Question
Section 5A of the Banking Regulation Act, 1949, which
provides that the Act shall have effect notwithstanding anything to the contrary contained in the memorandum or articles of a banking company, was inserted by which legislation?Solution
Section 5A was inserted by the Banking Companies (Amendment) Act, 1959 (Act 33 of 1959) with effect from 1 October 1959. The provision ensures that the Act prevails over any contrary term in the memorandum, articles of association, any agreement, or any resolution of the banking company, whether registered, executed or passed before or after the commencement of that 1959 Amendment. Under Section 5A(b), any provision in the memorandum, articles, agreement or resolution that is repugnant to the Act becomes or is void to the extent of its repugnancy. This makes the Banking Regulation Act a mandatory, overriding statute for banking companies, preventing contractual or constitutional arrangements from circumventing its requirements.
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