Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 (Bare Act with Section Notes) - Book By Taxmann

Edition : 2027

Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 [Bare Act with Section Notes] by Taxmann is a single-volume working Edition of the Act, with the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980, the Nationalised Banks (Management and Miscellaneous Provisions) Schemes of 1970 and 1980, and the New Bank of India (Amalgamation and Transfer of Undertaking) Scheme 1993. The statutory text is freely available; what this book supplies is the apparatus around it—more than two hundred and fifty footnotes that record the amendments to the two Acts and the two Management Schemes, fifty of them with the earlier text; Section Notes on the definitions in section 2 of each Act; nine court rulings summarised under four sections; a six-page Contents list; and a Subject Index to each Act.

The book solves a practical problem. Anyone working with these two Acts has to piece together five instruments:

• The 1970 Act and its amendments, from the Banking Laws (Amendment) Act 1983 to the Banking Laws (Amendment) Act 2025
• The 1980 Act and its own amendments over the same years
• The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970, made under section 9 of the 1970 Act and amended from 1972 to 2022
• The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1980, made under section 9 of the 1980 Act and amended from 1985 to 2022
• The New Bank of India (Amalgamation and Transfer of Undertaking) Scheme 1993, made under section 9 of the 1980 Act

This volume prints the five together, footnotes the amendments to the first four with the amending instrument and its date, and quotes the earlier text or the words replaced in more than a hundred and twenty of those footnotes.

This book is intended for the following audience:

• Directors of Nationalised Banks who check their term of office, disqualifications, vacation of office and fees under the two Management Schemes, with the 2022 change to the term of a whole-time director footnoted
• Company Secretaries and Board Secretariats who work with the Schemes' paragraphs on meetings of the Board, the Management Committee, the Credit Approval Committee and resolutions passed without a meeting
• Legal and Compliance Teams of Nationalised Banks who need the capital, shareholding and voting provisions of section 3 of each Act, with the text they replaced footnoted
• Investor Services and Share Departments who handle the register of shareholders, depository holdings and unpaid dividends under sections 3, 3A, 3B and 10B, with the 2025 changes to transfers to the Investor Education and Protection Fund
• Auditors of Nationalised Banks who work under section 10 of each Act, with the 2025 change from section 226 of the Companies Act 1956 to section 141 of the Companies Act 2013 footnoted
• Employees' Unions and Officers' Associations who follow the procedures in the Schedules to the two Schemes for verifying membership and for the panels of names for workman and officer employee directors
• Service Law Advocates who use the six rulings under section 19 of the two Acts on service regulations, among them promotion, suspension, discipline and transfer
• Criminal Law Practitioners who need the two rulings under section 14 of the 1970 Act on whether officers and chairmen of nationalised banks are public servants
• Students and Researchers of banking law, who want both Acts, their Schedules of banks and compensation, and the three Schemes in one volume

The Present Publication is the 2027 Edition, covering the text of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 [Act No. 5 of 1970], with the 1980 Act and three Schemes, and the law stated as updated till 15th September 2026. It has the following noteworthy features:

• [Amendments Footnoted – The Core Editorial Feature] Two hundred and sixty-three footnotes run through the two Acts and the two Management Schemes: sixty-one in the 1970 Act, fifty-seven in the 1980 Act, seventy-six in the 1970 Scheme and sixty-nine in the 1980 Scheme. All but four record an amendment, naming the amending instrument and its date or referring back with 'ibid.' to the instrument named before. Fifty give the earlier text of the provision changed, and seventy-two more quote the words replaced or omitted. In the 1970 Act, three notes also point from the Companies Act 1956 to the Companies Act 2013
• [The 2025 Amendments] Both Acts are printed with the changes made by the Banking Laws (Amendment) Act 2025 with effect from 1st August 2025. Five footnotes in each Act record them—in section 10, on the qualification and remuneration of auditors, and in section 10B, on unpaid or unclaimed money, shares and bond dues and the Investor Education and Protection Fund—and each gives the words or the text it replaced
• [Three Schemes] The Nationalised Banks (Management and Miscellaneous Provisions) Schemes of 1970 and 1980 follow the two Acts, each headed with its notification number and date. Their footnotes take them from the Amendment Schemes of 1972 and 1985 to those of 2022, which omitted paragraphs 7A to 7C on the Banks Board Bureau, printed in the footnotes as they stood, and substituted paragraph 8(1), on the term of a whole-time director. The New Bank of India (Amalgamation and Transfer of Undertaking) Scheme 1993, under which New Bank of India vested in Punjab National Bank, closes the book
• [Section Notes] Section Notes are printed under section 2 of each Act. Under the 1970 Act, four numbered notes, 2.1 to 2.4, take the definitions of 'appointed day', 'banking company', 'corresponding new bank' and 'existing bank'; under the 1980 Act, note 2.1 takes 'existing bank'. The five notes run to eight sub-heads and fourteen short points, among them the threshold and the date of the return that decide an 'existing bank' under each Act
• [Case Laws] Nine rulings are summarised under four sections: two under section 14 of the 1970 Act, on whether officers and chairmen of nationalised banks are public servants; five under section 19 of that Act and one under section 19 of the 1980 Act, on service regulations, among them promotion, suspension, discipline and transfer; and one under section 9 of the 1980 Act, on a workman director. Each entry gives a bold issue head, a summary and the citation; the rulings, reported in the Cri. L.J. and the Lab. I.C., date from 1978 to 1999
• [Schedules and Annexures] The First and Second Schedules to each Act list the existing banks against their corresponding new banks and the compensation or amount payable to each, in lakhs of rupees—fourteen banks under the 1970 Act and six under the 1980 Act—and the Third Schedule sets out the declaration of fidelity and secrecy. The 1970 Scheme has three Schedules and the 1980 Scheme two: procedures for verifying the membership of workmen's unions, with a certificate and a notice as Annexures I and II, and of officers' associations; and, in the 1970 Scheme, the six areas for Regional Consultative Committees
• [Research Tools] A six-page Contents list sets out both Acts by Chapter and section and the three Schemes by Chapter and paragraph, with page references. Each Act is followed by its own Subject Index—twenty-nine main heads and seventeen sub-entries for the 1970 Act, twenty-five and fourteen for the 1980 Act—which reaches every section other than the repealed section 20 of the 1980 Act, section 2 through its defined terms. Running heads carry section, paragraph and Schedule references
• [Authoritative Bare Act Presentation] Taxmann's Bare Act editorial format is followed throughout. Amended text is enclosed in square brackets with a footnote marker, omitted words are shown as '[***]', and a boxed COMMENTS device under six sections keeps the Section Notes and the rulings apart from the statutory text

The structure of the book is as follows:

• Contents
• Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, with Section Notes and Case Laws
• Sections 1 to 21, with sections 3A, 3B, 9A, 10A, 10B, 12A, 16A and 18A, in five Chapters
• First, Second and Third Schedules
• Subject Index
• Banking Companies (Acquisition and Transfer of Undertakings) Act 1980, with Section Notes and Case Laws
• Sections 1 to 21, with sections 3A, 3B, 9A, 10A, 10B, 12A, 16A and 18A, in five Chapters, section 20 repealed
• First, Second and Third Schedules
• Subject Index
• Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970
• Paragraphs 1 to 21 in six Chapters
• First Schedule, with Annexures I and II
• Second and Third Schedules
• Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1980
• Paragraphs 1 to 20 in five Chapters
• First Schedule, with Annexures I and II
• Third Schedule
• New Bank of India (Amalgamation and Transfer of Undertaking) Scheme 1993
• Paragraphs 1 to 5 in two Chapters