Banking Companies (Acquisition and Transfer of Undertakings) Act,1970

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Act No : 5


Section : Definitions

2. Definitions. In this Act, unless the context otherwise requires,--
(a) "appointed day" means the 14th day of February, 1970, being the day on which the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970 (3 of 1970), was promulgated;
(b) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956 (1 of 1956);
(c) "commencement of this Act" means the 19th day of July, 1969;
(d) "corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;
(e) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7;
(f) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the deposits of which, as 78 shown in the return as on the last Friday of June, 1969, furnished to the Reserve Bank under section 27 of the Banking Regulation Act, 1949 (10 of 1949), were not less than rupees fifty crores;
1*[(fa) "prescribed" means prescribed by regulations made under this Act;]
(g) "Schedule" means a Schedule to this Act;
(h) words and expressions used herein and not defined but defined in the Banking Regulation Act, 1949 (10 of 1949), have the meanings respectively assigned to them in that Act.
1*[(i) words and expressions used herein and not defined either in this Act or in the Banking regulation Act. 1949 (10 of 1949) in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Companies Act, 1956.]
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1 Subs. & ins. by Act 1 of 1984, s. 65 (w.e.f. 15-2-1984). 2 Ins. by Act 81 of 1985, s. 7 (w.e.f. 30-12-1985). 3 Subs. by Act 66 of 1988, s. 30 (w.e.f. 30-12-1988). 4 Subs. by Act 36 of 1992, s. 2 (w.e.f. 30-12-1988). 79


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