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Banking Regulation Act, 1949 Complete Act - Bare Act

StateCentral Government
Year
Act Info:
Preamble1 - THE BANKING REGULATION ACT, 1949
Part 1
Section1 - Short title, extent and commencement
Section2 - Application of other laws not barred
Section3 - Act to apply to co-operative societies in certain cases
Section4 - Power to suspend operation of Act
Section5 - Interpretation
Section5A - Act to override memorandum, articles, etc
Part 2
Section6 - Forms of business in which banking companies may engage
Section7 - Use of words
Section8 - Prohibition of trading
Section9 - Disposal of non-banking assets
Section10 - Prohibition of employment of managing agents and restrictions on certain forms of employment
Section10A - Board of directors to include persons with professional or other experience
Section10B - Banking company to be managed by whole time chairman
Section10BB - 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
Section10C - Chairman and certain directors not to be required to hold qualification shares
Section10D - Provisions of sections 10A and 10B to override all other laws, contracts, etc
Section11 - Requirement as to minimum paid-up capital and reserves
Section12 - Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders
Section12A - Election of new directors
Section13 - Restriction on commission, brokerage, discount, etc. on sale of shares
Section14 - Prohibition of charge on unpaid capital
Section14A - Prohibition of floating charge on assets
Section15 - Restrictions as to payment of dividend
Section16 - Prohibition of common directors
Section17 - Reserve Fund
Section18 - Cash reserve
Section19 - Restriction on nature of subsidiary companies
Section20 - Restrictions on loans and advances
Section20A - Restrictions on power to remit debts
Section21 - Power of Reserve Bank to control advances by banking companies
Section21A - Rates of interest charged by banking companies not to be subject to scrutiny by courts
Section22 - Licensing of banking companies
Section23 - Restrictions on opening of new, and transfer of existing, places of business
Section24 - Maintenance of a percentage of assets
Section25 - Assets in India
Section26 - Return of unclaimed deposits
Section27 - Monthly returns and power to call for other returns and information
Section28 - Power to publish information
Section29 - Accounts and balance-sheet
Section30 - Audit
Section31 - Submission of returns
Section32 - Copies of balance-sheets and accounts to be sent to registrar
Section33 - Display of audited balance-sheet by companies incorporated outside India
Section34 - Accounting provisions of this Act not retrospective
Section34A - Production of documents of confidential nature
Section35 - Inspection
Section35A - Power of the Reserve Bank to give directions
Section35B - Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank
Section36 - Further powers and functions of Reserve Banks
Section36A - Certain provisions of the Act not to apply to certain banking companies
Part2A - CONTROL OVER MANAGEMENT
Section36AA - Power of Reserve Bank to remove managerial and other persons from office
Section36AAA - Supersession of Board of directors of a multi-State co-operative bank
Section36AAB - Order of winding up of multi-State co-operative bank to be final in certain cases
Section36AAC - Reimbursement to Deposit Insurance Corporation by liquidator or transferee bank
Section36AB - Power of Reserve Bank to appoint additional directors
Section36AC - Part IIA to override other laws
Part2B - PROHIBITION OF CERTAIN ACTIVITIES IN RELATION TO BANKING COMPANIES
Section36AD - Punishments for certain activities in relation to banking companies
Part 2C
Section36AE - Power of Central Government to acquire undertakings of banking companies in certain cases
Section36AF - Power of the Central Government to make scheme
Section36AG - Compensation to be given to shareholders of the acquired bank
Section36AH - Constitution of the Tribunal
Section36AI - Tribunal to have powers of a civil court
Section36AJ - Procedure of the Tribunal
Part 3
Section36B - High Court defined
Section37 - Suspension of business
Section38 - Winding up by High Court
Section38A - Court liquidator
Section39 - Reserve Bank to be official liquidator
Section39A - Application of Companies Act to liquidators
Section40 - Stay of proceedings
Section41 - Preliminary report by official liquidator
Section41A - Notice to preferential claimants and secured and unsecured creditors
Section42 - Power to dispense with meetings of creditors, etc
Section43 - Booked depositors' credits to be deemed proved
Section43A - Preferential payments to depositors
Section44 - Powers of High Court in voluntary winding up
Section44A - Procedure for amalgamation of banking companies
Section44B - Restriction on compromise or arrangement between banking company and creditors
Section45 - 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
Part3A - SPECIAL PROVISIONS FOR SPEEDY DISPOSAL OF WINDING UP PROCEEDINGS
Section45A - Part III A to override other laws
Section45B - Power of High Court to decide all claims in respect of banking companies
Section45C - Transfer of pending proceedings
Section45D - Settlement of list of debtors
Section45E - Special provisions to make calls on contributories
Section45F - Documents of banking company to be evidence
Section45G - Public examination of directors and auditors
Section45H - Special provisions for assessing damages against delinquent directors, etc
Section45I - Duty of directors and officers of banking company to assist in the realisation or property
Section45J - Special provisions for punishing offences in relation to banking companies being wound up
Section45K - Power of High court to enforce schemes of arrangements, etc
Section45L - Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement
Section45M - Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
Section45N - Appeals
Section45O - Special period of limitation
Section45P - Reserve Bank to tender advice in winding up proceeding
Section45Q - Power to Inspect
Section45R - Power to call for returns and information
Section45S - Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up
Section45T - Enforcement of orders and decisions of High Court
Section45U - Power of High Court to make rules
Section45V - References to directors, etc., shall be construed as including references to past directors, etc
Section45W - Part II not to apply to banking companies being wound up
Section45X - Validation of certain proceedings
Part3B - PROVISIONS RELATING TO CERTAIN OPERATIONS OF BANKING COMPANIES
Section45Y - Power of Central Government to make rules for the preservation of records
Section45Z - Return of paid instruments to customers
Section45ZA - Nomination for payment of depositors' money
Section45ZB - Notice of claims of other persons regarding deposits not receivable
Section45ZC - Nomination for return of articles kept in safe custody with banking company
Section45ZD - Notice of claims of other persons regarding articles not receivable
Section45ZE - Release of contents of safety lockers
Section45ZF - Notice of claims of oilier persons regarding safety lockers not receivable
Part 4
Section46 - Penalties
Section46A - Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
Section47 - Cognizance of offences
Section47A - Power of Reserve Bank to impose penalty
Section48 - Application of fines
Section49 - Special provisions for private banking companies
Section49A - Restriction on acceptance of deposits withdrawable by cheque
Section49B - Change of name by a banking company
Section49C - Alteration of memorandum of a banking company
Section50 - Certain claims for compensation barred
Section51 - Application of certain provisions to the State Bank of India and other notified banks
Section52 - Power of Central Government to make rules
Section53 - Power to exempt in certain cases
Section54 - Protection of action taken under Act
Section55 - Amendment of Act 2 of 1934
Section55A - Power to remove difficulties
Part 5
Section56 - Act to apply to co-operative societies subject to modifications
ScheduleI - FIRST SCHEDULE
ScheduleII - SECOND SCHEDULE
ScheduleIII - THIRD SCHEDULE
ScheduleIV - FOURTH SCHEDULE
ScheduleV - FIFTH SCHEDULE
Amending Act1 - Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004
Amending ActII - BANKING REGULATION (AMENDMENT) ACT, 2007


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