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Union of India - Section

Section 21 in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970

21. Repeal and saving .-(1) The Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970 (3 of 1970), is hereby repealed.

(2)Notwithstanding such repeal and notwithstanding any judgment, decree or order of any Court or Tribunal,-
(a)any action taken or purported to have been taken, or anything done, or purported to have been done, between the 19th day of July, 1969, and the 10th day of February, 1970, by any corresponding new bank purported to have been constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 (8 of 1969), or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 (22 of 1969), or by any person purporting to act on behalf of such bank and any right, obligation or liability acquired or incurred, between the said dates, by or on behalf of such corresponding new bank shall be deemed to have been taken, done, acquired or incurred under the provisions of this Act by or on behalf of the corresponding new bank constituted thereunder;
(b)any action taken, or purported to have been taken, or anything done, or purported to have been done, between the 10th day of February, 1970, and the appointed day, by an existing bank or by any person acting on behalf of such bank, and any right, obligation or liability acquired or incurred, between the said dates, by or on behalf of such existing bank shall be deemed to have been taken, done, acquired or incurred under the provisions of this Act by or on behalf of the corresponding new bank constituted thereunder;
(c)anything done or any action taken, including any order made, notification issued or directions given under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1970 (3 of 1970), shall be deemed to have been done, taken made, issued or given, as the case may be, under the corresponding provisions of this Act.
(3)Any suit, appeal or other proceeding of whatever nature instituted on or after the 19th day of July, 1969, by or against a corresponding new bank purported to have been constituted by the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 (8 of 1969), or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 (22 of 1969) shall not abate, be discontinued, or be, in any way, prejudicially affected by reason of the expiry of the said Ordinance or the invalidation of the said Act, as the case may be, but such suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the corresponding new bank as if such suit, appeal or other proceeding had been instituted by or against the corresponding new bank constituted under this Act.THE FIRST SCHEDULE(See sections 2, 3 and 4)
Existing Bank Corresponding new
Column 1 Column 2
The Central Bank of India Limited Central Bank of India
The Bank of India Limited Bank of India
The Punjab National Bank Limited Punjab National Bank
The Bank of Baroda Limited Bank of Baroda
The United Commercial Bank Limited [UCO Bank] [substituted for the word " United Commercial Bank" by Act 81 of 1985, Section 10]
Canara Bank Limited Canara Bank
United Bank of India Limited United Bank of India
Dena Bank Limited Dena Bank
Syndicate Bank Limited Syndicate Bank
The Union Bank of India Limited Union Bank of India
Allahabad Bank Limited Allahabad Bank
The Indian Bank Limited Indian Bank
The Bank of Maharashtra Limited Bank of Maharashtra
The Indian Overseas Bank Limited Indian Overseas Bank
THE SECOND SCHEDULE(See Section 6)
Name of Existing Bank Amount of compensation (in lakhs of rupees)
The Central Bank of India Limited 1750
The Bank of India Limited 1470
The Punjab National Bank Limited 1020
The Bank of Baroda Limited 840
The United Commercial Bank Limited 830
Canara Bank Limited 360
United Bank of India Limited 420
Dena Bank Limited 360
Syndicate Bank Limited 360
The Union Bank of India Limited 310
Allahabad Bank Limited 310
The Indian Bank Limited 230
The Bank of Maharashtra Limited 230
The Indian Overseas Bank Limited 250
THE THIRD SCHEDULE(See sub-sections (2) and (3) of section 13)DECLARATION OF FIDELITY AND SECRECYI, ........... do hereby declare that I will faithfully, truly and to the best of my skill and ability execute and perform the duties required of me as Custodian, Director, member of Local Board, member of Local Committee, auditor, advisor, officer or other employee (as the case may be) of the* and which properly relate to the office or position in the said held by me.I further declare that I will not communicate or allow to be communicated to any person not legally entitled thereto any information relating to the affairs of the*or to the affairs of any person having any dealing with the*nor will I allow any such person to inspect or have access to any books or documents belonging to or in the possession of the*and relating to the business of the*or to the business of any, person having any dealing with the**Name of corresponding to be filled in.