https://www.taxtmi.com/acts?id=37150 The amendment substitutes clause (a) of section 9(3) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to allow the Central Government, after consultation with the Reserve Bank, to appoint not more than five whole-time directors. It further permits the Central Government, by notification in the Official Gazette and after consultation with the Reserve Bank, to post any such appointed whole-time director to any corresponding new bank, with "corresponding new bank" defined to include the meaning in clause (b) of section 2 of the 1980 Act. en-us Wed, 24 Jul 2019 17:30:08 +0530 Wed, 24 Jul 2019 17:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=37150 The amendment substitutes clause (a) of section 9(3) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to allow the Central Government, after consultation with the Reserve Bank, to appoint not more than five whole-time directors. It further permits the Central Government, by notification in the Official Gazette and after consultation with the Reserve Bank, to post any such appointed whole-time director to any corresponding new bank, with "corresponding new bank" defined to include the meaning in clause (b) of section 2 of the 1980 Act. Act-Rules F. Acts / Amendment Acts Wed, 24 Jul 2019 17:30:08 +0530 https://www.taxtmi.com/acts?id=37150