Section 12, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 [S1R-DST]

As at 7 September 2026. In force from 10 November 1982 by S.O. 1986(E) [N12-1SR].

In Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 [A10-T4R]. This text from 18 May 1991, by Act 66 of 1991 [A11-0Z4]. Other texts (1): from 10 November 1982 to 17 May 1991.

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

Cite: Section 12, Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 [S1R-DST]. Machine: S1R-DST.

12. Penalty for contravention.—(1) Whoever contravenes the provisions of section 4 or section 5 shall be punishable with fine which may extend to one lakh rupees, and in the case of a continuing contravention, with an additional fine which may extend to five thousand rupees for every day during which the contravention continues after conviction for the first such contravention. (2) Whoever contravenes any other provision of this Act or the rules made thereunder, for which no penalty is elsewhere provided, shall be punishable with fine which may extend to one thousand rupees.

Defined terms in this text (0)

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Made under this section, or naming it (0)

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Cited by (1)

Section 2, Banking Companies (Acquisition and Transfer of Undertakings) Act (Amendment) Act, 1991 [S1W-PVR], 18 May 1991, Band A. "section 12 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)".

Not held (0)

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