Section List

Act Number: 5

Act Name: The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Year: 1970

Enactment Date: 1970-03-31

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 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section NumberTitleActions
1Short title and commencement
2Definitions.
3Establishment of corresponding new banks and business thereof.
3ATrust not to be entered on the register.
3B Register of beneficial owners
4Undertaking of existing banks to vest in corresponding new banks
5General effect of vesting.
6Payment of compensation.
7Head office and management.
8 Corresponding new banks to be guided by the directions of the Central Government.
9Power of Central Government to make scheme.
9A Power of Reserve Bank to appoint additional director
10Closure of accounts and disposal of profits.
10AAnnual general meeting.
10BTransfer of unpaid or unclaimed dividend to Unpaid Dividend Account.
11 Corresponding new bank deemed to be an Indian company
12Removal of Chairman from office
12A Bonus.
13 . Obligations as to fidelity and secrecy.
14 Custodian to be public servant
15Certain defects not to invalidate acts or proceedings
16Indemnity
16A Arrangement with corresponding new bank on appointment of directors to prevail
17 References to existing banks on and from the commencement of this Act.—
18Dissolution
18ASupersession of Board in certain cases
19Power to make regulations.
20Amendment of certain enactments
21 Repeal and savings
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