What is Section 18 of the Banking Regulation Act?
SEC. 18. Regulations governing insured depository institutions. (a) Representations of deposit insurance. (b) Payment of dividends by defaulting depository institution.
(2) Save as provided in sub-section (1), no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of an amount exceeding thirty per cent. of the paid-up share capital of that company or thirty per cent.
Reserve Fund--(1) Every banking company incorporated in India shall create a reserve fund and 2*** shall, out of the balance of profit of each year as disclosed in the profit and loss account prepared under section 29 and before any dividend is declared, transfer to the reserve fund a sum equivalent to not less than ...
Section 16 in BANKING REGULATION ACT,1949
No banking company incorporated in India shall have as a director on its Board of Directors any person who is a director of any other banking company.
Last friday of 2nd preceding fortnight = fortnigh means 14 nights. In may 2014 Last friday of second preceding fortnight is 9 may 2014. U have to 1st count from 31 may (14 days) i.e. succeding fortnigh end on 31st may, preceding fortnight end on 17th may starts on 3rd may (Saturday) . ' .
(1)Notwithstanding anything to the contrary contained in section 77 of the Companies Act, 1956 (1 of 1956), no banking company shall,- (a)grant any loans or advances on the security of its own shares, or (b)enter into any commitment for granting any loan or advance to or on behalf of- (i)any of its directors, (ii)any ...
(1)Without obtaining the prior permission of the Reserve Bank- (a)no banking company shall open a new place of business in India or change otherwise than within the same city, town or village, the location of an existing place of business situated in India; and (b)no banking company incorporated in India shall open a ...
Section 11. Requirement as to minimum paid-up capital and reserves. Section 12. Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders.
Audit. - [(1) The balance-sheet and profit and loss account prepared in accordance with section 29 shall be audited by a person duly qualified under any law for the time being in force to be an auditor of companies.]
above the bank rate has become payable by a banking company, if thereafter the amount required to be maintained on the next succeeding alternate Friday, or if such Friday is a public holiday, the next preceding working day, is still below the prescribed minimum, every director, manager or secretary of the banking ...
What is Section 46 of the Banking Regulation Act?
(1) Whoever in any return, balance-sheet or other document 1[or in any information required or furnished] by or under or for the purposes of any provision of this Act, wilfully makes a statement which is false in any material particular, knowing it to be false, or wilfully omits to make a material statement, shall be ...
(1)No banking company shall carry on business in India, unless it satisfies the following conditions, namely:- (i)that the subscribed capital of the company is not less than one-half of the authorised capital, and the paid-up capital is not less than one-half of the subscribed capital and that, if the capital is ...
[(1)] No banking company shall pay any dividend on its shares until all its capitalised expenses (including preliminary expenses, organisation expenses, share-selling commission, brokerage, amounts of losses incurred and any other item of expenditure not represented by tangible assets) have been completely written off.
“Last Friday” is correct in standard English, though not unambiguous. Today is Saturday 16 Feb. Generally “I saw him last Friday” would mean Friday 15 Feb, but since that's also “yesterday” it could also mean Friday 8th Feb.
: a period of 14 days : two weeks. fortnightly.
A fortnight is a period of two weeks. I hope to be back in a fortnight. American English: two weeks /ˌtu ˈwiks/
(1) At the expiration of each calendar year 1[or at the expiration of a period of twelve months ending with such date2 as the Central Government may, by notification in the Official Gazette, specify in this behalf,] every banking company incorporated 3[in India], in respect of all business transacted by it, and every ...
31Submission of returns
Provided that the Reserve Bank may in any case extend the said period of three months for the furnishing of such returns by a further period not exceeding three months: ]Provided further that a regional rural bank shall furnish such returns also to the National Bank.]
Subsection 66(1) of the Banking Act created an offence if a person carries out a financial business and uses or assumes a restricted word or expression in relation to that business.
(3) The Central Government may, by notification in the Official Gazette, extend from time to time the period of any suspension ordered under sub-section (1) or sub-section (2) for such period, not exceeding sixty days at any one time, as it thinks fit so however that the total period does not exceed one year.
What is Section 9 of banking regulation?
Sec 9 -Deals with disposal of non banking assets. Except required for its own, a coop bank is prohibited from holding immovable property, howsoever acquired, for more than 7 years. If not, it can seek extension of period from RBI which may grant extension upto 5 years period in the interest of depositors of the bank.
Note 1: Under section 97 of the Banking Ordinance, it is an offence for any person, other than a bank or a central bank, without the written consent of the Monetary Authority, to use the word "bank" or any of its derivatives, or use the letters "b", "a", "n", "k" in that order, in the description or name under which ...
Section 13 of the Bank Holding Company Act establishes prohibitions and restrictions on proprietary trading and on investments in or relationships with covered funds by certain banking entities, including state member banks, bank holding companies, savings and loan holding companies, other companies that control an ...
By their terms, sections 22(g) and 22(h) of the Federal Reserve Act (12 U.S.C. §§ 375a and 375b) and Regulation O set forth restrictions for "member banks," which includes national banks and state banks that are members of the Federal Reserve System.
(e) No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank.
