The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
Central · 1970
- S. 1Short title and commencement
- S. 2Definitions.
- S. 3Establishment of corresponding new banks and business thereof.
- S. 3ATrust not to be entered on the register.
- S. 3BRegister of beneficial owners
- S. 4Undertaking of existing banks to vest in corresponding new banks
- S. 5General effect of vesting.
- S. 6Payment of compensation.
- S. 7Head office and management.
- S. 8Corresponding new banks to be guided by the directions of the Central Government.
- S. 9Power of Central Government to make scheme.
- S. 9APower of Reserve Bank to appoint additional director
- S. 10Closure of accounts and disposal of profits.
- S. 10AAnnual general meeting.
- S. 10BTransfer of unpaid or unclaimed money.
- S. 11Corresponding new bank deemed to be an Indian company
- S. 12Removal of Chairman from office
- S. 12ABonus.
- S. 13. Obligations as to fidelity and secrecy.
- S. 14Custodian to be public servant
- S. 15Certain defects not to invalidate acts or proceedings
- S. 16Indemnity
- S. 16AArrangement with corresponding new bank on appointment of directors to prevail
- S. 17References to existing banks on and from the commencement of this Act.—
- S. 18Dissolution
- S. 18ASupersession of Board in certain cases
- S. 19Power to make regulations.
- S. 20Amendment of certain enactments
- S. 21Repeal and savings