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Chapter 3 of The Banking Regulation Act, 1949 (Act No. 10) View all Acts

Suspension Of Business And Winding Up Of Banking Companies
3 (III)

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The Banking Regulation Act, 1949
10
10-03-1949
The Banking Regulation Act, 1949
An Act to consolidate and amend the law relating to banking.
Ministry of Finance
Department of Financial Services

Sections from Chapter 3 of The Banking Regulation Act, 1949 (Act No. 10)

36B - High Court defined.
37 - Suspension of business.
38 - Winding up by High Court.
38A - Court liquidator.
39 - Reserve Bank to be official liquidator.
39A - Application of Companies Act to liquidators.
40 - Stay of proceedings.
41 - Preliminary report by official liquidator.
41A - Notice to preferential claimants and secured and unsecured creditors.
42 - Power to dispense with meetings of creditors, etc.
43 - Booked depositors' credits to be deemed proved.
43A - Preferential payments to depositors.
44 - Powers of High Court in voluntary winding up.
44A - Procedure for amalgamation of banking companies.
44B - Restriction on compromise or arrangement between banking company and creditors.
45 - Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation.
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