THE REGIONAL RURAL BANKS ACT, 1976

ACT NO. 21 OF 1976 · Enacted [9th February, 1976.] · 37 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

INCORPORATION AND CAPITAL OF REGIONAL RURAL BANKS

Section 3.Establishment and incorporation of Regional Rural Banks.

Section 4.Offices and agencies.

Section 5.Authorised capital.

Section 6.Issued capital.

Section 7.Shares to be approved securities.

MANAGEMENT

Section 8.Management.

Section 9.Board of directors.

Section 10.Term of office of director.

Section 11.Chairman.

Section 12.Disqualifications.

Section 13.Vacation of the seat of directors.

Section 14.Meetings of Board.

Section 15.Committees of Board.

Section 16.Fees and allowances of directors and members of committees.

Section 17.Staff of Regional Rural Banks.

BUSINESS OF A REGIONAL RURAL BANK

Section 18.Business which a Regional Rural Bank may transact.

ACCOUNTS AND AUDIT

Section 19.Closure of accounts.

Section 20.Annual report to be furnished to the shareholders.

Section 21.Disposal of profits.

Section 22.Regional Rural Bank to be deemed to be a co-operative society for purpose of the Income-tax Act, 1961.

Section 23.Interest-tax not payable.

AMALGAMATION OF REGIONAL RURAL BANKS

Section 23A.Amalgamation of Regional Rural Banks.

Section 23B.Notification under section 23A to be sufficient notice to concerned parties.

Section 23C.Cessation of business of transferor Regional Rural Banks.

Section 23D.Liquidation of Regional Rural Banks.

MISCELLANEOUS

Section 24.Power of Central Government to give directions.

Section 24A.Inspection, audit and scrutiny by the Sponsor Bank.

Section 25.Obligations as to fidelity and secrecy.

Section 26.Bar to liquidation of Regional Rural Bank.

Section 27.Defects in appointment or constitution not to invalidate acts or proceedings.

Section 28.Indemnity of directors, etc.

Section 29.Power to make rules.

Section 30.Power to make regulations.

Section 31.Removal of difficulties.

Section 32.Act to override the provisions of other laws.