc |
45-W. | Part II not to apply to banking companies being wound up |
45-X. | Validation of certain proceedings |
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| PART IIIB: PROVISIONS RELATING TO CERTAIN OPERATIONS OF BANKING COMPANIES |
45-Y. | Power of Central Government to make rules for the preservation of records |
45-Z. | Return of paid instruments to customer |
45-ZA. | Nomination for payment of depositors' money |
45-ZB. | Notice of claims of other persons regarding deposits not receivable |
45-ZC. | Nomination for return of articles kept in safe custody with banking company |
45-ZD. | Notice of claims of other persons regarding articles not receivable |
45-ZE. | Release of contents of safety lockers |
45-ZF. | Notice of claims of other persons regarding safety lockers not receivable |
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| PART IV: MISCELLANEOUS |
46. | Penalties |
46-A. | Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code |
47. | Cognizance of offences |
47-A. | Power of Reserve Bank to impose penalty |
48. | Application of fines |
49. | Special provisions for private banking companies |
49-A. | Restriction on acceptance of deposits withdrawable by cheque |
49-B. | Change of name by a banking company |
49-C. | Alteration of memorandum of a banking company |
50. | Certain claims for compensation barred |
51. | Application of certain provisions to the State Bank of India and other notified banks |
52. | Power of Central Government to make rules |
53. | Power to exempt in certain cases |
54. | Protection of action taken under Act |
55. | Amendment of Act 2 of 1934 |
55-A. | Power to remove difficulties |
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| PART V: APPLICATION OF THE ACT TO CO-OPERATIVE BANKS |
56. | Act to apply to co-operative societies subject to modifications |
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| THE FIRST SCHEDULE |
| THE SECOND SCHEDULE |
| THE THIRD SCHEDULE |
| THE FOURTH SCHEDULE |
| THE FIFTH SCHEDULE |