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Banking Companies (Amendment) Act, 1956

Year : 1956

[Act No. 95 of 1956] [26th December, 1956]

PREAMBLE

An Act further to amend the Banking Companies Act, 19491*

Be it enacted by Parliament in the Seventh Year of the Republic of India as follows:-

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1. Any reference to the Banking Companies Act, 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(10 of 1949) vide Act 23 of 1965, s. 11 (w.e.f. 1-3-1966).

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(1) This Act may be called the Banking Companies (Amendment) Act, 1956.

(2) It shall come into force on such date1* as the Central Government may, by notification in the Official Gazette, appoint.

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1. 14th January, 1957: see Gazette of India, 1957, Pt. II, Section 3, p. 178.

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Rep. by the Repealing and Amending Act, 1960 (58 of 1960), s. 2 and Sch. I.

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.

Schedule

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", substitute "Companies Act, 1956 (1 of 1956.)".

1* * * * *

11. In section 33-

(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 the Companies Act, 1956 (1 .of 1956)"; .and

(ii) In sub-section (3), for "section 163" substitute "section 434 of the Companies Act, 1956 (I 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 466 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).".

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 the Companies 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 or 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

(b) For section 235 of the said Act", substitute "Section 543 of the said Act".

28. In section 45M 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 45O, 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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1. Items 2 to 10 omitted by Act 58 of 1960, section 2 and Sch. I.