(3)In the case of any banking company to which the provisions of sub-sectlon (2) do not apply, the aggregate value of its paid-up capital and reserves shall not be less than—(i)if it has places of business in more than one State, five lakhs of rupees, and if any such place or places of business is or are situated in the city of Bombay or Calcutta or both, ten lakhs of rupees;(ii)if it has all its places of business in one State none of which is situated in the city of Bombay or Calcutta, one lakh of rupees in respect of its principal place of business, plus ten thousand rupees in respect of each of its other places of business situated in the same district in which it has its principal place of business, plus twenty-five thousand rupees in respect of each place of business situated elsewhere in the State otherwise than in the same district:Provided that no banking company to which tllis clause applies shall be required to have paid-up capital and reserves exceeding an aggregate value of five lakhs rupees:Provided further that no manking company to which this clause applies and which has only one place of business shall be required to have paid-up capital and reserves exceeding an aggregate value of fifty thousand rupees;(iii)if it has all its places of business in one State, one or more of which is or are situated in the city of Bombay or Calcutta, five lakhs of rupees, plus twenty-five thousand rupees in respect of each place of business situated outside the city of Bombay or Calcutta, as the case may beProvided that no banking company to which this clause applles shall be required to have paid-up capital and reseves exceeding an aggregate value of ten lakhs of rupees.Explanation.—For the purposes of this sub-section, a place of business situated{Subs.by Act 20 of 1950, s.3, for ” in a State “.} [in India] other than that in which the principal place of business of the banking company is situated shail, if it is not rnore than twenty-five miles distant from such principal place of business, be deemed to be situated within the same State as such principal place of business.
