Section 4:
Undertakings of existing banks to vest in corresponding new banks.
On the commencement
of this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the
corresponding new bank.
40/1980 - The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 ▶
Act Number: 40
Act Name: The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
Year: 1980
Enactment Date: 1980-07-11
Long Title: 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 further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.
Ministry: Ministry of Finance
Department: Department of Financial Services