BR ACT 1949 AACS PDF

Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular

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Compensation to be given to shareholders of the acquired bank. Power of High Court to enforce schemes of arrangements, etc.

Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up. Try out our Premium Member services: It is aafs in jammu and kashmir from Reserve Bank to be official liquidator.

Retrieved 11 January Power of High Court to make rules. Accounts and Balance Sheet. References to Directors, etc. Act to apply to Co-operative Societies subject to modifications. Further powers and functions of Reserve Bank. Power of Reserve Bank to appoint additional Directors. Citedby docs – [ View All ]. Unlawful 199 Prevention Act.

Power of Central Government to make rules. Special provisions for punishing offences in relation to banking companies being wound up. Special provisions for private avt companies. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Certain provisions of the Act not to apply to certain banking companies.

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India and International Law: Change of name by banking company.

Power of Reserve Bank to remove managerial and other persons from office. March, ] Contents Sections Particulars Part I Preliminary 1 Short title, extent and commencement 2 Application of other laws not barreds 3 Act to apply to co-operative societies in certain cases 4 Power to suspend 19449 of Act 5 Interpretation 5A Act to override memorandum, articles, etc.

Power to Reserve Bank to impose penalty. Banking company to be managed by whole-time Chairman. The Act provides a framework using which commercial banking in India is supervised and regulated. By using this site, you agree to the Terms of Use and Privacy Policy.

Prohibition of charge on unpaid capital. Notice to preferential claimants and secured and unsecured creditors.

Banking Regulation Act, 1949

Monthly returns and power to call for other returns and information. Special period of limitation. Power to suspend operation of Act.

Power of Reserve Bank to control advances by banking companies. Provided that nothing in this sub-section shall apply to— a the opening for a period not exceeding one month of temporary place of business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibition, a conference or a mela or any like occasion.

Disposal of non-banking assets.

Section 56 in BANKING REGULATION ACT,

Power of High Court to decide all claims in respect of banking companies. Chairman and certain Directors not to be required to hold qualification shares.

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. Production of documents of confidential nature. Part IIA to override other laws. Provided that nothing in this sub-section shall apply to—.

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Validation of certain proceedings. Nomination for payment of depositors’ money. Public examination of Directors and Auditors, etc.

Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders. Power to remove difficulties. Winding up by High Court. Supersession of Board of directors of a multi-State co-operative bank.

Part IIIA to override other laws. Alteration of memorandum of a banking company. 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, contracts, etc.