(1) The provisions of section 11, sub-section (1) of section 12, and sections 17, 18, 24 and 25 shall not apply to a banking company-
(a) which, whether before or after the commencement of the Banking Companies (Amendment) Act, 1959 (33 of 1959), has been refused a licence under section 22, or prohibited from accepting fresh deposits by a compromise, arrangement or scheme sanctioned by a court or by any order made in any proceeding relating to such compromise, arrangement or scheme, or prohibited from accepting deposits by virtue of any alteration made in its memorandum; or
(b) whose licence has been cancelled under section 22, whether before or after the commencement of the Banking Companies (Amendment) Act, 1959 (33 of 1959).
(2) Where the Reserve Bank is satisfied that any such banking company as is referred to in sub-section (1) has repaid, or has made adequate provision for repaying all deposits accepted by the banking company, either in full or to the maximum extent possible, the Reserve Bank may, by notice published in the Official Gazette, notify that the banking company has ceased to be a banking company within the meaning of this Act, and thereupon all the provisions of this Act applicable to such banking company shall cease to apply to it, except as respects things done or omitted to be done before such notice.
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*Ins. by Act 33 of 1959, s. 23 (w.e.f. 1-10-1959)
Section 31 Submission of returns
Section 32 Copies of balance-sheets and accounts to be sent to registrar
Section 33 Display of audited balance-sheet by companies incorporated outside India
Section 34 Accounting provisions of this Act not retrospective
Section 34A Protection of documents of confidential nature
Section 36 Further powers and functions of Reserve Bank
Section 36A Certain provisions of the Act not to apply to certain banking companies
Section 36AA Power of Reserve Bank to remove managerial and other persons from office
Section 3CA Supersession of Board of Directors in certain cases
Section 36AD Punishments for certain activities in relation to banking companies
Section 36AF Power of the Central Government to make scheme
Section 36AG Compensation to be given to shareholders of the acquired bank
Section 36AH Constitution of the Tribunal
Section 36AI Tribunal to have powers of a civil court Section 36AJ Procedure of the Tribunal
Section 36B High Court defined
Section 37 Suspension of business
Section 38 Winding up by High Court
Section 39 Reserve Bank to be official Liquidator