(1)Notwithstanding anything contained in [section 149 of the Companies Act, 1956 (1 of 1956)] [Substituted by Act 95 of 1956, Section 14 and Sch., for " Section 103 of the Indian Companies Act, 1913 (7 of 1913" (w.e.f. 14.1.1957).], no banking company in existence on the commencement of this Act, shall, after the expiry of three years from such commencement or of such further period not exceeding one year as the Reserve Bank, having regard to the interests of the depositors of the company, may think fit in any particular case to allow, carry on business [in India] [Substituted by Act 20 of 1950, Section 3, for " in any State" .], and no other banking company shall after the commencement of this Act, commence or carry on business [in India] [Substituted by Act 20 of 1950, Section 3, for " in any State" .], [unless it complies with such of the requirements of this section as are applicable to it] [ Substituted by Act 33 of 1959, Section 7, for certain words (w.e.f. 1.10.1959).].
