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Repealed or not in force

The Presidency Banks Act 1876, 11 of 1876, (Rep., Act 47 of 1920)

61 sections · As amended up to 2026-08

Sections

  1. XII — .
  2. 1Every person who by operation of law, transfers or otherwise becomes entitled to any stock or shares
  3. 2Section 2
  4. XI — .
  5. 3A declaration by the chairman of any meeting, except a special meeting held under section thirteen,
  6. II — .
  7. 4The several persons who, when this Act comes into force, are respectively the proprietors and shareh
  8. 5All the property, moveable and immoveable, and all the securities, claims and demands, and the benef
  9. XI — .
  10. 6At all such meetings, the proprietors or shareholders shall vote according to the following scale:
  11. IV — .
  12. 7If any proprietor or shareholder is indebted to the Bank, the Bank may withhold payment of the divid
  13. II — .
  14. 8The seal of the Bank shall not be affixed to any instrument except in the presence of at least two d
  15. XII — .
  16. 9Every notice or other document requiring to be served by the Bank upon any proprietor or shareholder
  17. 10Capital of Bank of Bengal
  18. III — .
  19. 12Any shareholder may from time to time surrender his wholly paid-up shares, or any of them, to the di
  20. 14When any such special resolution to increase the capital has been passed, the directors may, subject
  21. 15Section 15
  22. 16Section 16
  23. IV — .
  24. 17If any proprietor or shareholder is indebted to the Bank, the Bank may withhold payment of the divid
  25. V — .
  26. 18Certificates for shares
  27. 19The stock and shares of every proprietor and shareholder shall be moveable property, capable of bein
  28. 20Form of transfer to be approved by Board
  29. 22Corporation to consist of registered proprietors or shareholders only
  30. 23Transmission of stock or shares of deceased proprietors or shareholders
  31. VI — .
  32. 24The business of the Bank shall be managed by the Board, which shall in the first instance consist of
  33. 25The persons who, on the first day of May 1876, are respectively directors of the Bank of Bengal, the
  34. 26The two directors who have been longest in office shall go out of office at the general meeting
  35. 27Qualification of directors
  36. 30Acts of directors valid notwithstanding subsequent discovery of disqualification
  37. 31Section 31
  38. VII — .
  39. 32The directors shall have power
  40. 33The Secretary and such other officers of the Bank as the directors may by writing notify in the loca
  41. 34No Secretary, Inspector, Manager, or Accountant in the service of the Bank,
  42. 35Every person appointed to hold, or act in, any one or more of the said offices, and every other offi
  43. 36Section 36
  44. 40Section 40
  45. 41Section 41
  46. 42Section 42
  47. IX — .
  48. 43The directors shall cause the books of the Bank to be balanced on every thirty-first day of December and every thirtieth day of June
  49. 44An account of the profits of the Bank during the previous half-year shall be taken on or immediately
  50. 45The directors, before declaring any dividend, may set aside out of the profits of the Bank such a su
  51. 46The directors may from time to time apply such portion as they think fit of the reserve-fund to meet
  52. X — .
  53. 47Election of auditors
  54. 48Section 48
  55. XI — .
  56. 49On the first Monday of the month of August in every year, or as soon after such day as is convenient,
  57. 50Any ten or more proprietors or shareholders holding stock or shares, or both, to the aggregate amoun
  58. 51No business shall be transacted at any meeting, whether general or special, unless a quorum of twent
  59. 52At meetings whether general or special, every election and other matter submitted to the meeting shall be decided by a majority of votes, except as in
  60. 53A declaration by the chairman of any meeting, except a special meeting held under section thirteen,
  61. 54If a poll be demanded, it shall be taken at such time and place, and (except at the special meeting
  62. 55The proceedings at any meeting, and all resolutions and decisions of such meeting, shall be valid an
  63. 56At all such meetings, the proprietors or shareholders shall vote according to the following scale:
  64. 57Any proprietor or shareholder entitled to vote at any meeting under this Act may give a proxy in wri
  65. 58If any proprietor or shareholder is a lunatic or idiot, he may vote by his committee or other legal
  66. XII — .
  67. 59Every notice or other document requiring to be served by the Bank upon any proprietor or shareholder
  68. 60Any proprietor or shareholder who changes his name or place of abode, or being a female marries, and
  69. 61Every person who by operation of law, transfers or otherwise becomes entitled to any stock or shares
  70. 62When any notice or document is delivered or sent, in accordance with this Act, at or to the register
  71. 63Section 63
  72. XIV — .
  73. 64The directors may institute, conduct, defend, compromise, refer to arbitration and abandon legal and
  74. 65In any suit brought against any shareholder to recover any debt due for any call or other monies due
  75. 66Nothing
  76. 67Notwithstanding anything contained in this Act or in section 231 of Act No. X of 1866, whenever the
  77. 68And whereas the Government of India has agreed to sell, and the directors of the present Bank of Ben
  78. II — .
  79. 1876] Presidency Banks