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The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

Central

An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.

Act number
40 of 1980
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
11 Jul 1980

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

29 sections

  1. Section 1Short title and commence.
  2. Section 2Definitions.
  3. Section 3Establishment of corresponding new banks and business thereof.
  4. Section 3ATrust not to be entered on the register.
  5. Section 3BRegister of beneficial owners.
  6. Section 4Undertakings of existing banks to vest in corresponding new banks.
  7. Section 5General effect of vesting.
  8. Section 6Payment of amount.
  9. Section 7Head office and management.
  10. Section 8Corresponding new banks to be guided by the directions of the Central Government.
  11. Section 9Power of Central Government to make scheme.
  12. Section 9APower of Reserve Bank to appoint additional director.
  13. Section 10Closure of accounts and disposal of profits.
  14. Section 10AAnnual general meeting.
  15. Section 10BTransfer of unpaid or unclaimed money.
  16. Section 11Corresponding new bank deemed to be an Indian company.
  17. Section 12Vacation of office of Chairman, etc.
  18. Section 12ABonus.
  19. Section 13Obligations as to fidelity and secrecy.
  20. Section 14Custodian to be public servant.
  21. Section 15Certain defects not to invalidate acts or proceedings.
  22. Section 16Indemnity.
  23. Section 16AArrangement with corresponding new bank on appointment of directors to prevail.
  24. Section 17Construction of references to existing banks.
  25. Section 18Dissolution.
  26. Section 18ASupersession of Board in certain cases.
  27. Section 19Power to make regulations.
  28. Section 20[Repealed.].
  29. Section 21Repeal and saving.