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Bare acts > Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
 
 
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SECTIONS

Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

  
 Preamble
  
 CHAPTER I: Preliminary
1.Short title and commencement
2.Definitions
  
 CHAPTER II: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
3.Establishment of corresponding new banks and business thereof
3-A.Trust Not to be entered in the register
3-B.Register of beneficial owner
4.Undertaking of existing banks to vest in corresponding new banks
5.General affect of vesting
  
 CHAPTER III : Payment of Compensation
6.Payment of compensation
  
 CHAPTER IV: Management of Corresponding New Banks
7.Head office and management
8.Corresponding new banks to be guided by the directions of the Central Government
9.Power to Central Government to make scheme
9-A.Power of Reserve Bank to appoint additional director
  
 CHAPTER V: Miscellaneous
10.Closure of accounts and disposal of profits
10-A.Annual general meeting
10-B.Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account
11.Corresponding new bank deemed to be an Indian company
12.Removal of Chairman from office
12-A.Bonus
13.Obligations as to fidelity and secrecy
14.Custodian to be public servant
15.Certain defects not to invalidate acts or proceedings
16.Indemnity
16-A.Arrangement with corresponding new bank on appointment of Directors to prevail
17.References to existing banks on and from the commencement of this Act
18.Dissolution
18-A.Supersession of Board in certain cases
19.Power to make regulations
20.Amendment of certain enactments
21.Repeal and saving
  
 FIRST SCHEDULE
 SECOND SCHEDULE
 THIRD SCHEDULE
 
 
 

 

 

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