{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"151","heading":"Amendment of Act 40 of 1980","text":"Amendment of Act 40 of 1980 151. In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, in section 9, in sub-section (3), for clause (a), the following clause shall be substituted, namely:— '(a) | not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank: Provided that the Central Government, may, after consultation with the Reserve Bank, by notification published in the Official Gazette, post a whole-time director so appointed to any other corresponding new bank. Explanation.— For the purposes of this clause, the expression \"corresponding new bank\" shall include a \"corresponding new bank\" as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;'.","html":"<p><b><b>Amendment of Act 40 of 1980</b></b></p><p><b><b>151</b>. </b>In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, in section 9, in sub-section (<i>3</i>), for clause (<i>a</i>), the following clause shall be substituted, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>a</i>)</td><td></td><td>not more than five whole-time directors to be appointed by the Central Government after consultation with the Reserve Bank:</td></tr><tr><td></td><td></td><td><b>Provided</b> that the Central Government, may, after consultation with the Reserve Bank, by notification published in the Official Gazette, post a whole-time director so appointed to any other corresponding new bank.</td></tr><tr><td></td><td></td><td><i>Explanation.— </i>For the purposes of this clause, the expression \"corresponding new bank\" shall include a \"corresponding new bank\" as defined in clause (<i>d</i>) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;'.</td></tr></table></div>","words":123,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/151/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}