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Bare acts > Banking Regulation Act, 1949
 
 
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SECTIONS

Banking Regulation Act, 1949

   
  Preamble
   
  PART I: PRELIMINARY
1. Short title, extent and commencement
2. Application of other laws not barred
3. Act to apply to co-operative societies in certain cases
4. Power to suspend operation of Act
5. Interpretation
5-A. Act to override memorandum, articles, etc
   
  PART II: BUSINESS OF BANIKNG COMPANIES
6. Forms of business in which banking companies may engage
7. Use of words "bank", "banker", "banking" or "banking company"
8. Prohibition of trading
9. Disposal of non-banking assets
10. Prohibition of employment of managing agents and restrictions on certain forms of employment
10-A. Board of directors to include persons with professional or other experience
10-B. Ranking company to be managed by whole-time chairman
10-BB. Power of Reserve Bank to appoint Chairman of the Board of directors appointed on a whole-time basis r a managing director of a banking company
10-C. Chairman and certain directors not to be required to hold qualification shares
10-D. Provisions of sections 10A and 10B to override all other laws, contracts, etc
11. Requirement as to minimum paid-up capital and reserves
12. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders
12-A. Election of new directors
13. Restriction on commission, brokerage, discount, etc., on sale of shares
14. Prohibition of charge on unpaid capital
14-A. Prohibition of floating charge on assets
15. Restrictions as to payment of dividend
16. Prohibition of common directors
17. Reserve Fund
18. Cash reserve
19. Restriction on nature of subsidiary companies
20. Restrictions on loans and advances
20-A. Restrictions on power to remit debts
21. Power of Reserve Bank to control advances by banking companies
21-A. Rates of interest charged by banking companies not to be subject to scrutiny by courts
22. Licensing of banking companies
23. Restrictions on opening of new, and transfer of existing, places of business
24. Maintenance of a percentage of assets
25. Assets in India
26. Return of unclaimed deposits
27. Monthly returns and power to call for other returns and information
28. Power to publish information
29. Accounts and balance-sheet
30. Audit
31. Submission of returns
32. Copies of balance-sheets and accounts to be sent to registrar
33. Display of audited balance-sheet by companies incorporated outside India
34. Accounting provisions of this Act not retrospective
34-A. Production of documents of confidential nature
35. Inspection
35-A. Power of the Reserve Bank to give directions
35-B. Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank
36. Further powers and functions of Reserve Banks
36-A. Certain provisions of the Act not to apply to certain banking companies
   
  PART IIA: CONTROL OVER MANAGEMENT
36-AA. Power of Reserve Bank to remove managerial and other persons from office
36-AB. Power of Reserve Bank to appoint additional directors
36-AC. Part IIA to override other laws
   
  PART IIB: PROHIBITION OF CERTAIN ACTIVITIES IN RELATION TO BANKING COMPANIES
36-AD Punishments for certain activities in relation to banking companies
   
  PART IIC: ACQUISITION OF THE UNDERTAKINGS OF BANKING COMPANIES IN CERTAIN CASES
36-AE. Power of Central Government to acquire undertakings of banking companies in certain cases
36-AF. Power of the Central Government to make scheme
36-AG. Compensation to be given to shareholders of the acquired bank
36-AH. Constitution of the Tribunal
36-AI. Tribunal to have powers of a civil court
36-AJ. Procedure of the Tribunal
   
  PART III: SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES
36-B. High Court defined
37. Suspension of business
38. Winding up by High Court
38-A. Court liquidator
39. Reserve Bank to be official liquidator
39-A. Application of Companies Act to liquidators
40. Stay of proceedings
41. Preliminary report by official liquidator
41-A. Notice to preferential claimants and secured and unsecured creditors
42. Power to dispense with meetings of creditors, etc
43. Booked depositors' credits to be deemed proved
43-A. Preferential payments to depositors
44. Powers of High Court in voluntary winding up
44-A. Procedure for amalgamation of banking companies
44-B. Restriction on compromise or arrangement between banking company and creditors
45. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution of amalgamation
45-A. Part IIIA to override other laws
45-B. Power of High Court to decide all claims in respect of banking companies
45-C. Transfer of pending proceedings
45-D. Settlement of list of debtors
45-E. Special provisions to make calls on contributories
45-F. Documents of banking company to be evidence
45-G. Public examination of directors and auditors
45-H. Special provisions for assessing damages against delinquent directors, etc
45-I. Duty of directors and officers of banking company to assist in the realisation or property
45-J. Special provisions for punishing offences in relation to banking companies being wound up
45-K. Power of High Court to enforce schemes of arrangements, etc
45-L. Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement
45-M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
45-N. Appeals
45-O. Special period of limitation
45-P. Reserve Bank to lender advice in winding up proceeding
45-Q. Power to inspect
45-R. Power to call for returns and information
45-S. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of properly of banking company being wound up
45-T. Enforcement of orders and decisions of High Court
45-U. Power of High Court to make rules
45-V. References to directors, etc., shall be construed as including references to past directors, etc
45-W. Part II not to apply to banking companies being wound up
45-X. Validation of certain proceedings
   
  PART IIIB: PROVISIONS RELATING TO CERTAIN OPERATIONS OF BANKING COMPANIES
45-Y. Power of Central Government to make rules for the preservation of records
45-Z. Return of paid instruments to customer
45-ZA. Nomination for payment of depositors' money
45-ZB. Notice of claims of other persons regarding deposits not receivable
45-ZC. Nomination for return of articles kept in safe custody with banking company
45-ZD. Notice of claims of other persons regarding articles not receivable
45-ZE. Release of contents of safety lockers
45-ZF. Notice of claims of other persons regarding safety lockers not receivable
   
  PART IV: MISCELLANEOUS
46. Penalties
46-A. Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
47. Cognizance of offences
47-A. Power of Reserve Bank to impose penalty
48. Application of fines
49. Special provisions for private banking companies
49-A. Restriction on acceptance of deposits withdrawable by cheque
49-B. Change of name by a banking company
49-C. Alteration of memorandum of a banking company
50. Certain claims for compensation barred
51. Application of certain provisions to the State Bank of India and other notified banks
52. Power of Central Government to make rules
53. Power to exempt in certain cases
54. Protection of action taken under Act
55. Amendment of Act 2 of 1934
55-A. Power to remove difficulties
   
  PART V: APPLICATION OF THE ACT TO CO-OPERATIVE BANKS
56. Act to apply to co-operative societies subject to modifications
   
  THE FIRST SCHEDULE
  THE SECOND SCHEDULE
  THE THIRD SCHEDULE
  THE FOURTH SCHEDULE
  THE FIFTH SCHEDULE
 
 
 

 

 

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