BANKING REGULATION ACT 1949 BARE ACT PDF

Banking company to be managed by whole-time Chairman 1 Notwithstanding anything contained in any law for the time being in force or in any contract to the contrary, every banking company in existence on the commencement of the Banking Regulation Amendment Act, , or which comes into existence thereafter shall have one of its Directors, who may be appointed on a whole-time or a part-time basis as Chairman of its Board of Directors, and where he is appointed on a whole-time basis as Chairman of its Board of Directors, he shall be entrusted with the management of the whole of the affairs of the banking company: PROVIDED that the Chairman shall exercise his powers subject to the superintendence, control and direction of the Board of Directors. Power of Reserve Bank to appoint Chairman of a banking company 1 Where the office of the 35[Chairman of the Board of Directors appointed on a whole-times basis or the Managing Director] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely to adversely affect the interests of the banking company, appoint a person eligible under sub-section 4 of section 10B to be so appointed, to be the 35[Chairman of the Board of Directors appointed on a whole-time basis or a Managing Director of the banking company and where the person so appointed is not a director of such banking company, he shall, so long as he holds the office of the Chairman of the Board of Directors appointed on a whole-time basis or a Managing Director], be deemed to be a Director of the banking company. Chairman and certain Directors not to be required to hold qualification shares. A Chairman of the Board of Directors who is appointed on a whole-time basis or a Managing Director] of a banking company by whomsoever appointed and a director of a banking company appointed by the Reserve Bank under section l0A shall not be required to hold qualification shares in the banking company. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Any appointment or removal of a 35[Director, Chairman of the Board of Directors who is appointed on a whole-time basis or Managing Director] in pursuance of section 10A or section 10B 10[or section 10BB] shall have effect and any such person shall not be entitled to claim any compensation for the loss or termination of office, notwithstanding anything contained in any law or in any contract, memorandum or articles or associations

Author:Makora Mikarn
Country:Equatorial Guinea
Language:English (Spanish)
Genre:Marketing
Published (Last):5 June 2016
Pages:27
PDF File Size:1.5 Mb
ePub File Size:12.53 Mb
ISBN:234-5-98050-684-9
Downloads:21198
Price:Free* [*Free Regsitration Required]
Uploader:Zulutaxe



Inserted by Act 1 of , Section 16 w. Section 10B. Banking company to be managed by whole time chairman 1[ 1 Notwithstanding anything contained in any law for the time being in force or in any contract to the contrary, every banking company in existence on the commencement of the Banking Regulation Amendment Act, 20 of , or which comes into existence thereafter shall have one of its directors, who may be appointed on a whole-time or a part-time basis, as chairman of its board of directors, and where he is appointed on a whole-time basis, as chairman of its board of directors, he shall be entrusted with the management of the whole of the affairs of the banking company : Provided that the chairman shall exercise his powers subject to the superintendence, control and direction of the board of directors.

Subsituted by Act 20 of , Section 2, for sub-section 1 w. Subsituted by Act 20 of , Section 2, for certain words w. Subsituted by Act 20 of , Section 2 w. Certain words omitted by Act 1 of , Section 17 w. Inserted by Act 1 of , Section 17 w. Section 10BB. Power of Reserve Bank to appoint [Chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company 1[Power of Reserve Bank to appoint [Chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company.

Inserted by Act 1 of , Section 18 w. Subsituted by Act 20 of , Section 3 w. Section 10C. Chairman and certain directors not to be required to hold qualification shares 1[Chairman and certain directors not to be required to hold qualification shares.

Subsituted by Act 1 of , Section 19 w. Subsituted by Act 20 of , Section 4 w. Section 10D. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Subsituted by Act 20 of , sec 5 w. Inserted by Act 1 of , Section 20 w. Section Subsituted by Act 33 of , Section 7, for certain words w. Subsituted by Act 33 of , Section 7, for sub-section 2 w.

Subsituted by Act 36 of , Section 2, for certain words. Inserted by Act 36 of , Section 2. Subsituted by Act 33 of , Section 7, for sub-section 5 w. Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders 1[Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders. Subsituted by Act 95 of , Section 3, for section 12 w.

Inserted by Act 33 of , Section 8 w. Subsituted by Act 20 of , sSection 6 w. Section 12A. Election of new directors 1[Election of new directors. Inserted by Act 95 of , Section 4 w.

Restriction on commission, brokerage, discount, etc. Prohibition of charge on unpaid capital No banking company shall create any charge upon any unpaid capital of the company, and any such charge shall be invalid.

Section 14A. Prohibition of floating charge on assets 1[Prohibition of floating charge on assets. Inserted by Act 33 of , Section 9 w. Restrictions as to payment of dividend 1[ 1 ] No banking company shall pay any dividend on its shares until all its capitalised expenses including preliminary expenses, organisation expenses, share-selling commission, brokerage, amounts of losses incurred and any other item of expenditure not represented by tangible assets have been completely written off.

Section 15 renumbered as sub-section 1 of that section by Act 33 of , Section 10 w. Inserted by Act 33 of , Section 10 w. Prohibition of common directors 1[ Prohibition of common directors. Subsituted by Act 95 of , Section 5, for section 16 w. Subsituted by Act 20 of , Section 7 w.

Inserted by Act 58 of , Section 4 w. Reserve Fund 1[Reserve Fund. Subsituted by Act 33 of , Section 1, for section 17 and 18 w. Certain words omitted by Act 36 of , Section 3. Inserted by Act 36 of , Section 3. Cash reserve 1[Cash reserve. Inserted by Act 62 of , Section 71 and Third Schedule Inserted by Act 62 of , Section 71 and Third Schedule 3. Inserted by Act 53 of , Section 56 and Schedule w.

Restriction on nature of subsidiary companies 1[ 1 A banking company shall not form any subsidiary company except a subsidiary company formed for one or more of the following purposes, namely: — a the undertaking of any business which, under clauses a to o of subsection 3 of section 6, is permissible for a banking company to undertake, or b with the previous permission in writing of the Reserve Bank, the carrying on of the business of banking exclusively outside India, or c the undertaking of such other business, which the Reserve Bank may, with the prior approval of the Central Government, consider to be conducive to the spread of banking in India or to be other wise useful or necessary in the public interest.

Subsituted Act 1 of , Section 22 w. Restrictions on loans and advances 1[Restrictions on loans and advances. Subsituted by Act 58 of , Section 5, for section 20 w. Section 20A.

Restrictions on power to remit debts 1[Restrictions on power to remit debts. Inserted by Act 55 of , Section 12 w. Inserted by Act 55 of , Section 13 w. Inserted by Act 58 of , Section 6 w. Subsituted by Act 55 of , Section 13, for certain words w. Section 21A.

Rates of interest charged by banking companies not to be subject to scrutiny by courts 1[Rates of interest charged by banking companies not to be subject to scrutiny by courts. Notwithstanding anything contained in the Usurious Loans Act, 10 of , or any other law relating to indebtedness in force in any State, a transaction between a banking company and its debtor shall not be re-opened by any court on the ground that the rate of interest charged by the banking company in respect of such transaction is excessive.

Inserted by Act 1 of , Section 24 w. Licensing of banking companies 1[ 1 Save as hereinafter provided, no company shall carry on banking business in India unless it holds a licence issued in that behalf by the Reserve Bank and any such licence may be issued subject of such conditions as the Reserve Bank may think fit to impose.

Subsituted by Act 33 of , Section 13, for sub-section 1 w. Subsituted by Act 33 of , Section 13, for clauses a and b w.

Subsituted by Act 1 of , Section 25, for clause c w. Inserted by Act 1 of , Section 25 w. Subsituted by Act 33 of , Section 13, for sub-sections 4 and 5 w. Restrictions on opening of new, and transfer of existing, places of business 1[Restrictions on opening of new, and transfer of existing, places of business. Subsituted by Act 33 of , Section 14, for section 23 w. Inserted by Act 33 of , Section 15 w. Subsituted by Act 33 of , Section 15, for the former Explanation w.

Subsituted by Act 33 of , Section 15, for sub-section 2 w. Inserted by Act 36 of , Section 6. Subsituted by Act 1 of , Section 26, for certain words and figures w. Subsituted by Act 1 of , Section 26, for clause b w. Inserted by Act 1 of Section 26 w. Inserted by Act 21 of , Section 33 w.

Certain words omitted by Act I of , Section 26 w. Subsituted by Act 1 of , Section 26, for sub-section 3 w. Assets in India 1.

AMERCOAT 741 PDF

Banking Regulation (Amendment) Act, 2017

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search — well, at least we think so but you be the judge. With this makeover, we also take a small step into social media. We will now use Twitter albeit one way to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy. The site can be accessed through most browsers and devices; it also meets accessibility standards.

IMPRIM 2561 PDF

Banking Regulation Act 1949

.

AGFA XCALIBUR 45 PDF

Banking Regulation Act, 1949

.

ENGEO SYNGENTA PDF

BANKING REGULATION ACT, 1949

.

Related Articles