Banking Companies (Acquisition and Transfer of Undertakings) Act : PRELIMINARY Indian Bare Acts :

Banking Companies (Acquisition and Transfer of Undertakings) Act,1980

Act No : 40

Section : PRELIMINARY

THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT,1980 ACT NO. 40 OF 1980 [11th July, 1980.] An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY