Question

In which section of BR Act is Court Liquidator discussed ?

• A. Section 45 H
• B. Section 38 A
• C. Section 35 B
• D. Section 42 C

Answer 1

Answer:

B. Section 38 A

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

Section 38 A-Court Liquidator

• There shall be attached to every High Court a Court Liquidator to be appointed by Central Government - conducting all proceedings for the winding up of banking companies