55. Companies Act, 1956, and *[Banking Regulation Act], 1949, not to apply to certain existing banks.- Subject to the provisions of this Act and unless the Central Government, by notification in the Official Gazette, otherwise directs, on and from the appointed day, the provisions of the Companies Act, 1956 (1 of 1956.), and the *[Banking Regulation Act], shall not apply to an existing bank, in so far as the said provisions impose any obligation on, or require anything to be done by, any such bank.
*[Substituted by State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007]
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