Act Number: 21

Act Name: The Regional Rural Banks Act, 1976

Year: 1976

Enactment Date: 1976-02-09

Long Title: An Act to provide for the incorporation, regulation and winding up of Regional Rural Banks with a view to developing the rural economy by providing, for the purpose of development of agriculture, trade, commerce, industry and other productive activities in the rural areas, credit and other facilities, particularly to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs, and for matters connected therewith and incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 23C: Cessation of business of transferor Regional Rural Banks.
    1[23C. Cessation of business of transferor Regional Rural Banks.--On and from the date on which the amalgamation takes effect under section 23A, the transferor Regional Rural Banks shall cease to carry on business, including that of making of any payment to any depositors or discharge any liability or obligation to the creditors except to the extent as may be necessary for the implementation of the provisions of the said amalgamation.]
Notes:
1. Ins. by Act 1 of 1988, s. 13 (w.e.f. 28-9-1988).
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