Question

Acoording to the balance sheet and profit and loss account, it shall be signed by all the directors if ---, and by 3 directors if ---.

• A. less than 2, more than 2
• B. less than 4, more than 4
• C. less than 3, more than 3
• D. less than 5, more than 5

Answer 1

Answer:

C. less than 3, more than 3

BR Act:

• The BR Act and the RBI Act empower the Reserve Bank to supervise and regulate the operations of all types of banks in India.

• Banking Companies Act 1949

• Act 10 of 1949

• Banking Companies Act was passed in : 10-3-1949

• Came into force in : 16-3-1949

• Banking Companies Act was renamed as Banking Regulation Act in : 1966

• Banking Regulation Act was applicable to Co-operative Societies in 1965 and came in to force on 1.3.1966

• Total Number Sections in BR Act - 56

• Total number of Schedules in BR Act - 5

• 5 parts

• 5 Schedules

Sec.29 Profit & Loss account and balance-sheet

• At the expiration of each calendar year every banking company incorporated in India shall prepare a balance -sheet and profit and loss account as on the last working day, in the forms set out in the Third Schedule of BR Act.

• The balance sheet and profit and loss account shall be signed by all the directors if less than 3, where there are more than 3 directors sign by 3 directors.