Section 18
Dissolution
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.
No provision of law relating to winding up of corporations shall apply to a
corresponding new bank and no corresponding new bank shall be placed in liquidation save by order of
the Central Government and in such manner as it may direct.