Section 40: Stay of proceedings.

Q: What does Section 40 of The Banking Regulation Act, 1949 (BR Act) deal with?

Section 40 BR Act pertains to "Stay of proceedings.". It is part of the The Banking Regulation Act, 1949, a legislation enacted by the Parliament of India. Section 40 of The Banking Regulation Act, 1949 (BR Act) governs stay of proceedings. As verified on 22 May 2026.

Q: Is Section 40 BR Act still in force?

Yes, Section 40 of the The Banking Regulation Act, 1949 is currently in force across the Republic of India.

Q: What is धारा 40 BR Act?

धारा 40 BR Act is the Devanagari Hindi reference for Section 40 of the The Banking Regulation Act, 1949. Section 40 of The Banking Regulation Act, 1949 (BR Act) governs stay of proceedings. As verified on 22 May 2026.

Q: What is Dhara 40 BR Act?

Dhara 40 BR Act is the Roman Hindi reference for Section 40 of the The Banking Regulation Act, 1949. "Dhara" means "Section" in Hindi. Section 40 of The Banking Regulation Act, 1949 (BR Act) governs stay of proceedings. As verified on 22 May 2026.

Q: How to cite Section 40 of The Banking Regulation Act, 1949?

Cite as: "Section 40, The Banking Regulation Act, 1949 (BR Act)" in legal briefs. For academic writing, use the BlueBook format: The Banking Regulation Act, 1949, 1949, § 40 (India).

Law on Tips Editorial Board

Notwithstanding anything to the contrary contained in 1[section 466 of the Companies Act, 1956 (1 of 1956)], the 2[High Court] shall not make any order staying the proceedings in relation to the winding up of a banking company, unless the 2[High Court] is satisfied that an arrangement has been made whereby the company can pay its depositors in full as their claims accrue1. Subs. by Act 95 of 1956, s. 14 and Schedule, for "section 173 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957). 2. Subs. by Act 52 of 1953, s. 4, for "Court " (w.e.f. 30-12-1953).