Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

20.Amendment of certain enactments.-

(1) In the Banking Regulation Act, 1949 (10 of 1949),

(a) in section 34A, in sub-section (3), for the words "and any subsidiary bank", the words, figures and brackets "a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any subsidiary bank" shall be substituted;

(b) in section 36AD, in sub-section (3), for the words "and any subsidiary bank", the words, figures and brackets "a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any subsidiary bank" shall be substituted;

(c) in section 51, for the words "or any other banking institution notified by the Central Government in this behalf", the words, figures and brackets "or any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or any other banking institution notified by the Central Government in this behalf" shall be substituted;

(d) in the Fifth Schedule, in Part I of paragraph 1, in clause (e), the Explanations shall be deemed never to have been inserted.

(2) In the Industrial Disputes Act, 1947 (14 of 1947), in section 2, in clause (bb), for the words "and any subsidiary bank", the words, figures and brackets "a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any subsidiary bank" shall be substituted.

(3) In any Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 (46 of 1949), in section 2, in clause (a), for the words "and any subsidiary Bank", the words, figures and brackets "a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and any subsidiary bank" shall be substituted.

(4) In the Deposit Insurance Corporation Act, 1961 (47 of 1961),------

(a) in section 2,----------

(i)after clauses (c), the following clauses shall be inserted namely:-

'(ee) "Corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;

(ii) in clause (g),

(a) for the words "or a banking company", the words "a corresponding new bank or a banking company", and

(b) for the words "with a banking company", the words "with a corresponding new bank or with a banking company",shall be substituted;

(iii) in clause (i), after the words "banking company", the words "or a corresponding new bank" shall be inserted;(b) section 13 shall be re-numbered as sub-section (1) therefore and after sub-section (1) as so re-numbered, the following sub-section shall be inserted, namely:-

"(2) The provisions of clauses (a), (b), (c), (d) and (h) (5) of sub-section (1) shall apply to a corresponding new bank as they apply to a corresponding new bank as they apply to a banking company."

(5) In the State Agricultural Credit Corporation Act, 1968 (60 of 1968),--------

(a) in section 2, after clause (i), the following clause shall be inserted, namely :-'(ii) "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;';

(b) after the words "subsidiary banks" or "subsidiary bank", as the case may be, occurring in clause (d) of sub-section (3) of section 5, in clause (b) of section 9 and in the proviso to section 18, the words "corresponding new banks" or "corresponding new bank", as the case may be, shall be inserted.

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