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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Code of Civil Procedure Hardbound. Section35A – Power of the Reserve Bank to give directions. Prohibition of floating charge on assets. Section1 – Short title, extent and commencement. Restriction on banking regulation act 1949 bare act, brokerage, discount, etc.
Provided 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 regylation 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:.
Provided that no banking company ganking which this clause applies shall be required to have paid-up capital and reserves exceeding an aggregate value of five lakhs of rupees:. Provided that with a view to facilitating the transition from one period, of accounting to another period of-accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as regulatin considers necessary or expedient for the preparation of, or for other matters relating to, the regulafion sheet or profit and loss account in respect of the regulatino year or period, as the banking regulation act 1949 bare act may be.
Section10D – Provisions of sections 10A and 10B to override all other laws, contracts, etc. Section41A – Notice to preferential claimants and secured and unsecured creditors. Section10A – Board of directors to include persons with professional or other experience.
Banking Regulation Act Section 45E – Citation – Bare Act | LegalCrystal
Provided further that nothing in this clause shall apply to a director, other than the managing director, of a banking company by reason only of his being such director. Procedure of the Tribunal. Com Previous 3 Years Semest Act to override memorandum, articles, etc.
Provisions of sections 10A and 10B to override banking regulation act 1949 bare act other banking regulation act 1949 bare act, contracts, etc. Provided that a person shall be disqualified for being a chairman who is appointed on a whole time basis or a managing director, if be— a is a director of any company other than a company referred to in the proviso to sub-section 2or b is a partner of any firm which carries on any trade, business or industry, or c has substantial interest in any other company or firm, or d is a director, manager, managing agent, partner or proprietor of any trading, commercial or industrial concern, or e is engaged in any other business or vocation.
Provided further that the Reserve Bank may in any particular case extend the aforesaid period of seven years by such period not exceeding five years where it is satisfied that such extension would be in the interests of the depositors of the banking company.
Nomination for payment of depositors’ money. Section14 – Prohibition of charge on unpaid capital. Section45ZB – Notice of claims of other persons regarding deposits not receivable. Short title, extent and commencement.
Section45F – Documents of banking company to be evidence. Section36 – Further powers and functions of Reserve Banks.
Banking Regulation Act, 1949: Bare Act
Public examination of Bafe and Auditors. Hearing Before Subcommittee No. Return of unclaimed deposits. Election of new directors. Winding up by High Court. Provided further that a regional rural bank shall furnish such returns also to the National Bank.
Maintenance of a percentage of assets. Provided that nothing contained in this sub-clause shall apply to the payment by a banking company of— a any bonus in banking regulation act 1949 bare act 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 any commission to any broker including guarantee brokercashier-contractor, banking regulation act 1949 bare act and 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 of the banking company, or b a company registered under section 25 of the Companies Act, 1 of Section45J – Special provisions for punishing offences in relation to banking companies being wound up.
Banking Regulation Act Rs. Accounting provisions of this Act not retrospective.
Section45ZA – Nomination for payment of depositors’ money. Power to publish information. Section45P – Reserve Bank to tender advice in winding up proceeding. An Act to consolidate and amend the law relating to banking. Power of Reserve Bank to remove managerial and other persons from office. Monthly returns and power to call for other returns and information. To get the free app, enter mobile phone number.
Section27 – Monthly returns and power to call for other returns and information. Lokpal and Lokayuktas Act Section10C – Chairman and certain directors not to be required to hold qualification shares.