The BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

PRELIMINARY

Section 1 — Short title and commence.

(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

(2) It shall be deemed to have come into force on the 15th day of April, 1980.

Browse all 32 sections
  1. 1.Short title and commence.
  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.Undertakings of existing banks to vest in corresponding new banks.
  7. 5.General effect of vesting.
  8. 6.Payment of amount.
  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.Vacation of office of Chairman, etc.
  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.Construction of references to existing banks.
  25. 18.Dissolution.
  26. 18A.Supersession of Board in certain cases.
  27. 19.Power to make regulations.
  28. 20.[Repealed.].
  29. 21.Repeal and saving.
  30. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  31. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE
  32. SCH-THE THIRD SCHEDULE.THE THIRD SCHEDULE