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Section151
The Finance Act, 2019 (No. 2)

Amendment of Act 40 of 1980

In force As on 11 Oct 2026

Ministry Finance

Section 151 of the Finance Act, 2019 (No. 2) deals with amendment of Act 40 of 1980. 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 Governme

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;'.
Section 151, The Finance Act, 2019 (No. 2).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Banking Companies (Acquisition and Transfer of Undertakings) Act s. 2 Definitions
  2. s. 9 Amendment of section 35AD

Questions about Section 151

What does Section 151 of the Finance Act, 2019 (No. 2) deal with?

Section 151 of the Finance Act, 2019 (No. 2) is headed "Amendment of Act 40 of 1980". 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 Governme

How do I find court cases under Section 151 of the Finance Act, 2019 (No. 2)?

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: Finance Act, 2019 (No. 2) 151, section 151 Finance Act, 2019 (No. 2), section 151 of the Finance Act, 2019 (No. 2). 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 151 of the Finance Act, 2019 (No. 2), and has it changed?

Its own text turns on Banking Companies (Acquisition and Transfer of Undertakings) Act 2 (Definitions), section 9 (Amendment of section 35AD), so none of them can safely be read on its own.

When was the Finance Act, 2019 (No. 2) enacted?

Finance Act, 2019 (No. 2) was enacted in 2019. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

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. 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. This page is not a substitute for legal advice.