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Union of India - Section

Section 50 in Banking Companies Act, 1949

50. Certain claims for compensation barred

No person shall have any right, whether in contract or other-wise, to any compensation for any loss incurred by reason of the operation of any of the provisions contained in sections 10 and 16 or by reason of the compliance by a banking company with any order given to it under sub-clause (ii) of clause (d) of sub-section (1) of section 36.