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Provisions of sections reyulation and 10B to override all other laws, contracts, etc. Winding up by High Court. Shopbop Designer Fashion Brands. Laws keep changing, as our Legislators keep pacing up with the time. 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 barf 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, clearing 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; 19499 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 Application of certain provisions to the State Bank of India and other notified banks.
Provided that no banking company to which this clause applies shall be required to have paid-up capital and reserves exceeding an aggregate value of five lakhs of rupees: Copies of balance-sheets and accounts to be sent to registrar. Return of unclaimed deposits. Section45Y – Power of Central Government to make rules for the preservation of records. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation.
Part II Business Of Banking Companies 6 Form and business in which banking companies may engage 7 Use of words “bank”, “banker”, “banking” or “banking company” 8 Prohibition of trading 9 Disposal of non-banking assets 10 Prohibition of employment of Managing Agents and restrictions on certain forms of employment 10A Board of Directors to include persons with professional or other experience 10B Banking company to be managed by whole-time Chairman 10BB Power of Reserve Bank to appoint Chairman of a banking company 10C Chairman and certain Directors not to be required to hold qualification shares 10D Provisions of sections 10A and 10B to override all other laws, rregulation, 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 regulatoin 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 such terms and conditions, as the Reserve Bank may deem fit: Minimum Wages Act Section45G – Public examination of directors and auditors.
Section45M – Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act. Payment of Wages Act Compensation to be given to shareholders of the acquired bank.
BANKING REGULATION ACT Indian Bare Acts – India Bare Act – Law Firm Lawyers India
Provided that the regional rural bank banming also send an advance copy of the application directly to the Reserve Bank. Would you like to tell us about a lower price? Provided further that no banking company to which this clause applies and which has rsgulation one place of business, shall be required to have paid-up capital and reserves exceeding an aggregate value of fifty thousand rupees: Form and business in which banking companies may engage.
Section44 – Powers of High Court in voluntary winding up. Section41A – Notice to preferential claimants and secured and unsecured creditors. Licensing of banking companies. Enter your mobile number or email address below bankinv we’ll send you a link to download the free Kindle App. Banking Regulation Act Section45J – Special provisions for punishing offences in relation to banking companies being wound up.
Provided that any such banking company may at any time barf i any securities so deposited by cash or by any other unencumbered approved securities or partly by cash and partly by other such securities, so however, that the total amount deposited is not affected; ii any cash so deposited by unencumbered approved securities of an equal value.
There was a problem filtering reviews right now. Section21 – Power regulaiton Reserve Bank to control advances by banking companies. Reserve Bank to be official liquidator.
Section36AI – Tribunal to have powers of a civil court. 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:.
Foreign Contribution Regulation Act with Rules.
References to Directors, etc. I’d like to read this book on Kindle Don’t have a Kindle? Section23 – Restrictions on opening of new, and transfer of existing, places of business.
Further powers and functions of Reserve Banks. Section45ZA – Nomination for payment of depositors’ money. Change of name by banking company. Part II not to apply to banking companies being wound up.
Banking Regulation Act 1949
Restrictions on opening of new, and transfer of existing, places of business. Section35A – Power of the Reserve Bank to give directions.
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 such further period not exceeding nine months as the Reserve Bank may allow; or ii who is rgeulation in any other business or vocation; or iii whose term of office as a person managing the company is for period exceeding five years at any one time: Provided that no banking company to which this clause applies shall be required to have paid-up capital and reserves exceeding an aggregate value of ten lakhs of rupees.