Joint Stock Banks Act 1860, 7 of 1860, (Rep., Act 10 of 1866)

Section 111. Every Linlitecl Joint Stock Banlsing Coinl3any sllall, before it conlniences busines:, or if a Fanki

Repealed or not in force · As amended up to 2026-08

111. Every Linlitecl Joint Stock Banlsing Coinl3any sllall, before it conlniences busines:, or if a Fanking Company at the time carrying Limited Banking Coin- pany to furnish a state- on husiness with unlinlitecl Liability, before it avails itself of the prorisions of this Act,, and also on the 1st clay of February and 131 day of August in every year during which it; carries on business, make a statement in the form contained in the Schedule hereto annexed, as near thereto as circunlstances ??ill admit; such statement shall be in Lddition quired by the saidAct to be macle out and filed wit11 the Registrar of Joint Stock Companies : a copy-of such statement shall be put up in a place in the Registered Office of the Company, ancl in ever). bran& -Office or place ~ihere the Banking business of the Company is &arriecl on, and if clefault is made in due compliance with the provisions of this Section, each Director shall be liable to a penalty not exceeding fifty Rupees for*&ver)day klllrillg which such default continues, mid such penalties shall be recovi.rerl. in a sul1111iary illnnner. Q 111. All such actions, suits, and ot,her legal proceedings as may wt the ation. of existm[t,iine of the Registration under this Act of any Compa1iy ] hereby autliorized to be regi!stered have becii colnmenced st sncll Colllpally or the I'uljlic 0,Scer tliereof, nlay be continued in `a` `dr` `L 1 1 1` 3 "1% any actic vent - sT%+m such judgment, dccrec, or order, an order may be$ the Company in manner directed by the said Act XIS& IX. All Col-r Winding-up. be wound-up in me Illaiuier uw XIX of 1857. X. Nothing in tliis Act shall affect a c t VI of 1839, , (yelati . `e` Bengat), Act III of 1840 (SOT the i9.lcor11ovation Act not t apply to Bank's of 1 gal, 1Maat Bombay), or Act IX of 1843 (for the dras, o r Born H a d at lMad~as), or shall be deemed to apply to the Banks of Bengal, Madras, and Bombay incorporaled by the said Acts respectively. - XI. This Act shall be deemed to bc incorporaled Construction of Act. wltn ana to rorm part a,, `1 ,` P . 01 P tne saiu S T `- 1` ACJ A - ~ T T T V `N A` 01 r ~ n r - IUO'L. SCHEDULE. Form of Statement to be published by a Limited Joint Stock Banking Company. The Liability of the Shareholders is limited. ' The capital of the Company is divided into Sh~res 9f - Rupees each. '- The number of Shares issued is Calls to the amount of per Share have been made, under 1vhic11 the sum of . been received. IV. &411 such estate or interest in moveable and imrnoveable property, and d l such deeds, boncls, obligatioils, and rights as may beTrcst property. long to, or be vestecl in, ally person or persolls ill t,rust for, any Banliing Company at t1;c date of its Regist~at~ion under this Act or ill trust at the date of its Registration under the snicl Act SIX ely on negistration -\rest in such Banking or othel. Cornla11 t'ake place of any estates by rea,son of t l l e ~ ill nent uncle -.: yleir commou seal. `~~7;.` . Ij,~ < 1. Anv f #- : I ACT No. VLI OF 1 ~ 6 0 . ==> picture [4 x 7] intentionally omitted <== Q V.[Any Danl&~g Company consisting of srveu or i?iore persons hav*g ] a * capital of fixed amount and di~ided into shares also of fixed Banking Corn- may register under amount, legally carrying on the business of Ballking previously to the passing of this Act, may at ally time hereafter, * Exi6fing Banking Corn- pades may register under this Act. The liabilities of the Company on the first day of Januaiy (or July) were-- ............................................................. a Notes issued, ............................................................. Deposits not bearing Interest, ...................................... Deposits beai-ing Interest, ............................................... Seven Day arid other Bills, ....................... . . ............... 7 3 ACT No VII OF 1860. .* * any on that day were- Rg. As. P. Government Securities, ...................................a*.......s... ...................................................... Bills of wihange, ................................................... Loans on Mortgage, ............................................................ other Loans, ......................................................... Ba& Premises, Ba& Premises, k Other Securities, ex.clusive. of unpaid Calls on Shares,. ........... Total, ght hundred and with the asseilt of a majority of such of its Shareholders as may have been present in peison, or in cases where p~-oxies are allowed by the reg~dations of the Company by proxy at some General Meeting s~unmoned for the purpose, register itself as a Colnpa~ly uiicler this Act, arid when so registered all such provisions contained in any 1,etters Patent or Deccl of Scttlelnent constituting or regulating the Conipany as are inconsistent wit11 the s~ticl Act XLX of' 1857 or \vith this Act, shall 110 lo~lger apply to tlze Co~npaiiy so registered, but such Registl-ation shall not take away or aKect any powers pre~ioudy enjoyed by such Compa~~y of l h k - ing, issuing notes payable on clenland, or of doing any other tliing. `TI.` The Registration under this Act of ally Banking: Co~fipany existling at Registration under this the t h e of the passing of this Act, and hereby authorized Ict not to affect obligaions incurred previously to be registered, shall not affect or prejudice the liabihty of to registration. such Company to have edorced against it or its right to enforce any debt or oblig&ion incurred, or any contract entered into, by, to, with or on ac~ouiit of such Company, previously to such Registration, and all such debts, obligations, and contracts shall be binding on the Compariy when so registered, and the other paxties thereto, to the same extent as if such Registratio11 had * not taken place. VII. Every person who at or previously to tlie date of the Registrakion * *saving , f liabilities of under tlis Act of any Banking Company hereby authorized ~ersons holding shares lefore Registration under to be registered, may have held shares in such Company act. shall, in the event of the same being wound-up by the Court or volunt,asily, be liable to contl.ibute to the assets of the Company the ' sltme amount that he would, if this a c t lmd not been passed, have been liable .to to the Company, for, or on account of any debt of the Company in pursuance an5; action, suit, judginent, or othcr legal proceeding that might,, if this Actshad Q$ beell passed, have becii instituted or enforced against himself or the Company.

Source: India Code