Section 13 in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
13. Power of Central Government to make scheme.-
(1)The Central Government may, after consultation with the Reserve Bank, make a scheme for carrying out the provisions of this Act.(2)In particular, and without prejudice to the generality of the foregoing power, the said scheme may provide for all or any of the following matters, namely : -(a)the capital structure of the corresponding new bank.So however that the paid-up capital of any such bank shall not be in excess of rupees fifteen crores;(b)the constitution of the Board of Directors, by whatever name called, of the corresponding new bank and all such matters in connection there with or incidental there to as the Central Government may consider to be necessary or expedient ;(c)the reconstitution of any corresponding new bank or with another banking institution, the transfer of the whole or any part of the undertaking of a corresponding new bank to any other banking institution or the transfer of the whole or any part of the undertaking of any other banking institution to a corresponding new bank ;(d)such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Act.(3)Every Board of Directors of a corresponding new bank shall include representatives of the following, namely, the depositors of such bank, employees thereof, farmers, workers and artisans, to be elected or nominated in such manner as may be specified in the scheme made under sub-section (1).(4)The central Government may, after consultation with the Reserve Bank, make a scheme to amend or vary any scheme made under sub-section (1).
