Banking Companies (Acquisition and Transfer of Undertakings) Act,1970 |
Act No : 5 of 1970 |
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Contents of Act: |
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Section (Chap 1) PRELIMINARY | |
Section (1) Short title and commencement | |
Section (2) Definitions | |
Section (Chap 2) TRANSFER OF THE UNDERTAKING OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS | |
Section (3) Establishment of corresponding new banks and business thereof | |
Section (4) Undertaking of existing banks to vest in corresponding new banks | |
Section (5) General effect of vesting | |
Section (Chap 3) PAYMENT OF COMPENSATION | |
Section (6) Payment of compensation | |
Section (Chap 4) MANAGEMENT OF CORRESPONDING NEW BANKS |