Section 49 of The Banking Regulation Act, 1949: Special provisions for private banking companies.

Special provisions for private banking companies. – The exemptions, whether express or implied, in favour of a private company in [sections 90, 165, 182, 204 and 255, clauses (a) and (b) of sub-section (1) of section 293 and sections 300, 388-A and 416 of the Companies Act, 1956 (1 of 1956)], shall not operate in favour of a private company which is a banking company.

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