Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
Section 45M of the Banking Regulation Act, 1949 deals with special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act. Where any compromise or arrangement sanctioned in respect of a banking company under [section 391 of the Companies Act, 1956 (1 of 1956),] is being worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the High Court may, if it so thinks fit on the application of su The Act came into force on 16 Mar 1949.
1[45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.--Where any compromise or arrangement sanctioned in respect of a banking company under 2[section 391 of the Companies Act, 1956 (1 of 1956),] is being worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the High Court may, if it so thinks fit on the application of such banking company,--
(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or
(b) allow the banking company to settle the list of its debtors in accordance with the provisions of section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the banking company as they apply to a banking company which is being wound up as if the order sanctioning the compromise or arrangement were an order for the winding up of the banking company.]
Section 45M, The Banking Regulation Act, 1949 (Act 10 of 1949).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 45M
What does Section 45M of the Banking Regulation Act deal with?
Section 45M of the Banking Regulation Act is headed "Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act". [45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.--Where any compromise or arrangement sanctioned in respect of a banking company under [section 391 of the Companies Act, 1956 (1 of 1956),] is being worked at the commencemen
How do I find court cases under Section 45M of the Banking Regulation Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Banking Regulation Act 1949 45M, section 45M Banking Regulation Act 1949, section 45M of the Banking Regulation Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 45M of the Banking Regulation Act, and has it changed?
Its own text turns on section 45D (Settlement of list of debtors), so none of them can safely be read on its own.
When did Section 45M of the Banking Regulation Act come into force?
Section 45M of the Banking Regulation Act, cited as Banking Regulation Act 1949 45M, came into force on 16 Mar 1949, having been enacted on 10 Mar 1949. It is in force as at the date shown on this page.
Other sections of this Act
- 56. Act to apply to co-operative societies subject to modifications5544 words
- 45. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation2310 words
- 10B. Banking company to be managed by whole time chairman1171 words
- 5. Interpretation1164 words
- 43A. Preferential payments to depositors1031 words
- 11. Requirement as to minimum paid-up capital and reserves988 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 21 Oct 2026. This page is not a substitute for legal advice.