Banking Regulation Act,1949
Act No : 10
Section :
Preliminary report by official liquidator.
4*[41. Preliminary report by official liquidator.- Notwithstanding anything to the contrary contained in section 455 of the Companies Act, 1956 (1 of 1956), where a winding-up order has been made in respect of a banking company whether before or after the commencement of the Banking Companies (Second Amendment) Act, 1960 (37 of 1960), the official liquidator shall submit a preliminary report to the High Court within two months from the date of the winding-up order or where the winding-up order has been made before such commencement, within two months from such commencement, giving the information required by that section so far as it is available to him and also stating the amount of assets of the banking company in cash which are in his custody or under his control on the date of the report and the amount of its assets which are likely to be collected in cash before the expiry of that period of two months in order that such assets may be applied speedily towards the making of preferential payments under section 530 of the Companies Act, 1956 (1 of 1956), and in the discharge, as far as possible, of the liabilities and obligations of the banking company to its depositors and other creditors in accordance with the provisions hereinafter contained; and the official liquidator shall make for the purposes aforesaid every endeavour to collect in cash as much of the assets of the banking company as practicable. --------------------------------------------------------------------- 1. Ins. by Act 33 of 1959, s. 28 (w.e.f. 1-10-1959). 2. Subs. by Act 95 of 1956, s. 14 and Sch., for certain words and figures (w.e.f. 14-1-1957). 3. Subs. by Act 52 of 1953, s. 4, for "Court". 4. Subs. by Act 37 of 1960, s. 3, for s. 41. 86
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