THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF OF UNDERTAKING) ACT, 1969
Posted on 22-10-2015
An act to provide for the acquisition and transfer of the undertakings of certain banking companies in order to serve better the needs of development of the economy in conformity with national policy and objectives and for matters connected there with or incidental there to.
BE it enacted by Parliament in the Twentieth Year of the Republic of India as follows : ----
CHAPTER I PRELIMINARY
1.Short title and commencement.-(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969.
(2) It shall be deemed to have come into force on the 19th day of July, 1969.
2.Definitions.- In this Act, unless the context otherwise requires, -------
(a) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956; (1 of 1956)
(b) "corresponding new bank," in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;
(c) "Custodian" means the person who becomes, or in appointed, a custodian under section 10;
(d) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, as shown in the return as on the last Friday of June, 1969, furnished to the Reserve Bank under section 27 of the Banking Regulation Act, were not less than rupees fifty crores; ( 10 of 1949.)
(e) "prescribed" means prescribed by rules made under this Act;