Lawgist45MSpecial provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
1[45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.--Where any compromise or arrangement sanctioned in respect of a banking company under 2[section 391 of the Companies Act, 1956 (1 of 1956),] is being worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the High Court may, if it so thinks fit on the application of such banking company,--
(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or
(b) allow the banking company to settle the list of its debtors in accordance with the provisions of section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the banking company as they apply to a banking company which is being wound up as if the order sanctioning the compromise or arrangement were an order for the winding up of the banking company.]
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1. Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
2. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 153 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957).
- 45A Part IIIA to override other laws
- 45B Power of High Court to decide all claims in respect of banking companies
- 45C Transfer of pending proceedings
- 45D Settlement of list of debtors
- 45E Special provisions to make calls on contributories
- 45F Documents of banking company to be evidence
- 45G Public examination of directors and auditors
- 45H Special provisions for assessing damages against delinquent directors, et
- 45-I Duty of directors and officers of banking company to assist in the realisation of property
- 45J Special provisions for punishing offences in relation to banking companies being wound up
- 45K Omitted
- 45L Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangemen
- 45M Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
- 45N Appeals
- 45-O Special period of limitatio
- 45P Reserve Bank to tender advice in winding up proceeding
- 45Q Power to Inspec
- 45R Power to call for returns and informatio
- 45S Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up
- 45T Enforcement of orders and decisions of High Court
- 45U Power of High Court to make rules
- 45V References to directors, etc., shall be construed as including references to past directors, etc
- 45W Part II not to apply to banking companies being wound u
- 45X Validation of certain proceedings
