THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

ACT NO. 40 OF 1980 · Enacted [11th July, 1980.] · 29 sections

PRELIMINARY

Section 1.Short title and commence.

Section 2.Definitions.

TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS

Section 3.Establishment of corresponding new banks and business thereof.

Section 3A.Trust not to be entered on the register.

Section 3B.Register of beneficial owners.

Section 4.Undertakings of existing banks to vest in corresponding new banks.

Section 5.General effect of vesting.

PAYMENT OF AMOUNT

Section 6.Payment of amount.

MANAGEMENT OF CORRESPONDING NEW BANKS

Section 7.Head office and management.

Section 8.Corresponding new banks to be guided by the directions of the Central Government.

Section 9.Power of Central Government to make scheme.

Section 9A.Power of Reserve Bank to appoint additional director.

MISCELLANEOUS

Section 10.Closure of accounts and disposal of profits.

Section 10A.Annual general meeting.

Section 10B.Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account..

Section 11.Corresponding new bank deemed to be an Indian company.

Section 12.Vacation of office of Chairman, etc.

Section 12A.Bonus.

Section 13.Obligations as to fidelity and secrecy.

Section 14.Custodian to be public servant.

Section 15.Certain defects not to invalidate acts or proceedings.

Section 16.Indemnity.

Section 16A.Arrangement with corresponding new bank on appointment of directors to prevail.

Section 17.Construction of references to existing banks.

Section 18.Dissolution.

Section 18A.Supersession of Board in certain cases.

Section 19.Power to make regulations.

Section 20.[Repealed.].

Section 21.Repeal and saving.