Banking Companies (Second Amendment) Act, 1960 |The LexSphere Library

SECTION 1

The 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:-

SECTION 2

Short title

1.Short title.- This Act may be called the Banking Companies (Second Amendment) Act, 1960.

SECTION 3

Amendment of section 39

2.[Amendment of section 39.]Rep. by the Repealing and Amending Act (52 of 1964), s. 2 and the First Schedule (w.e.f. 29-12-1964).

SECTION 4

Substitution of new sections for section 41

3.[Substitution of new sections for section 41.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 5

Substitution of new section for section 43A

4.[Substitution of new section for section 43A.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 6

Amendment of section 44A

5.[Amendment of section 44A.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 7

Insertion of new section 45

6.[Insertion of new section 45.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 8

Amendment of section 45L

7.[Amendment of section 45L.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 9

Amendment of section 50

8.[Amendment of section 50.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 10

Amendment of section 51

9.[Amendment of section 51.] Rep. by s. 2 and the First Schedule, ibid. (w.e.f. 29-12-1964).

SECTION 11

Certain winding-up proceedings to be governed by original provisions

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.