# The Finance Act, 2019 (No. 2), Section 148: Amendment of Act 5 of 1970

- Act: The Finance Act, 2019 (No. 2)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/148/

## Text

Amendment of Act 5 of 1970 148. In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, 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 (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;'.

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