(1) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908) or in any other law for the time being in force, in computing the period of limitation prescribed for a suit or application by a banking company which is being wound up, the period commencing from the date of the presentation of the petition for the winding up of the banking company shall be excluded.
(2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908) or *[section 543 of the Companies Act, 1956 (1 of 1956)] or in any other law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a banking company which is being wound up or for the enforcement by the banking company against any of its directors of any claim based on a contract, express or implies; and in respect of all other claims by the banking company against its directors, the period of limitation shall be twelve years from the date of the accrual of such claims **[or five years from the date of the first appointment of the liquidator, whichever is longer].
(3) The provisions of this section, in so far as they relate to banking
companies being wound up, shall also apply to a banking company in respect
of which a petition for the winding up has been presented before the
commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953).
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* Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 235 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957)
** Ins. by Act 33 of 1959, s. 32 (w.e.f. 1-10-1959)
Section 45O Special period of limitation
Section 45P Reserve Bank to tender advice in winding up proceedings
Section 45R Power to call for returns and information
Section 45T Enforcement of orders and decisions of High Court
Section 45U Power of High Court to make rules
Section 45x Validation of certain proceedings
Section 45y Power of Central Government to make rules for the preservation of records
Section 45z Return of paid instruments to customers
Section 45za Nomination for payment of depositors money
Section 45zb Notice of claims of other persons regarding deposits not receivable
Section 45zc Nomination for return of articles kept in safe custody with banking company
Section 45zd Notice of claims of other persons regarding articles not receivable
Section 45ze Release contents of safety Release of lockers
Section 45zf Notice of claims of other persons regarding safety lockers not receivable