1. Short title and commencement.—(1) This Act may be called the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970.
(2) The provisions of this Act (except section 21,which shall come into force on the appointed day)
shall be deemed to have come into force on the 19th day of July, 1969.
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 (Ord. 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 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;
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[(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;
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[(i) words and expressions used herein and not defined either in this Act or in the Banking
Regulation Act,1949 (10 of 1949) but defined in the Companies Act, 1956 (1 of 1956) shall have the
meanings respectively assigned to them in the Companies Act, 1956.]