BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

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S.1 Short title and commencement

S.2 Definitions

S.3 Establishment of corresponding new banks and business thereof

S.3(a) Trust not to be entered on the register

S.3(b) Register of beneficial owners

S.4 Undertakings of existing banks to vest in corresponding new banks

S.5 General effect of vesting

S.6 Payment of amount

S.7 Head office and management

S.8 Corresponding new banks to be guided by the directions of the Central Government

S.9 Power of Central Government to make scheme

S.9(a) Power of Reserve Bank to appoint additional director

S.10 Closure of accounts and disposal of profits

S.10(a) Annual general meeting

S.10(b) Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account

S.11 Corresponding new bank deemed to be an Indian company

S.12 Vacation of office of Chairman, etc.

S.12(a) Bonus

S.13 Obligations as to fidelity and secrecy

S.14 Custodian to be public servant

S.15 Certain defects not to invalidate acts or proceedings

S.16 Indemnity

S.16(a) Arrangement with corresponding new bank on appointment of Directors to prevail

S.17 Construction of references to existing banks

S.18 Dissolution

S.18(a) Supersession of Board in certain cases

S.19 Power to make regulations

S.20 Repeal

S.21 Repeal and saving

Sch.1 FIRST SCHEDULE

Sch.2 Schedule II

Sch.3 Schedule III

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