Section 25(1) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(1)In the Banking Regulation Act, 1949 ( 10 of 1949), -(a)in section 34A, in sub-section (3), for the words "and any subsidiary bank", the words, figures and brackets "a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969, and any subsidiary bank" shall be substituted ;(b)in section 36 AD, in sub-section (3), for the words "and any subsidiary bank", the words, figures and brackets " a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969, and any subsidiary bank" shall be substituted ;(c)in section 51, for the words " or any banking institution notified by the Central Government in this behalf," the words, figures and brackets "or any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969, or any other banking institution notified by the Central Government in this behalf" shall be substituted;(d)in the Fifth Schedule, in Part I of the paragraph 1, after clause (e), the following Explanations shall be inserted, namely : -Explanation 1.- For the purpose of this clause, "value" shall be deemed to be the market value of the land or buildings, but where such market value exceeds the ascertained value, determined in the manner specified in Explanation 2, shall be deemed to mean such ascertained value.Explanation 2.- Ascertained value shall be equal to, --(A)in the case of any building (including the land on which it is elected or which is appurtenant thereto) which is wholly occupied on the appointed day, twelve times the amount of the annual rent or the rent for which the building may reasonably be expected to be let out from year to year, after deducting from such rent, --(i)one-sixth of the amount thereof on account of maintenance and repairs,(ii)the amount of any annual premium paid to insure the building against any risk of damage or destruction,(iii)where the building is subject to any annual charge, the amount of such charge,(iv)where the building is subject to a ground rent, the amount of such ground rent,(v)where the building is subject to a mortgage or other capital charge, the amount of interest on such mortgage or charge,(vi)where the building has been acquired, constructed, repaired, renewed or re-constructed with borrowed capital, the amount of any interest payable on such capital, and(vii)any sums paid on account of land revenue or other taxes in respect of such building ;(B)in the case of any building (including the land on which it is erected or which is appurtenant thereto) which is partially occupied on the appointed day, the value of the portion which is occupied ascertained in accordance with the provisions of sub-clause (A) (the deductions under sub-clause (ii) to (vii) being made on a proportionate basis) and multiplied thereafter by the ratio which the entire plinth area of the building bears to the plinth area of the portion of the building which has been occupied or let out ;(C)in case of any land which has no building erected thereon or which is not appurtenant to any building, the value, determined with reference to the prices at which sales or purchases of similar or comparable properties have been made during the period of three years immediately preceding the appointed day, by instruments registered under the Indian Registration Act, 1908 (16 of 1908), in the city, town or village where such land is situated'.
