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Section 125
Actions will not be annulled
Any action taken by the director or the board of directors of a bank or financial institution will not be annulled just because there is any irregularity in the appointment of the director or the formation of the board of directors or because the position of a director is vacant.
Banks And Financial Institutions Act, 2063 (2006
Preamble - 0
Chapter - 2
Section 3: Establishment of a bank or financial institutionSection 4: Before establishing a bank or financial institution, approval should be obtainedSection 5: Prior approval required to establish a bank or financial institution for foreign investmentSection 6: Prior approval to open a branch office of a bank or financial institutionSection 7: Can refuse to give prior approval
Chapter - 4
Section 18: Disqualification of operatorSection 27: Delegation of authoritySection 28: Director's Allowance and BenefitsSection 29: Appointment and condition of service of the Executive ChiefSection 14: Formation of Board of DirectorsSection 15: Director's TermSection 16: Operator QualificationSection 17: Eligibility of Independent DirectorSection 19: Inability to continue in the position of directorSection 20: Regarding the person holding the constitutional positionSection 21: Board of Directors MeetingSection 22: Functions, Duties and Powers of the Board of DirectorsSection 23: Accountability and Responsibilities of DirectorsSection 24: Details of directors to be obtainedSection 25: Owner information and recordsSection 26: which may constitute a subcommitteeSection 30: Duties, Duties and Powers of the Executive Chief
Chapter - 5
Section 33: To apply for a banking and financial transaction licenseSection 35: which may refuse to grant a licenseSection 36: as may be prescribed by the National BankSection 38: which can turn into a top class bank or financial institutionSection 39A: Provisions related to the operation of financial institutions in the provinceSection 31: No one other than a bank or financial institution shall conduct banking and financial transactionsSection 32: Use the name of the bank or financial institutionSection 34: which can grant license to carry out banking and financial transactionsSection 37: Classification of Banks or Financial InstitutionsSection 39: List to be publishedSection 40: Special Provisions Regarding Branches of Foreign Banks
Chapter - 7
Section 53: Informing about suspicious transactionsSection 54: The National Bank will issue instructionsSection 49: where a bank or financial institution can carry out banking and financial transactionsSection 50: What a bank or financial institution should not doSection 51: Provisions relating to subsidiary companiesSection 52: Do not do business with affiliates
Chapter - 9
Section 58: to keep accounting books correctSection 59: Prepare and maintain balance sheet, profit and loss accountSection 60: Audit CommitteeSection 61: Work, Duties and Powers of the Audit CommitteeSection 62: AuditSection 63: Appointment and Remuneration of AuditorSection 64: Inability to be appointed auditorSection 65: to be detailedSection 66: Duties, Duties and Powers of AuditorSection 67: Recommending action to the auditorSection 68: To be verified by the auditor
Chapter - 10
Section 70: to be merged or petitioned to be merged or acquiredSection 69: which may merge or merge or acquire a bank or financial institutionSection 71: Arrangements for Valuation of Assets and LiabilitiesSection 72: Arrangements related to agreementsSection 73: Acceptance ArrangementsSection 74: Able to receive business
Chapter - 12
Section 79: Compulsory liquidation of a bank or financial institutionSection 80: Transaction will be suspendedSection 85: which can end the transactionSection 89: Meeting of CreditorsSection 90: Repeal PlanSection 91: which can be immediately delivered to the depositorSection 94: Preference of paymentSection 95: Unaccounted for item or amountSection 78: who can petition the court for the compulsory liquidation of a bank or financial institutionSection 81: Appointment of liquidatorSection 82: Duties, Duties and Powers of LiquidatorSection 83: Effect of order relating to revocationSection 84: Cost of assets and liabilitiesSection 86: Notice of submission of claimsSection 87: that the liquidator may accept or reject the claimSection 88: Classification of ClaimsSection 92: Right to sell assetsSection 93: Claim Dismissal NoticeSection 96: Decision of DismissalSection 97: Compulsory liquidation of banks or financial institutions doing business in more than one countrySection 98: Unclaimed
Chapter - 14
Section 119: Discounts and ConvenienceSection 107: Special Arrangements Regarding Infrastructure Development BankSection 108: Deposits should be protectedSection 109: to maintain banking privacySection 110: which may instruct the account to be withheldSection 111: Claim on depositSection 112: Details of unclaimed depositsSection 113: Deposits that can be paid or confiscatedSection 114: Charges will be made from the operatorSection 115: UnclaimableSection 116: The government of Nepal will be badSection 117: Transparency ArrangementsSection 118: Provisions related to protection of consumer interestsSection 120: Expense ManagementSection 121: Statement of assets required to be submittedSection 122: Debts, obligations and rights in debt securities can be bought and soldSection 123: Dispute resolutionSection 124: not to be held accountable for actions done in good faithSection 125: Actions will not be annulledSection 126: Study committees and sub-committees may be constitutedSection 127: SwearingSection 128: Amendment of Articles of Association and RegulationsSection 129: to be made under this ActSection 130: UnblockSection 131: Can issue orders or instructionsSection 132: who can make rules or regulationsSection 133: Power to make regulations and proceduresSection 134: Repeal and save