Section 4
Undertaking of existing banks to vest in corresponding new banks
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.
On the commencement of
this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the
corresponding new bank.