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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Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank.

Alteration of memorandum of a banking company. Provided that nothing in clause b shall apply to the grant of unsecured loans or advances— a made by a co-operative bank—.

Banking Regulation Act, 1949

Power of Reserve Bank to remove managerial and other persons from office. Special provisions for assessing damages against delinquent Directors, etc. Licensing of banking companies.

Part II Business Of Banking Companies 6 Form and business in which banking companies may engage 7 Use of words “bank”, “banker”, “banking” or “banking company” 8 Prohibition of trading 9 Disposal of non-banking assets 10 Prohibition of employment of Managing Agents and restrictions on certain forms of employment 10A Board of Directors to include persons with professional or other experience 10B Banking company to be managed by whole-time Chairman 10BB Power of Reserve Bank to appoint Chairman of a banking company 10C Chairman and certain Directors not to be required to hold qualification shares 10D Provisions of sections 10A and 10B to override all other laws, contracts, etc.

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Banking Regulation Act, Act to apply to co-operative societies in certain cases. Board of Directors to include persons with professional or other experience.

Banking Regulation Act, | Bare Acts | Law Library | AdvocateKhoj

Settlement of list aavs debtors. Part II not to apply to banking companies being wound up. Notice of claims of other persons regarding deposits not receivable.

Monthly returns and power to call for other returns and information. This page was last edited on 20 Novemberat Citedby docs – [ View All ]. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Release of contents of safety lockers. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up. Retrieved from ” https: March, ] Contents Sections Particulars Part I Preliminary 1 Short title, extent and commencement 2 Application of other laws not barreds 3 Act to apply to co-operative societies in ascs cases 4 Power to suspend operation of Act 5 Interpretation 5A Act to override memorandum, articles, etc.

Act to override bye-laws, etc. Initially, the law was applicable only to banking companies. Enforcement of orders and decisions of High Court.

Power of the Central Government to make scheme.

Section 11 in BANKING REGULATION ACT,

Prohibition of charge on unpaid capital. Restrictions as to payment of dividend. India and International Law: Act to override memorandum, 11949, etc. Qacs claims for compensation barred. It is applicable in jammu and kashmir from Views Read Edit View history. Amendment of Act 2 of Transfer of pending proceedings. Restrictions on loans and advances. Prohibition of employment of Managing Agents and restrictions on certain forms of employment. Unlawful Activities Prevention Act.

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Power to Reserve Bank to impose penalty.

Booked depositors’ credits to be deemed proved. Production of documents of confidential nature. Banking ac to be managed by whole-time Chairman.

Reserve Bank to be official liquidator. Retrieved 11 January Power to suspend operation of Act. Duty of Directors and Officers of banking company to assist in the realization of property.

It is hereby enacted as follows: Provided that nothing in clause b of sub-section 1 shall be deemed to prohibit—. From Ach, the free encyclopedia.

Try out our Premium Member services: Punishments for certain activities in relation to banking companies. But, it was amended to make it applicable to cooperative banks and to introduce other changes.

Power to publish information. Special provisions to make calls on contributories.

Power of Central Government to make rules.