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INDIAN BARE ACTS

BANKING COMPANIES (AMENDMENT) ACT 1956

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BANKING COMPANIES (AMENDMENT) ACT 1956

THE BANKING COMPANIES (AMENDMENT) ACT, 1956

ACT NO. 95 OF 1956 1*

[26th December, 1956.]

An Act further to amend the Banking Companies Act, 1949.

Short title and commencement.

1. Short title and commencement.-(1) This Act may be called the Banking Companies (Amendment) Act, 1956.

(2) It shall come into force on such date2* as the Central Government may, by notification in the Official Gazette, appoint. 2 to Amendments to the Banking Companies Act, 1949. 2 to 13. [Amendments to the Banking Companies Act, 1949.] Rep. by the Repealing and Amending Act, 1960 (58 of 1960), s. 2 and Sch. I.

Other miscellaneous amendments. 14. Other miscellaneous amendments.- The principal Act shall be further amended in the manner specified in the Schedule: Provided that the amendments specified in the Schedule relating to section 2 and to the sections contained in Part III and Part IIIA of the principal Act shall not apply to a banking company the winding up of which commenced before the 1st day of April, 1956, and the provisions of the principal Act shall apply to such banking company as if the amendments aforesaid had not been made. SCHE OTHER MISCELLANEOUS AMENDMENTS IN THE BANKING COMPANIES ACT, 1949 THE SCHEDULE (See section 14.) OTHER MISCELLANEOUS AMENDMENTS IN THE BANKING COMPANIES ACT, 1949 1. In sections 2 and 5, for “Indian Companies Act, 1913 (VII of 1913)” and “Indian Companies Act, 1913”, substituteCompanies Act, 1956 (1 of 1956.).” 3* * * * * * ———————————————————————- 1. Any reference to the Banking Companies Act, 1949 (10 of 1949) in any law for the time being in force, or in any instrument or other document, shall be construed as a reference to the Banking Regulation Act, 1949: vide Act 23 of 1965, s. 11 (w.e.f. 1-3-1966). 2. 14th January, 1957; see Gazette of India, 1957, Pt. II, Sec. 3, p. 178. 3. Items 2 to 10 omitted by Act 58 of 1960, s. 2 and Sch. I. 164 11. In section 38–

(i) in sub-section (1), for “section 162 or section 271 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 433 or section 583 of theCompanies Act, 1956 (1 of 1956)” and

(ii) in sub-section (3), for “section 163” substitute “section 434 of the Companies Act, 1956 (1 of 1956)”.

12. In section 38A omit sub-section (2) and sub-section (3). 13. In section 39, for “section 175 of the Indian Companies Act, 1913 (VII of 1913)” substitute “section 448 of the Companies Act, 1956 (1 of 1956)”. 14. In section 40, for “section 173 of the Indian Companies Act, 1913 (VII of 1913)” substitute “section 448 of the Companies Act 1956 (1 of 1956)”. 15. In section 41, for “section 177B of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 455 of the Companies Act, 1956 (1 of 1956)”. 16. In section 42, for “sections 178A and 183 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “sections 460, 464 and 465 of the Companies Act, 1956 (1 of 1956)”. 17. In section 43, for “section 191 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 474 of the Companies Act, 1956 (1 of 1956)”. 18. In section 43A, for “section 230 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 530 of the Companies Act, 1956 (1 of 1956)”. 19. In section 44– (i) for “section 203 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 484 of the Companies Act, 1956 (1 of 1956)”; and (ii) for “sections 218 and 220”, substitute “sections 521 and 441”. 20. In section 45, for “section 153 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 391 of the Companies Act 1956 (1 of 1956). 165 21. In section 45A, for “Indian Companies Act, 1913 (VII of 1913)”, substitute “Companies Act, 1956 (1 of 1956). 22. In section 45B, for “section 153 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 391 of the Companies Act, 1956 (1 of 1956). 23. In section 45E– (i) for “section 184 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 467 of the Companies Act, 1956 (1 of 1956); and (ii) for “section 187 of the Indian Companies Act, 1913 (VII of 1913)”, substitute section 470 of the Companies Act, 1956 (1 of 1956).

24. In section 45H, in sub-sections (1) and (2), for “section 235 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 543 of theCompanies Act, 1956 (1 of 1956)”. 25. In section 45J, for “Indian Companies Act, 1913 (VII of 1913)”, substitute “Companies Act, 1956 (1 of 1956)”. 26. In section 45K–

(i) in sub-section (1) and in sub-section (3), for “section 153 of the Indian Companies Act, 1913 VII of 1913)”, substitute “section 391 of the Companies Act, 1956 (1 of 1956)”; and

(ii) in sub-section (2)– (a) for “section 153 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 391 of the Companies Act, 1956 (1 of 1956)”; and (b) for “section 162 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 433 of the Companies Act, 1956 (1 of 1956)”. 27. In section 45L–

(i) in sub-section (1), for “section 153 of the Indian companies Act, 1913 (VII of 1913)”, substitute “section 391 of the Companies Act, 1956 (1 of 1956)”; and

(ii) in sub-section (2)– (a) for “section 153 of the Indian Companies Act, 1913 (VII of 1913”, substitute “section 391 of the Companies Act, 1956 (1 of 1956)”; and 166 (b) for “section 235 of the said Act”, substitute “section 543 of the said Act”. 28. In section 45 M for “section 153 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 391 of the Companies Act, 1956 (1 of 1956)”.

29. In section 450 in sub-section (2), for ‘section 235 of the Indian Companies Act, 1913 (VII of 1913)”, substitute “section 543 of the Companies Act, 1956 (1 of 1956)”.

 

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