THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 · TRANSFER OF THE UNDERTAKINGSOF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS
Section 4 — Undertaking of existing banks to vest in corresponding new banks
On the commencement of this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the corresponding new bank.