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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Banking B Act, Short title, extent and commencement. Application of other laws not barreds. Act to apply to co-operative societies in certain cases. Power to suspend operation of Act.

Act to override memorandum, articles, etc. Business Of Banking Companies. Form and business in which banking companies may engage. Use of words “bank”, “banker”, “banking” or “banking company”.

Disposal of non-banking assets. Prohibition of employment of Managing Agents and restrictions on certain forms of employment. Board of Directors to include persons with professional or other experience. Banking company to be managed by whole-time Chairman. Power of Reserve Bank to appoint Chairman aaacs a banking company. Chairman and certain Directors not to be required to hold qualification shares. Provisions of sections 10A and 10B to override all other laws, contracts, etc.

Requirement as to minimum paid-up capital and reserves. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders. Election of new Directors. Restriction on commission, brokerage, discount, etc. Prohibition of charge on unpaid capital. Prohibition of floating charge on assets.

Restrictions as to payment of dividend. Prohibition of common Directors. Restriction on nature of subsidiary companies. Restrictions on loans and advances. Restrictions on power to remit debts. Power of Reserve Bank to control advances by banking companies. Rate of interest charged by banking companies not to be subject to scrutiny by courts.

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Licensing of banking companies. Restrictions on opening of new, and transfer of existing, places of business. Maintenance of a percentage 199 assets.

Return of unclaimed deposits. Monthly returns and power to call for other returns and information. Power to publish information. Copies of balance-sheets and accounts to be sent to Registrar.

Banking Regulation Act, 1949

Display of audited balance-sheet by companies incorporated outside India. Accounting provisions of this Act not retrospective. Production of documents of confidential nature.

Power of azcs Reserve Bank to give directions. Amendments of provisions relating to appointments of Managing Directors, etc. Further powers and functions of Reserve Bank. Certain provisions of the Act not to apply to certain banking companies.

Power of Reserve Bank to remove managerial and other persons from office. Power of Reserve Bank to appoint additional Directors. Part IIA to override other laws.

Punishments for certain activities in relation to banking companies. Power of Central Government to acquire undertakings of banking companies in certain cases. Power of the Central Government to make scheme. Compensation to be given to shareholders of the acquired bank. Constitution of the Tribunal. Tribunal to have powers of a civil court. Procedure of the Tribunal. Winding up by High Court. Reserve Bank to be official liquidator. Application of Companies Act to liquidators. Preliminary report by official liquidator.

Notice to preferential claimants and secured and unsecured creditors. Power to dispense with meetings of creditors, etc. Booked depositors’ credits to be deemed proved. Preferential payments to depositors. Power of High Court in voluntary winding up. Procedure for amalgamation of banking companies. 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.

Part IIIA to override other laws. Power of High Court to decide all claims in respect of banking companies. Transfer of pending proceedings. Settlement of list of debtors. Special provisions to make calls on contributories.

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Section 56 in BANKING REGULATION ACT,

Documents of banking company to be aacd. Public examination of Directors and Auditors. Special provisions for assessing damages against delinquent Directors, etc. Duty of Directors and Officers of banking company to assist in the realization of property.

Special provisions for punishing offences in relation to brr companies being wound up. Power of High Court to enforce schemes of arrangements, etc. Public examination of Directors and Auditors, etc. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.

Section 11 in BANKING REGULATION ACT,

Special period of limitation. Reserve Bank to tender advice in winding up proceedings. Power to call for returns and information.

Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.

Enforcement of orders and decisions of High Court. Power of High Court to make rules. References to Directors, etc. Part II not to apply to banking companies being wound up. Validation of certain proceedings. 194 of Central Government to make rules for the preservation of records.

Return of paid instruments to customers. Nomination for payment of depositors’ money. Notice of claims of other persons regarding deposits not receivable.

Nomination for return of articles kept in safe custody with banking company. Notice of claims of other persons regarding articles not receivable. Release of contents of safety lockers. Notice of claims of other persons regarding safety lockers not receivable. Power to Reserve Bank to impose penalty.

Special provisions for private banking companies. Restriction on acceptance of deposits withdrawable by cheque. Change of name by banking company. Alteration of memorandum of a banking company.