Section 44A(7) in The Banking Regulation Act, 1949
(7)[ Nothing in the foregoing provisions of this section shall affect the power of the Central Government to provide for the amalgamation of two or more banking companies [* * *] [Inserted by Act 37 of 1960, Section 5.] under section 396 of the Companies Act, 1956 (1 of 1956):Provided that no such power shall be exercised by the Central Government except after consultation with the Reserve Bank.][[44B.] [Substituted by Act 20 of 1950, Section 9, for Section 45.] Restriction on compromise or arrangement between banking company and creditors.[(1)] [Section 45 renumbered as sub-Section (1) thereof by Act 52 of 1953, Section 9.] Notwithstanding anything contained in any law for the time being in force, no [High Court] [Substituted by Act 52 of 1953, Section 4, for " Court" .] shall sanction a compromise or arrangement between a banking company and its creditors or any class of them or between such company and its members or any class of them [or sanction any modification in any such compromise or arrangement unless the compromise or arrangement or modification, as the case may be,] [Substituted by Act 55 of 1963, Section 20, for " unless the compromise or arrangement" (w.e.f. 1.2.1964).] is certified by the Reserve Bank [in writing as not being incapable of being worked and as not being detrimental to the interests of the depositors of such banking company.] [Substituted by Act 52 of 1953, Section 9, for " as not being detrimental to the interests of the depositors of such company" .]
