Act 5 of 1970

The Banking Companies (Acquisition and Transfer of Undertakings) Act, 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.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 1970-03-31
  • 29 sections
SectionTitle
1 Short title and commencementRead
2 Definitions.Read
3 Establishment of corresponding new banks and business thereof.Read
3A Trust not to be entered on the register.Read
3B Register of beneficial ownersRead
4 Undertaking of existing banks to vest in corresponding new banksRead
5 General effect of vesting.Read
6 Payment of compensation.Read
7 Head office and management.Read
8 Corresponding new banks to be guided by the directions of the Central Government.Read
9 Power of Central Government to make scheme.Read
9A Power of Reserve Bank to appoint additional directorRead
10 Closure of accounts and disposal of profits.Read
10A Annual general meeting.Read
10B Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account.Read
11 Corresponding new bank deemed to be an Indian companyRead
12 Removal of Chairman from officeRead
12A Bonus.Read
13 . Obligations as to fidelity and secrecy.Read
14 Custodian to be public servantRead
15 Certain defects not to invalidate acts or proceedingsRead
16 IndemnityRead
16A Arrangement with corresponding new bank on appointment of directors to prevailRead
17 References to existing banks on and from the commencement of this Act.—Read
18 DissolutionRead
18A Supersession of Board in certain casesRead
19 Power to make regulations.Read
20 Amendment of certain enactmentsRead
21 Repeal and savingsRead
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