THE BANKING REGULATION ACT, CONTENTS. Introduction i. PART I. Preliminary. Section. Pages. 1. Short title, extent and commencement 1. 2. Find various provisions of the Banking Regulation Act, on Hello Counsel. Read Banking Regulation Act book reviews & author details and more at Reserve Bank of India Act (Bare Act) ( Edition) by Taxmann.

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Part IIA to override other laws. Provided further that a regional rural bank shall furnish such returns also to the National Bank.

Provided banking regulation act 1949 bare act the Reserve Bank may in any case extend the said period of three months for the furnishing of such returns by a further period not exceeding three months: Procedure for amalgamation of banking companies. Section41A – Notice to preferential claimants and secured and unsecured creditors. Hand Book 19449 Banking Information. Restrictions on power to remit debts.

Banking Regulation Act, | Bare Acts | Law Library | AdvocateKhoj

Business Ethics and Professional Values. Prohibition of charge on unpaid capital. Section36AE – Power of Central Government to acquire undertakings of banking companies in certain cases. Notice of claims of other persons regarding articles not receivable.

Inthe Act was amended to include cooperative banks under its purview by adding the Section Provided that nothing in this sub-section shall apply to the opening for a period not exceeding one month of a temporary place of business within a city, town or village or the bbare thereof within which the banking company already has a place of business, for the banking regulation act 1949 bare act of affording banking facilities to the public on the occasion of an banking regulation act 1949 bare act, a conference or a mela or any other like occasion.

Election of new directors.

An Act to consolidate and amend the law relating to banking. Banking Regulation Act Rs. Series Insolvency and Bankruptcy.

Election of new Directors. Certain provisions of the Act not to apply to certain banking regulation act 1949 bare act companies. Provided further banking regulation act 1949 bare act in the case of every banking company to which this clause applies regulatiln which commences banking business for the first time after the commencement of the Banking Companies Amendment Act, 36 ofthe value of its paid-up capital shall not be less than five lakhs of rupees.

Validation of certain proceedings. Power of Central Government to acquire undertakings of banking companies in certain cases. Power of Reserve Bank to appoint Chairman of a banking company. If you are a seller for this product, would you like to suggest updates through seller support? Chairman and certain Directors not to be required to hold qualification shares.

Banking Regulation Act, – Wikipedia

Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking banking regulation act 1949 bare act of property of banking company being wound up. Provided further that no banking company to which this clause applies and which has only one place of business, shall be required to have paid-up capital and reserves exceeding an aggregate value of fifty thousand rupees:.

Section45K – Power of High court to bankking schemes of arrangements, etc. Provided that nothing contained in this sub-clause shall apply to the payment by a banking company of— a any bonus in pursuance of a settlement or award arrived at or banking regulation act 1949 bare act under any law relating to industrial disputes or in accordance with any scheme framed by such banking company or in accordance with the usual practice prevailing in banking business; b any commission to any broker including guarantee brokercashier-contractor, clearing bajking forwarding agent, auctioneer or any other person, employed by the banking company under a contract otherwise than as a regular member of the staff of the company; or iii whose remuneration is, in the opinion of the Reserve Bank, excessive; or c shall be managed by any person— i who is a director of any other company not being— a a subsidiary rrgulation the banking company, or b a company registered under section 25 of the Companies Act, 1 of Provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the banking regulation act 1949 bare act of such fixed period:.

Initially, the law was applicable only to bankin companies. Negotiable Instruments Act, Section45H – Special provisions for assessing damages against delinquent directors, etc. U S Committee on Banking and Currency.

Banking company to be managed by whole-time Chairman. The Act provides a framework using which commercial banking in India is supervised and regulated. Section42 – Power banking regulation act 1949 bare act dispense with meetings of creditors, etc. Sponsored products related to this item What’s this?

Banking Regulation Act, 1949: Bare Act

Provided that no such order shall be made unless, at the time it is made, the amount in the reserve fund under sub-section 1together with the amount in the share premium account is not less than the paid-up reggulation of the banking company. Provided also that where the term of office of such person is for an indefinite period, such term, unless it otherwise comes to an end earlier, shall come to an end immediately on the expiry of five years from the date of his appointment or on the expiry of three months from the date of commencement of section 8 of the Banking Laws Miscellaneous Provisions Act, 55 ofwhichever is later: Return of unclaimed deposits.

Section35B – Amendments of provisions relating to appointments of managing directors, etc. Power to exempt in certain cases. Prohibition of common Directors.

Provided that the prohibition in this sub-clause shall not apply in respect of any such director for a temporary period not exceeding banking regulation act 1949 bare act months or such further ac not exceeding nine months as the Reserve Bank may allow; or ii who is engaged in any other business or vocation; or iii whose term of office as a person managing rdgulation company is for period exceeding five years at any one time: Provided that any banking regulation act 1949 bare act banking company may at any time replace— i any securities so deposited by cash or by any other unencumbered approved securities or partly by cash and partly by other such securities, banking regulation act 1949 bare act however, that the total amount deposited is not affected; ii any cash so deposited by unencumbered approved securities of an equal value.

Power of the Reserve Bank to give directions.

Provided that out of the aforesaid number of directors, not less than two shall be persons having special knowledge or practical experience in respect of agriculture and rural economy, co-operation or small-scale industry; and. Banking regulation act 1949 bare act that in the case of a banking company in existence on the commencement of this Act, nothing in sub-section 1 shall be deemed to prohibit the company from carrying on banking business until it is granted a licence in pursuance of this section or is by notice in writing informed by the Reserve Bank that a licence cannot be granted to it: Section43 – Booked depositors’ credits to be deemed proved.

Provided that the Central Government may defer, for such period as it may think fit, the passing of an order under this sub-section, or cancel or modify any such order, upon such terms and conditions bankiny it may think fit to impose.