On the commencement of this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the corresponding new bank.
Chapter II — TRANSFER OF THE UNDERTAKINGSOF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS
Section 4
Undertaking of existing banks to vest in corresponding new banks
Printed from Law on Tips • The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970