Section 148 - Amendment of Act 5 of 1970. - Finance (No. 2) Act, 2019

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; .