Section 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
- (1)This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
- (2)The provisions of this Act (except section 21, which shall come into force on the appointed day) shall be deemed to have come into force on the 19th day of July, 1969.
Summary
- The official name of the law is The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
- Almost all of the rules in this law are treated as if they officially started earlier on July 19, 1969.
- The only exception is Section 21, which deals with repealing old rules and saving past actions.
- Section 21 starts on a different date called the appointed day instead of the July 19, 1969 start date.
Practical examples
FAQ
1. What is the official name of this law?
It is called The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
2. When did this law officially start taking effect?
Most of the law is treated as if it started on July 19, 1969.
3. Does every single part of the law start on July 19, 1969?
No, Section 21 is the only exception and it starts on the appointed day.
Test yourself
Q1.Under Section 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, on what date are the majority of the provisions deemed to have come into force?
Q2.Under Section 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which specific section is excluded from the July 19, 1969 start date?
Q3.Under Section 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, how does the effective date of Section 21 differ from the rest of the Act?
Q4.If a legal action regarding the repeal of an old ordinance occurs under Section 21 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, when does that specific rule legally trigger compared to the rest of the Act mentioned in Section 1?