Banking Companies (Second Amendment) Act, 1960

India code link to Banking Companies (Second Amendment) Act, 1960

THE BANKING COMPANIES (SECOND AMENDMENT) ACT, 1960 ACT NO. 37 OF 1960 [19th September, 1960.] An Act further to amend the Banking Companies Act, 1949. BE it enacted by Parliament in the Eleventh Year of the Republic of India as follows:— 1. Short title.—This Act may be called the Banking Companies (Second Amendment) Act, 1960. 1 * * * * * 10. Certain winding-up proceedings to be governed by original provisions.—The amendments made in the principal Act by section 3 and section 4 shall not apply to, and in relation to, the winding-up of a banking company where any preliminary dividend has been paid in the course of such winding-up before the commencement of this Act, but the provisions of the principal Act as they stood immediately before such commencement shall apply to, and in relation to, such winding-up.