The Banking Companies (Acquisition And Transfer Of Undertaking) Act 1969

The Banking Companies (Acquisition And Transfer Of Undertaking) Act 1969
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The Banking Companies (Acquisition And Transfer Of Undertaking) Act 1969

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BE it enacted by Parliament in the Twentieth Year of the Republic of India as follows ---CHAPTER I PRELIMINARY 1.Short title and commencement.- 1 This Act may be called the Banking Companies Acquisition and Transfer of Undertakings Act, 1969. 2 It shall be deemed to have come into force on the 19th day of July, 1969. 2.Definitions.- In this Act, unless the context otherwise requires, ------ a "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956 1 of 1956 b "corresponding new bank," in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule c "Custodian" means the person who becomes, or in appointed, a custodian under section 10 d "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, as shown in the return as on the last Friday of June, 1969, furnished to the Reserve Bank under section 27 of the Banking Regulation Act, were not less than rupees fifty crores 10 of 1949. e "prescribed" means prescribed by rules made under this Act f "Tribunal" means a Tribunal constituted under section 7 g words and expressions used herein and not defined but defined in the Banking Regulation Act.1949 10 of 1949 , have the meaning respectively assigned to them in that Act. CHAPTER II TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS 3.Establishment of corresponding new banks and business thereof.- 1 On the commencement of this Act, there shall be constituted such corresponding new banks as are specified in the First Schedule. 2 The paid-up capital of every corresponding new bank constituted under sub-section 1 shall, until any provision is made in this behalf in any scheme made under section 13, be equal to the paid-up capital of the existing bank in relation to which it is the corresponding new bank. 3 The entire capital of each corresponding new bank shall stand vested in and allotted to the Central Government. 4 Every corresponding new bank shall be a body corporate with perpetual succession and a common seal and shall sue and be sued in its name.
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