BANKING REGULATION ACT, 1949

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S.1 Short title, extent and commencement

S.2 Application of other laws not barred

S.3 Act to apply to co-operative societies in certain cases

S.4 Power to suspend operation of Act

S.5 Interpretation

S.6 Forms of business in which banking companies may engage

S.7 Use of words “bank”, “banker”, ‘‘banking’’ or “banking company”

S.8 Prohibition of trading

S.9 Disposal of non-banking assets

S.10 Prohibition of employment of managing agents and restric­tions on certain forms of employment

S.10(a) Board of directors to include persons with professional or other experience

S.10(b) Banking company to be managed by whole time chairman

S.10(bb) Power of Reserve Bank to appoint 2[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company

S.10(c) Chairman and certain directors not to be required to hold qualification shares

S.10(d) Provisions of sections 10A and 10B to override all other laws, contracts, etc.

S.11 Requirement as to minimum paid-up capital and reserves

S.12 Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders

S.12(a) Election of new directors

S.13 Restriction on commission, brokerage, discount, etc., on sale of shares

S.14 Prohibition of charge on unpaid capital

S.14(a) Prohibition of floating charge on assets

S.15 Restrictions as to payment of dividend.

S.16 Prohibition of common directors

S.17 Reserve Fund

S.18 Cash reserve

S.19 Restriction on nature of subsidiary companies

S.20 Restrictions on loans and advances

S.20(a) Restrictions on power to remit debts

S.21 Power of Reserve Bank to control advances by banking compa­nies

S.21(a) Rates of interest charged by banking companies not to be subject to scrutiny by courts

S.22 Licensing of banking companies

S.23 Restrictions on opening of new, and transfer of existing, places of business

S.24 Maintenance of a percentage of assets

S.25 Assets in India

S.26 Return of unclaimed deposits

S.27 Monthly returns and power to call for other returns and information

S.28 Power to publish information

S.29 Accounts and balance-sheet

S.30 Audit

S.31 Submission of returns

S.32 Copies of balance-sheets and accounts to be sent to registrar

S.33 Display of audited balance-sheet by companies incorporated outside India

S.34 Accounting provisions of this Act not retrospective

S.34(a) Production of documents of confidential nature

S.35 Inspection

S.35(a) Power of the Reserve Bank to give directions

S.35(b) Amendments of provisions relating to appointments of manag­ing directors, etc., to be subject to previous approval of the Reserve Bank

S.36 Further powers and functions of Reserve Banks

S.36(a) Certain provisions of the Act not to apply to certain banking companies

S.36(a)(a) Power of Reserve Bank to remove managerial and other per­sons from office

S.36(a)(a)(a) Supersession of Board of directors of a multi-State co-operative bank

S.36(a)(a)(b) Order of winding up of multi-State co-operative bank to be final in certain cases

S.36(a)(a)© Reimbursement to Deposit Insurance Corporation by liquidator or transferee bank

S.36(a)(b) Power of Reserve Bank to appoint additional directors

S.36(a)(d) Punishments for certain activities in relation to banking companies

S.36(a)(e) Power of Central Government to acquire undertakings of banking companies in certain cases

S.36(a)(f) Power of the Central Government to make scheme

S.36(a)(g) Compensation to be given to shareholders of the acquired bank

S.36(a)(h) Constitution of the Tribunal

S.36(a)(i) Tribunal to have powers of a civil court

S.36(a)(j) Procedure of the Tribunal

S.36(a)© Part IIA to override other laws

S.36(a)©(a) Supersession of Board of Directors in certain cases

S.36(b) High Court defined

S.37 Suspension of business

S.38 Winding up by High Court

S.38(a) Court liquidator

S.39 Reserve Bank to be official liquidator

S.39(a) Application of Companies Act to liquidators

S.40 Stay of proceedings

S.41 Preliminary report by official liquidator

S.41(a) Notice to preferential claimants and secured and unsecured creditors

S.42 Power to dispense with meetings of creditors, etc

S.43 Booked depositors’ credits to be deemed proved

S.43(a) Preferential payments to depositors

S.44 Powers of High Court in voluntary winding up

S.44(a) Procedure for amalgamation of banking companies

S.44(b) Restriction on compromise or arrangement between bank­ing company and creditors

S.45 Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution of amalgamation

S.45(a) Part IIIA to override other laws

S.10 Prohibition of employment of managing agents and restrictions on certain forms of employment

S.21 Power of Reserve Bank to control advances by banking companies

S.35(b) Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank

S.36(a)(a) Power of Reserve Bank to remove managerial and other persons from office

S.44(b) Restriction on compromise or arrangement between banking company and creditors

S.45(s) Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up

S.45(v) References to directors, etc., shall be construed as including references to past directors, etc

S.45(y) Power of Central Government to make rules for the preservation of records