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Section 40, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M-AW3]

As at 7 September 2026. In force from 7 October 1970.

In Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [A10-N9V]. This text from 7 October 1970. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 40, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M-AW3]. Machine: S1M-AW3.

40. Prohibition of the carrying on of business without licence.—No person shall undertake the carrying on of business except under and in accordance with the conditions of a licence granted under section 41: Provided that nothing in this section shall apply to the carrying on of business undertaken by or on behalf of the Central Government or a State Government.

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Section 40, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M-AW3]