49. Special provisions for private banking companies.
The exemptions, whether express or implied, in favour of a private company in [sections 90, 165, 182, 204 and 255, clauses (a) and (b) of sub-section (1) of section 293 and sections 300, 388-A and 416 of the Companies Act, 1956 (1 of 1956)] [The words and figures " section 17, 77, 83-B, 86-H, 91-B and 91-D and sub-section (5) of section 144 of the Indian Companies Act, 1913 (7 of 1913)" have successively been amended by Act 95 of 1956, Section 11, Act 33 of 1959, Section 34 and Act 55 of 1963, Section 27 to read as above.], shall not operate in favour of a private company which is a banking company.
