Amendment of Act 5 of 1970
Amendment of Act 5 of 1970
148. In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:—
| '(a) | not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank: | |
| Provided that the Central Government, may, after consultation with the Reserve Bank, by notification published in the Official Gazette, post a whole-time director so appointed to any other corresponding new bank. | ||
| Explanation.—For the purposes of this clause, the expression "corresponding new bank" shall include a "corresponding new bank" as defined in clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;'. |