Section 49:
Special provisions for private banking companies.
The exemptions, whether express or
implied, in favour of a private company in 1[sections 90, 165, 182, 204 and 255, clauses (a) and (b) of
sub-section (1) of section 293 and sections 300, 388A and 416 of the Companies Act, 1956
(1 of 1956)], shall not operate in favour of a private company which is a banking company.
Notes:
1 . The words, figures and letters "sections 17, 77, 83B, 86H, 91B and 91D and sub-section (5) of section 144 of the Indian
Companies Act, 1913 (7 of 1913)" have successively been amended by Act 95 of 1956, s. 11, Act 33 of 1959, s. 34 and Act
55 of 1963, s. 27 to read as above.