Indian Banking Companies Act of 1949.

From 1933 to 1946, minor amendments were effected in the Act almost every year in the light of the experience gained in the working of Company Law.
After independence, some formal changes were made by the adaptation of Lands Order 1950 whieh came into force on 26 January 1950.
The Government of India felt the for a further revision of the Companies Act, in view of the far-reachin changes in the English Companies Act of 192 9
brought about by the Companies Act 1948, and also because of the development in the trade and' dustrial environment in the country during the war and
post war period year. The Government, therefore, appointed a Company Law Committee under the chairnianship of Mr. c.H. Bhabha on 25th October,
1950. Law was introduced in the Parliament in 1953 and after detailed deliberations, it was passed into the present Act-The Companies Act 1956.
The Companies Act, 1956. The Companies Act, 1956 came into force with effect from 1st April 1956. It is a comprehensive law on companies and repeals


all earlier Companies Acts. It contained 658 Sections and 12 Schedules. Two new Schedules XIII to XIV were added to the Act in 1988 and Schedule XV in
1991. In this way, there are 15 schedules at present.
In 1936 to make it at par with the English Companies Act of 1929. The amending Act of 1936 introduced for the first time the provisions defining the
powers and limitations of managing agents so as to regulate and remove the evils arising from the lhanaging agencvsystem. In this Act, a new chapter
was devoted for Banking Companies whicil was repealed in 1950 after passing the Indian Banking Companies Act of 1949.