Section 19(2) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(2)In particular, and without prejudice to the generality of the foregoing power, the regulations may provide for all or any of the following matters, namely:-(a)the powers, functions and duties of local boards and restrictions, conditions or limitations, if any, subject to which they may be exercised or performed, the formation and constitution of local committees and committees of local board (including the number of members of any such committee), the powers, functions and duties of such committees, the holding of meetings of local committees and committees of local boards and the conduct of business thereat;(b)the manner in which the business of the local boards shall be transacted and the procedure in connection therewith;(ba)[ the nature of shares of the corresponding new bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders; [Inserted by Act 37 of 1994, Section 9 (w.e.f. 15.7.1994). ](bb)the maintenance of register, and the particulars to be entered in the register in addition to those specified in sub-section (2-F) of section 3, the safeguards to be observed in the maintenance of register on computer floppies or diskettes, inspection and closure of the register and all other matters connected therewith;(bc)the manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised;(bd)the holding of meetings of shareholders and the business to be transacted thereat;(be)the manner in which notices may be served on behalf of the corresponding new bank upon shareholders or other persons;(bf)the manner in which the directors nominated under clause (h) of sub-section (3) of section 9 shall retire;](c)the delegation of powers and functions of the Board of Directors of a corresponding new bank to the general manager, director, officer or other employee of that bank;(d)the conditions or limitations subject to which the corresponding new bank may appoint advisers, officers or other employees and fix their remuneration and other terms and conditions of service;(e)the duties and conduct of advisers, officers or other employees of the corresponding new bank;(f)the establishment and maintenance of superannuation, pension, provident or other funds for the benefit of officers or other employees of the corresponding new bank or of the dependants of such officers or other employees and the granting of superannuation allowances, annuities and pensions payable out of such funds;(g)the conduct and defence of legal proceedings by or against the corresponding new bank and the manner of signing pleadings;(h)the provision of a seal for the corresponding new bank and the manner and effect of its use;(i)the form and manner in which contracts binding on the corresponding new bank may be executed;(j)the conditions and the requirements subject to which loans or advances may be made or bills may be discounted or purchased by the corresponding new bank;(k)the persons or authorities who shall administer any pension, provident or other fund constituted for the benefit of officers or other employees of the corresponding new bank or their dependants;(l)the preparation and submission of statements of programmes of activities and financial statements of the corresponding new bank and the period for which and the time within which such statements and estimates are to be prepared and submitted; and(m)generally for the efficient conduct of the affairs of the corresponding new bank.
