law: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970  
  9.Power of Central Government to make scheme .- 
  (1) The Central Government may, after consultation with the
  
  Reserve Bank, make a scheme for carrying out the provisions of this Act.
  (2) In particular, and without prejudice to the generality of
  
  the foregoing power, the said scheme may provide for all or any of the
  
  following matters, namely :-
  (a) the capital structure of the corresponding
  
  new bank, so however that the paid-up capital of any such bank shall not be in
  
  excess of rupees fifteen crores:
  (b) the constitution of the Board of
  
  Directors, by whatever name called, of the corresponding new bank and all such
  
  matters in connection therewith or incidental thereto as the Central Government
  
  may consider to be necessary to expedient;
  (c) the reconstitution of any corresponding
  
  new bank into two or more corporations, the amalgamation of any corresponding
  
  new bank with any other corresponding new bank or with another banking
  
  institution, the transfer of the whole or any part of the undertaking of a corresponding
  
  new bank to any other banking institution or the transfer of the whole or any
  
  part of the undertaking of any other banking institution to a corresponding new
  
  bank;
  (d) such incidental, consequential and
  
  supplemental matters as may be necessary to carry out the provisions of this
  
  Act.
  (3) Every Board of Directors of a corresponding new bank,
  
  constituted under any scheme made under sub-section (1) shall include--
  (a) representatives of the employees, and of
  
  depositors, of such bank, and
  (b) such other persons as may represent the
  
  interests of each of the following categories, namely, farmers, workers and
  
  artisans, to be elected or nominated in such manner as may be specified in the
  
  scheme.
  (4) The Central Government may, after consultation with the
  
  Reserve Bank, make a scheme to amend or vary any scheme made under sub-section
  
  (1).
  (5) Every scheme made by the Central Government under this Act
  
  shall be laid, as soon as may be after it is made, before each House of
  
  Parliament while it is in session for a total period of thirty days which may
  
  be comprised in one session or in two successive sessions, and if, before the
  
  expiry of the session in which it is so laid or the session immediately
  
  following both Houses agree in making any modification in the scheme or both
  
  Houses agree that the scheme should not be made, the scheme shall thereafter
  
  have effect only in such modified from or be of no effect, as the case may be;
  
  so, however that any such modification or annulment shall be without prejudice
  
  to the validity of anything previously done under that scheme.