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Applicable Sections - S. 12

a) Conditions on carrying on business with respect to share capital:

Applicable to banking companies incorporated after 15th Jan, 1937.
i) Subscribed capital is not less than half of the authorised capital
ii) Paid-up capital is not less than half of the subscribed capital
iii) If capital is increased, the division of shares must comply with above conditions within period allowed by RBI - not exceeding 2 years
iv) Shares issued after 1st July 1944 - capital shall consist only of ordinary shares
v) Shares issued before 1st July 1944 - capital shall consist of ordinary shares or equity shares and preference shares

b) Exercise of voting rights:

No shareholder shall exercise voting rights (on poll) for more than 10% of the total voting rights of all shareholders of the banking co.

c) Suits for vesting of title in respect of shares in a person other than the registered shareholder:

Maintainable only in a proceeding:
i) by a transferee of the share on grounds that he/she has obtained the title in accordance with any law relating to such transfer
ii) on behalf of a minor/lunatic on the grounds that such person holds it on their behalf

d) Disclosures relating to holding of shares:

Information to be disclosed by Chairman/MD/CEO of a banking co. - full particulars of the extent and value of direct and indirect holding shares as well as any change or variation in the rights attached therewith.

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