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THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS), 1970

Title : THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS), 1970

Year : 1970

[31st March, 1970.]


An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.

CHAPTER I

PRELIMINARY



(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.



In this Act, unless the context otherwise requires,-

(a) "Appointed day" means the 14th day of February, 1970, being the day on which the Banking Companies(Acquisition and Transfer of Undertakings) Ordinance,1970 (3 of 1970), was promulgated;

(b) "Banking company" does not include a foreign company within the meaning of section 591 of the Companies Act,1956 (1 of 1956)

(c) "Commencement of this Act" means the 19th day of July,1969;

(d) "Corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;

(e) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7;

(f) "Existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, as 78 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, 1949 (10 of 1949), were not less than rupees fifty crores;

1*(fa) "Prescribed" means prescribed by regulations made under this Act;

(g) "Schedule" means a Schedule to this Act;

(h) Words and expressions used herein and not defined but defined in the Banking Regulation Act, 1949 (10 of1949), have the meanings respectively assigned to them in that Act.

2*(i) Words and expressions used herein and not defined either in this Act or in the Banking regulation Act 1949 (10 of 1949) in the Companies Act, 1956 (1.of 1956) shall have the meanings respectively assigned to them in the Companies Act, 1956.

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1 Subs. & ins. by Act 1 of 1984, s. 65 (w.e.f. 15-2-1984).

2 Ins. by Act 81 of 1985, s. 7 (w.e.f. 30-12-1985).

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Last updated on July, 2016

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