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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Foreign Contribution Regulation Act with Rules. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Section45Y – Power of Central Government to make rules for the preservation of records.
Restrictions on loans and advances.
Banking Regulation Act Section 26 – Citation – Bare Act | LegalCrystal
Special provisions for private banking companies. 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 expiry of such fixed period: Provided that nothing contained in this sub-section shall bar a suit or other proceeding— a by a transferee of the share on the ground that he has obtained from the registered holder a transfer of the share in accordance with any law relating to such transfer; or b banking regulation act 1949 bare act behalf of a minor or a lunatic on the ground that the registered holder holds the share on behalf of the minor or lunatic.
Section13 – Restriction banking regulation act 1949 bare act commission, brokerage, discount, etc. Power to publish information.
Accounting provisions of this Act not retrospective. Provided that 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: Your recently viewed items and featured recommendations. Section45E – Special provisions to make calls on contributories. Use of words “bank”, “banker”, “banking” or “banking company”.
Banking Regulation Act, – Wikipedia
Section45I – Duty of directors and officers of banking company to assist in the realisation or property. Provided that nothing contained in this sub-clause shall apply to the payment by a banking company banking regulation act 1949 bare act. Provided that nothing contained in this sub-clause shall apply to the payment by banking regulation act 1949 bare act banking company of— a any bonus in pursuance of a settlement or award arrived at or made 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 bankijg commission to any broker including guarantee brokercashier-contractor, clearing and forwarding agent, auctioneer or any other person, employed by the banking company under a contract otherwise bankinh 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 of the banking company, or b a company registered under section 25 of the Companies Act, 1 of Banking Regulation Act Edition: Forms of business in which banking companies may engage.
Section45G – Public examination of directors and auditors.
Banking Regulation Act 1949
ach Power of Central Government to make rules. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act. Reserve Bank to be official liquidator. Provided that the prohibition in this sub-clause shall not apply in respect of any such director for a temporary period not exceeding three months or banking regulation act 1949 bare act further period not exceeding nine months as the Reserve Bank may allow; or.
Section45T – Enforcement of orders and decisions of High Court. Power to dispense with meetings of creditors, etc. Transfer banking regulation act 1949 bare act pending proceedings. Documents of banking company to be evidence. Power of Reserve Bank to remove managerial and other persons from office. Section45S – Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.
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Banking Regulation Act, 1949
Special period of limitation. Section45ZE – Release of contents of safety lockers. 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:. Provided further that in the case of every banking company to which this clause applies and 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 banking regulation act 1949 bare act rupees.
Section45ZB – Notice of claims of other persons regarding deposits not receivable.
Further powers and functions of Reserve Bank. Prohibition of employment of Managing Agents and banking regulation act 1949 bare act on certain forms of employment. Settlement of list of debtors. Winding up by High Court. Part II not to apply to banking companies revulation wound up. Sponsored products related to this item What’s this?
Section20 – Restrictions on loans and advances. 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: Section23 – Restrictions on opening of new, and transfer of existing, places of business.
Section44A – Procedure for amalgamation of banking companies. Certain provisions of the Act banking regulation act 1949 bare act to apply to certain banking companies. Banking Regulation Act Short title, extent and commencement. 9149 – Punishments for certain actt in relation to banking companies.
Provided that out of banking regulation act 1949 bare act 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. Rate of interest charged by banking companies not to be subject to scrutiny by courts. Banking company to be managed by whole time chairman.
Amendments of provisions relating to appointments of managing directors, etc. Provided that the Reserve Bank may, in any case, on an application in writing made to it by the banking company in this behalf, extend the period for the recovery of the loan or advance until such date, not being a date beyond the period of three years from the commencement of the said section 5, and subject to banking regulation act 1949 bare act terms and conditions, as the Reserve Bank may deem fit:.
Chairman and certain Directors not to be required to hold qualification shares.