The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Bare Act)/ Universal Law Publishing

THE BANKING COMPANIES (AGQUISITIGN AND TRANSFER OF UNDERTAKINGS) ACT, 1980
CHAPTER I
PRELIMINARY
Sections
1. Short title and commencement
2. Definitions
CHAPTER II
TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND
SHARE CAPITALS OF THE CORRESPONDING NEW BANKS
3. Establislunent of corresponding new banks and business thereof
3A. Trust not to be entered on the register
3B. Register of beneficial owners
— A.-Undertakings of existing banks to vest in corresponding new banks
5. General effect of vesting
CHAPTER III
PAYMENT OF AMOUNT
6. Payment of amount
CHAPTER IV
MANAGEMENT OF CORRESPONDING NEW BANKS
7. Head office and management
8. Corresponding new banks to be guided by the directions of the
Central Government
9. Power of Central Government to make scheme
9A. Power of Reserve Bank to appoint additional director
CHAPTER V
MISCELLANEOUS
10. Closure of accounts and disposal of profits
IDA. Aimual general meeting lOB. Transfer of unpaid or unclaimed Dividend to Unpaid Dividend Accounts
11. Corresponding new baidc deemed to be an Indian company
12. Vacation of office of Cliairman, etc.
12A. Bonus *
13. Obligations as to fidelity arul secrecy
14. Custodian to be-public servant
15. Certain defects not to invalidate acts or proceedings
16. Indemnity

16A. Arrangement with corresponding new bank on appointment of Directors to prevail 17. Construction of references to existing banks
18. Dissolution
ISA. Supersession of Board in certain cases 19. Power to make regulations 20. Repealed by the Repealing and Amending Act (19 of 1988)
21. Repeal and saving THE FIRST SCHEDULE.—(Existing and corresponding new banks—
see sections 2, 3 and 4) THE SECOND SCHEDULE.—(Payment of amount to the corresponding new banks—see section 6) THE THIRD SCHEDULE.—Declaration of fidelity and secrecy .