Save as otherwise expressly provided in this Act,-
(a) the provisions of this Act shall have effect notwithstanding anything to the contrary contained in the memorandum or articles of a banking company, or in any agreement executed by it, or in any resolution passed by the banking company in general meeting or by its Board of Directors, whether the same be registered, executed or passed, as the case may be, before or after the commencement of the Banking Companies (Amendment) Act, 1959 (33 of 1959); and
(b) any provision contained in the memorandum, articles, agreement or resolution aforesaid shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.]
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* Ins. by Act 33 of 1959, s. 3 (w.e.f. 1-10-1959)
Section 3 Act not to apply to certain co-operative societies
Section 4 Power to suspend operation of Act
Section 5A Act to override memorandum, articles, etc
Section 6 Forms of business in which banking companies may engage
Section 7 Use of words bank, banker, banking or banking company
Section 8 Prohibition of trading
Section 9 Disposal of non-banking assets
Section 10A Board of directors to include persons with professional or other experience
Section 10B Banking company to be managed by whole time chairman
Section 11 Requirement as to minimum paid-up capital and reserves
Section 12A Election of new directors
Section 12B Regulation of acquisition of shares or voting rights
Section 13 Restriction on commission, brokerage, discount, etc., on sale of shares