Section 44DB(5)(c) in The Income Tax Act, 1961

[Cites 0, Cited by 1] [Section 44DB(5)] [Section 44DB] [Entire Act]

Union of India - Subsection

Section 44DB(5)(c) in The Income Tax Act, 1961

(c)"amalgamation" means the merger of an amalgamating co-operative bank or banks with an amalgamated co-operative bank, in such manner that—

(i)all the assets and liabilities of the amalgamating co-operative bank or banks immediately before the merger (other than the assets transferred, by sale or distribution on winding up, to the amalgamated co-operative bank) become the assets and liabilities of the amalgamated co-operative bank;

(ii)the members holding seventy-five per cent or more voting rights in the amalgamating co-operative bank become members of the amalgamated co-operative bank; and

(iii)the shareholders holding seventy-five per cent or more in value of the shares in the amalgamating co-operative bank (other than the shares held by the amalgamated co-operative bank or its nominee or its subsidiary, immediately before the merger) become shareholders of the amalgamated co-operative bank;

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Union of India - Subsection

Section 44DB(5)(c) in The Income Tax Act, 1961