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Which section of The Banking Regulation Act 1949 deals with the prohibition of common directors?

ASection 16 of The Banking Regulation Act of 1949

BSection 14 of The Banking Regulation Act of 1949

CSection 13 of The Banking Regulation Act of 1949

DSection 18 of The Banking Regulation Act of 1949

Answer:

A. Section 16 of The Banking Regulation Act of 1949

Read Explanation:

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Identify the accurate statements regarding the KCS Act, 1969.

  1. Encompasses legal provisions for Co-operative societies in Kerala.

  2. Provides the legal framework for Co-operative societies in Travancore.

  3. Defines the specific characteristics and regulations of Co-operative societies in Kerala.

  4. Based on the Act the first primary society called the Edavanakkal Service Co-operative Society.