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[Cites 0, Cited by 0] [Section 9(5)] [Section 9] [Entire Act]

Union of India - Subsection

Section 9(5)(b) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970

(b)the properties and assets of the corresponding new bank, or as the case may be, of the banking institution shall, by virtue of and to the extent provided in the scheme, stand transferred to, and vested in, and the liabilities of the corresponding new bank, or, as the case may be, of the banking institution shall, by virtue of, and to the extent provided in the scheme, stand transferred to, and become the liabilities of, the corporation or corporations brought into existence by reconstitution of the banking institution or the corresponding new bank, as the case may be.