Section 41, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M-AX1]
As at 7 October 1970. In force from 7 October 1970.
41. Grant of licence.—(1) An application for a licence to undertake the carrying on of a licensed activity shall be made to the Controller in Form A, accompanied by a fee of two thousand rupees. (2) The Controller may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Controller may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (1)
prescribed: Section 2, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M9PV] (In this Act, unless the context otherwise requires,—): "prescribed" means prescribed by rules made under this Act
prescribed: 996 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 40, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 [S1M-AW3], 7 October 1970, Band A. "section 41".
Section 2, Banking Companies (Acquisition and Transfer of Undertakings) Act (Amendment) Act, 1991 [S1W-PN4], 4 May 1991, Band A. "section 41 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970)".
Not held (0)
none
Duties published under this section (0)
none