MA0037- BANKING RELATED LAWS AND PRACTICES

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(Spring 2013)

Master of Business Administration - Semester 3

MA 0037: “BANKING RELATED LAWS AND PRACTICES”

(4 credits)

(Book ID: B1618)

ASSIGNMENT- Set 1

Marks 60

Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

1. Q1. State the Banking regulation Act 1949 provisions. Which provisions are applicable to banking companies? (5 marks+5 marks) (200+200 words)

Answer : BANKING REGULATIONS ACT 1949

The Banking Regulation Act was passed as the Banking Companies Act 1949 and came into force wef 16.3.49. Subsequently it was changed to Banking Regulations Act 1949 wef 01.03.66. Summary of some important sections is provided hereunder. The section no. is given at the end of each item. For details, kindly refer the bare Act.

• Banking means accepting for the purpose of lending or investment of deposits of money from public repayable on demand or otherwise and withdraw able by cheque, drafts order or otherwise (5 (i) (b)).
• Banking company means any company which transacts the business of banking (5(i)(c)
• Transact banking business in India (5 (i) (e).
• Demand liabilities are the liabilities which must be met on demand and time liabilities means liabilities which are not demand liabilities (5(i)(f)
• Secured loan or advances means a loan

Q2. What is negotiable instrument? Explain the characteristics of a negotiable instrument.(2+8 marks) (350-400 words)

Answer :  Introduction:

 A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, without conditions in addition to payment imposed on the payer. Cheques or promissory notes are common examples. Negotiable instruments are often defined in legislation. Although often discussed as foundational in commercial law, their modern relevance is sometimes questioned.

Q3. Explain lien?(10 marks) (350-400 words)

Answer : A lien is a legal claim or a "hold" on some type of property, whether personal or real property, making it collateral against money or services owed to another person or entity. Liens usually exist in situations such as second mortgages, loans against vehicle titles or money loaned against any other substantial items owned by

Q4. Write a short note on rule in Clayton's case.(10 marks) (350-400 words)

Answer : Introduction

The rule in Clayton's Case (to give it its full legal name and citation: Deveins v Noble(Clayton's Case) (1816) is a common law presumption in relation to the distribution of money from a bank account.

The surviving partners thereafter paid out to Clayton more than that amount while Clayton himself, on his part, made further deposits with the firm. On the firm being subsequently adjudged bankrupt, it was held that the estate of the deceased partner was not liable to Clayton, as the payments made by the surviving partners to Clayton must be regarded as completely discharging the liability of the firm to Clayton at the time of the particular

Q5. Write a note on inspection of books.(10 marks) (350-400 words)

Answer : Introduction :

The shareholder’s right to examine the books and records of the corporation “is a privilege … incident to his ownership of stock.” Johnson Ranch Royalty Co. v. Hickey, 31 S.W.2d 150, 153 (Tex. App.—Amarillo 1930, writ reef’s).   The right to inspect corporate books and records exists so that the shareholder may “ascertain whether the affairs of the corporation are properly conducted and that he may vote intelligently on questions of corporate policy and management.” Id. “The predisposition of the law is in favour of allowing reasonable inspections of corporate books and records.” Citizens Association for Sound

Q6. What is the procedure for redressed of grievances under Banking Ombudsman Scheme?(10 marks) (350-400 words)

Answer : Definition:

“A grievance is a complaint of one or more workers in respect of wages allowances, conditions of work & interpretation of service stipulations, job assignment & termination of service.”

Procedure for redressed of grievances :

 Complaint :

(1) Any person who has a grievance against a bank, may himself or through an authorised representative make a complaint in

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