The banking companies acquisition and transfer of undertakings act, 1970 1980. The regulations for the management of the company and for the observance of the members. The said amendment act has amended the br act, the banking companies acquisition and transfer of undertakings act, 1970, the banking companies acquisition and transfer of undertakings act, 1980 and also made consequential amendments to certain other enactments including the indian stamp act, 1899 and the indian. The banking laws amendment bill, 2011 a bill further to amend the banking regulation act, 1949, the banking companies acquisition and transfer of undertakings act, 1970 and the banking companies acquisition and transfer of undertakings act, 1980 and to make consequential amendments in certain other enactments. Act passed by indian parliament 40 of 1980 11th july, 1980 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. The banking companies acquisition and transfer of undertakings act 1980 the exportimport bank of india act 1981 the national bank for agriculture and rural development act 1981. Negotiable instrument act 1881 the bankersbooks evidence act 1891 the reservebank of india act 1934 the industrial finance corporation of india act 1948 the banking companies legal practitioner clients accounts act 1949 the industrial disputes banking and insurance companies act 1949.
Aug 25, 2019 these banks are constituted under companies act 1956 or companies act 20. Nov 09, 2017 1 this act may be called the banking companies acquisition and transfer of undertakings act, 1980. In this act, unless the context otherwise requires, a banking company does not include a foreign company within the meaning of section 591 of the companies act, 1956 1 of 1956. Banking companies acquisition and transfer of undertakings act, 1970 pdf file this act has been promulgated by the parliament of india in the year 1970 with an aim to provide for the acquisition and transfer of the undertakings of certain banking companies. Jan 10, 2017 the banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. Extracts of act, rules and regulations united bank of india. Companies acquisition and transfer of undertakings act, 1980. Banking companies acquisition and transfer of undertakings act, 1980 pdf file chapter i preliminary 1. This edition contains a consolidation of the following laws page. But because the federal banking agencies have authority to protect the safety and soundness of the banking system,2 they often proposed and. Prohibited bank holding companies headquartered in one state from acquiring a bank in another state.
Br act, 1949, banking companies acquisition and transfer of undertakings act. The banking companies acquisition and transfer of undertakings. Section 93 in the banking companies acquisition and. The national bank for agriculture and rural development act. Three years 1968, 1969, and 1980 witnessed the three major events. The banking companies acquisition and transfer of undertakings act, 1980 was enacted on july 11, 1980 and came into effect on april 15, 1980. Under sector 5c of banking regulation act, 1949, a banking company means any company which transacts the business of banking in india. The above mentioned banking acts are of utmost importance, but below, we have dealt with only those acts that are frequently asked in the examination and are totally important from the exams perspective. Banking regulation act, 1949 cid, cb, odisha, cuttack. The small finance banks are constituted under section 22 of the banking regulation act, 1949 and are. Gpos compilation of legislative history and bill text for the federal reserve act, the mcfadden act, the glasssteagall act, the banking act of 1935, and the bank holding company act. Guidelines respecting control in fact for the purpose of section 377. Rules regulations notifications orders circulars statutory ordinance statutes. Oct 06, 2014 the banking companies acquisition and transfer of undertakings act, 1980 was enacted on july 11, 1980 and came into effect on april 15, 1980.
An act to consolidate and amend the law relating to companies. The banking companies acquisition and transfer of undertakings act, 1980. Oct 06, 2014 the banking companies acquisition and transfer of undertakings act, 1970 came into force on july 19, 1969 and section 21 shall be effected on the appointed day which shall be february 14, 1970. Company registered under section 25 of the companies act, 1956 1 of. Provided that in a case where such capital is lost, or is unrepresented by available assets because of amalgamation of another corresponding new bank or a corresponding new bank as defined in clause d of section 2 of the banking companies acquisition and transfer of undertakings act, 1970 5 of 1970 with the corresponding new bank, such reduction may be done, either prospectively or. An act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and. The financial in stitutions reform, recovery, and enforcement act of 1989. The islamic development bank act, 1975 xxviii 1975 the services reorganisation and conditions act, 1975 repealed. Banking acts department of financial services ministry of finance. Act, 1980 vii the multistate cooperative societies act, 2002. Bangladesh code is the codification of all existing acts of parliament, ordinances and presidents order except regulations and purely amending laws in force in bangladesh printed in chronological order. For the purposes of this clause the expression corresponding new bank shall include a corresponding new bank within the meaning of the banking companies acquisition and transfer of undertakings act, 1980 40 of 1980. The finance act, 1980 xxiii 1980 the appropriation act, 1980. An examination of the banking crises of the 1980s and early 1990s volume i 88 history of the eightiesslessons for the future 3 daniel gail and joseph norton.
The banking companies amendment act, 1959 33 of 1959. This is done to regulate the economic development in order to gradually achieve and advance the wants of progression of the economy as well as to. The negotiable instruments act was introduced by the imperial legislative council of india british and was enacted on 9th december 1881 to define laws. Ministry of civil avianon airports authority of india the. In this act unless the context otherwise requires interpretation company means a company formed and registered under the companies. No shareholder of the corresponding new bank, other than. The banking companies ordinance, 1962 banking companies. Be it enacted by parliament in the sixtyfourth year of the republic of india as follows.
Lviii of 1980 gazette of pakistan extra, part i dated. The banking companies acquisition and transfer of undertakings act. An act to provide for the acquisition and transfer of theundertakings of certain banking companies, having regard to their size,resources, coverage and organisation, in order to control the heights of theeconomy and to meet progressively, and serve better, the needs of developmentof. Clause a of section 5 substituted vide the banking companies third amendment ordinance, 1980. Whereas it is expedient to make provisions for banking companies therefore the following act is hereby passed.
Companies incorporated outside sri lanka to remit currency to sri lanka 5. Act has amended the br act, the banking companies acquisition and transfer of undertakings act, 1970, the banking companies acquisition and transfer of undertakings act, 1980 and also made consequential amendments to certain other enactments including the indian stamp act, 1899 and the indian contract act, 1972. 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. Undertakings act, 1970, the banking companies acquisition and transfer of undertakings act, 1980, the state bank of india act, 1955, the state bank of india subsidiary banks act, 1959, the deposit insurance and credit guarantee corporation act, 1961, the exportimport bank of india act, 1981 and the national housing bank act, 1987. Apr 26, 2015 the banking companies acquisition and transfer of undertakings act, 1980. Companies acquisition and transfer of undertakings act1980. The legislation was framed for the purpose of acquiring and assigning the industries under the control of the banking sector considering the dimension, supply, coverage and management of such industries. Apr 26, 2015 the banking companies acquisition and transfer of undertakings act, 1970. This is a revised edition of the law, prepared by the law revision commissioner under the authority of the revised edition of the laws act. Undertakings act, 1970, shareholder directors shall have to be appointed depending. Banking regulation act, 1949 reserve bank of india. Short title, extent and this act may be called the banking companies recovery of loans, advances, c.
Banking regulation act, 1949 banking company bankexamstoday. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. Acquisition and transfer of undertakings act, 1980. The banking companies acquisition and transfer of undertakings act 1980 the national bank for agriculture and rural development act 1981 nabard general regulations 1982. As amended by the company secretaries amendment act, 2006. Banking companies acquisition and transfer of undertakings act, 1980. The banking companies acquisition and transfer of undertakings act, 1970. Establishment of corresponding new banks and business thereof. An act to provide for the licensing and regulation of islamic s. Home actsofparliamentfromtheyear the banking companies acquisition and transfer of undertakings act, 1970. A decades journey from deregulation to supervisory reregulation.
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