law: Banking Regulation Act, 1949
  12. Regulation of paid-up capital, subscribed
  
  capital and authorized capital and voting rights of shareholders
  (1) No banking company shall carry on business
  
  in  India , unless it satisfies
  
  the following conditions, namely,-
  (i) that the
  
  subscribed capital of the company is not less than one-half of the authorized
  
  capital and the paid-up capital is not less than one-half of the subscribed
  
  capital and that, if the capital is increased, it complies with the conditions
  
  prescribed in this clause, within such period not exceeding two years as the
  
  Reserve Bank may allow;
  (ii) that the capital
  
  of the company consists of ordinary shares only or of ordinary shares or equity
  
  shares and such preferential shares as may have been issued prior to the 1st
  
  day of July, 1944:
  PROVIDED that nothing contained in this
  
  sub-section shall apply to any banking company incorporated before the 15th day
  
  of January, 1937.
  (2) No person holding shares in a banking
  
  company shall, in respect of any shares held by him, exercise voting rights
  
  28[on poll] 45[in excess of 46[ten per cent]] of the total voting rights of all
  
  the shareholders of the banking company.
  (3) Notwithstanding anything contained in any
  
  law for the time being in force or in any contract or instrument no suit or
  
  other proceeding shall be maintained against any person registered as the
  
  holder of a share in a banking company on the ground that the title to the said
  
  share vests in a person other than the registered holder:
  PROVIDED that nothing contained in this
  
  sub-section shall bar a suit or other proceeding-
  (a) by a transferee of the share on the ground
  
  that he has obtained from the registered holder a transfer of the share in
  
  accordance with any law relating to such transfer ; or
  (b) on behalf of a minor or a lunatic on the
  
  ground that the registered holder holds the shares on behalf of the minor or
  
  lunatic.
  (4) Every Chairman, Managing Director or Chief
  
  Executive Officer by whatever name called of a banking company shall furnish to
  
  the Reserve Bank through that banking company returns containing full
  
  particulars of the extent and value of his holding of shares, whether directly
  
  or indirectly, in the banking company and of any change in the extent of such
  
  holding or any variation in the rights attaching thereto and such other
  
  information relating to those shares as the Reserve Bank may, by order, require
  
  and in such form and at such time as may be specified in the order.]