(4)Any amount deposited and kept deposited with the Reserve Bank under [* * *] [The words " the proviso to" omitted by Act 33 of 1959 (w.e.f. 1.10.1959).] sub-section (2) by any banking company incorporated [outside India] [Substituted by Act 20 of 1950, Section 3, for " elsewhere than in a State" .] shall, in the event of the company ceasing for any reason to carry on banking business [in India] [Substituted by Act 20 of 1950, Section 3, for "in the States".], be an assent of the company on which the claims of all the creditors of the company [in India] [Substituted by Act 20 of 1950, Section 3, for " in the States".] shall be a first charge.
