Section 2 of the Banking Regulation Act, 1949 states

Solution

Section 2 establishes the additive, non-derogatory character of the Banking Regulation Act. It provides that the Act’s provisions shall be in addition to, and not — save as hereinafter expressly provided — in derogation of the Companies Act, 1956 or any other law in force. The qualifying phrase “save as hereinafter expressly provided” is critical: it means the Act does not automatically override other laws, but it can do so where a specific provision expressly states that outcome. For example, Section 5A expressly overrides the memorandum and articles of a banking company, and Section 38 overrides certain Companies Act provisions on winding up. The general rule remains one of co-existence, and banking companies must comply with both the Act and the Companies Act unless there is a specific override.