Reserve Bank of India's scheme of amalgamation of Global Trust Bank with Oriental Bank of Commerce

Chapter- I

Preliminary

1. Short title and commencement:

(1) The Scheme may be called Global Trust Bank Limited (Amalgamation with Oriental Bank of Commerce) Scheme, 2004.

(2)It shall come into force on such date as the Central Government may, by notification in the Official Gazette, specify.

2.Definitions: In the Scheme, unless the context otherwise requires --

"Act" means the Banking Regulation Act, 1949 (10 to 1949);

"Asset Account" means a notional account opened pursuant to sub-paragraph (2) of paragraph 5 of the Scheme for the purpose of ascertaining the surplus or shortfall after adjustment from time to time of liabilities of the transferor bank as provided in the Scheme;

"Collection Account" means a notional account opened in accordance with paragraph 7 of the Scheme, for the purpose of ascertaining the amount, if any, available for distribution to the members of the transferor bank after adjustment of assets and liabilities;

"prescribed date' means the date which the Central Government may specify under sub-paragraph (2) of paragraph 1;

"Scheme" means the Global Trust Bank Limited (Amalgamation with Oriental Bank of Commerce) Scheme, 2004;

"transferor bank" means the Global Trust Bank Limited, a banking company having its Registered Office at Secunderabad, Andhra Pradesh;

"transferee bank" means the Oriental Bank of Commerce, a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

Words and expressions used herein and not defined but defined in the Act shall have the meaning respectively assigned to them in the Act.


Chapter - II... Read full text
Chapter- III... Read full text
Chapter- IV... Read full text
Chapter- V... Read full text
Chapter- VI... Read full text


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