Section 14
Custodian to be public servant
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
About this Act
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.
Every Custodian of a corresponding new bank shall be
deemed to be a public servant for the purposes of Chapter IX of the Indian Penal Code (45 of 1860).