Section List

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

Section NumberTitleActions
1Short title and commence.
2Definitions.
3Establishment of corresponding new banks and business thereof.
3ATrust not to be entered on the register.
3BRegister of beneficial owners.
4Undertakings of existing banks to vest in corresponding new banks.
5General effect of vesting.
6Payment of amount.
9Power of Central Government to make scheme.
9APower 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..
11Corresponding new bank deemed to be an Indian company.
12Vacation of office of Chairman, etc.
12ABonus.
13Obligations as to fidelity and secrecy.
14Custodian to be public servant.
15Certain defects not to invalidate acts or proceedings.
16Indemnity.
16AArrangement with corresponding new bank on appointment of directors to prevail.
17Construction of references to existing banks.
18Dissolution.
18ASupersession of Board in certain cases.
19Power to make regulations.
20[Repealed.].
21Repeal and saving.
7Head office and management.
8Corresponding new banks to be guided by the directions of the Central Government.
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