Notwithstanding anything contained in section 6 or in any contract, no banking company shall directly or indirectly deal in the buying or selling or bartering of goods, except in connection with the realisation of security given to or held by it, or engage in any trade, or buy, sell or barter goods for others otherwise than in connection with bills of exchange received for collection or negotiation or with such of its business as is referred to in clause (i) sub-section (1) of section 6:
*[Provided that this section shall not apply to any such business as is specified in pursuance of clause (o) of sub-section (1) of section 6.]
Explanation.- For the purposes of this section, "goods" means every kind of moveable property, other than actionable claims, stocks, shares, money, bullion and specie, and all instruments referred to in clause (a) of sub-section (1) of section 6.
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*Subs. by s. 15, ibid., for the proviso (w.e.f. 15-2-1984).
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