The Banking Companies (Acquisition and Transfer of Undertakings) Act

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.

  • 6
     Payment of amount

  • 7
     Head office and management
  • 8
     Corresponding new banks to be guided by the directions of the Central Government
  • 9
     Power of Central Government to make scheme
  • 9A
     Power of Reserve Bank to appoint additional director

  • 10
     Closure of accounts and disposal of profits
  • 10A
     Annual general meeting
  • 10B
     Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account.
  • 11
     Corresponding new bank deemed to be an Indian company
  • 12
     Vacation of office of Chairman, etc
  • 12A
  • 13
     Obligations as to fidelity and secrecy
  • 14
     Custodian to be public servant
  • 15
     Certain defects not to invalidate acts or proceedings
  • 16
  • 16A
     Arrangement with corresponding new bank on appointment of directors to prevail
  • 17
     Construction of references to existing banks
  • 18
  • 18A
     Supersession of Board in certain cases
  • 19
     Power to make regulations
  • 20
  • 21
     Repeal and saving