Section 16 of The Banking Regulation Act

Here we will see Section 16 of The Banking Regulation Act. Prohibition of common directors.— (1) No banking company incorporated in India shall have as a director in its Board of directors any person who is a director of any other banking company. (1A) No banking company referred to in sub–section (1) shall have in […]

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Section 15 of The Banking Regulation Act

Here we will see Section 15 of The Banking Regulation Act. Restrictions as to payment of dividend.— (1) No banking company shall pay any dividend on its shares until all its capitalised expenses (including preliminary expenses, organisation expenses, share–selling commission, brokerage, amounts of losses incurred and any other item of expenditure not represented by tangible […]

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Section 14A of The Banking Regulation Act

Here we will see Section 14A of The Banking Regulation Act. 14A. Prohibition of floating charge on assets.— (1) Notwithstanding anything contained in section 6, no banking company shall create a floating charge on the undertaking or any property of the company or any part thereof, unless the creation of such floating charge is certified […]

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Section 14 of The Banking Regulation Act

Here we will see Section 14 of The Banking Regulation Act. Prohibition of charge on unpaid capital.— No banking company shall create any charge upon any unpaid capital of the company, and any such charge shall be invalid. 14A. Prohibition of floating charge on assets.— (1) Notwithstanding anything contained in section 6, no banking company […]

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