All of the following are provisions regarding transfer of-00733
All of the following are provisions regarding transfer of ownership of banks, under The Banks (Nationalization) Act, 1974, EXCEPT:
This multiple choice question (MCQ) is related to the book/course
vu bnk601 Banking Laws & Practices.
It can also be found in
vu bnk601 Lecture No.06 - Quiz No.1.
All of the following are provisions regarding transfer of ownership of banks, under The Banks (Nationalization) Act, 1974, EXCEPT:
The ownership, management and control of all banks shall stand transferred to, and vest in, the Federal Government on the commencing day
The Federal Government may, if it deems necessary, appoint a Chairman of the Board in respect of a bank
The safety of all deposits in banks shall stand guaranteed by the Federal Government
The provisions of this Act and the vesting of the shares of the banks in the Federal Government there under shall not in any way affect the status of the banks as bodies corporate.
