Regional Rural Banks Act : Cessation of business of transferor Regional Rural Banks. Indian Bare Acts

Regional Rural Banks Act,1976

Act No : 21

Section : Cessation of business of transferor Regional Rural Banks.

23C. Cessation of business of transferor Regional Rural Banks.- On and from the date on which the amalgamation takes effect under section 23A, the transferor Regional Rural Banks shall cease to carry on business, including that of making of any payment to any depositors or discharge any liability or obligation to the creditors except to the extent as may be necessary for the implementation of the provisions of the said amalgamation.