The BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

PRELIMINAR

Section 1 — Short title and commencement.

(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

(2) The provisions of this Act (except section 21,which shall come into force on the appointed day) shall be deemed to have come into force on the 19th day of July, 1969.

Browse all 32 sections
  1. 1.Short title and commencement.
  2. 2.Definitions.
  3. 3.Establishment of corresponding new banks and business thereof.
  4. 3A.Trust not to be entered on the register.
  5. 3B.Register of beneficial owners.
  6. 4.Undertaking of existing banks to vest in corresponding new banks.
  7. 5.General effect of vesting.
  8. 6.Payment of compensation.
  9. 7.Head office and management.
  10. 8.Corresponding new banks to be guided by the directions of the Central Government.
  11. 9.Power of Central Government to make scheme.
  12. 9A.Power of Reserve Bank to appoint additional director.
  13. 10.Closure of accounts and disposal of profits.
  14. 10A.Annual general meeting.
  15. 10B.Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account.
  16. 11.Corresponding new bank deemed to be an Indian company.
  17. 12.Removal of Chairman from office.
  18. 12A.Bonus.
  19. 13.Obligations as to fidelity and secrecy.
  20. 14.Custodian to be public servant.
  21. 15.Certain defects not to invalidate acts or proceedings.
  22. 16.Indemnity.
  23. 16A.Arrangement with corresponding new bank on appointment of directors to prevail.
  24. 17.References to existing banks on and from the commencement of this Act.
  25. 18.Dissolution.
  26. 18A.Supersession of Board in certain cases.
  27. 19.Power to make regulations.
  28. 20.Amendment of certain enactments.
  29. 21.Repeal and savings.
  30. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  31. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE
  32. SCH-THE THIRD SCHEDULE.THE THIRD SCHEDULE