Banking Regulation Act, 1949 · Section guide
Section 5A: Act to override memorandum, articles, etc.
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 5A — Act to override memorandum, articles, etc.. Overrides a banking company’s memorandum, articles, agreements and resolutions to the extent they are repugnant. To the Act; private governance documents cannot contract out of a statutory banking restriction.
Official statute linkedProvision-specific anatomyPractical case + evidence file
Statutory structure and provision map
This map is a provision-specific explanation, not a substitute for the exact statutory text.
Core statutory rule
Overrides a banking company’s memorandum, articles, agreements and resolutions to the extent they are repugnant to the Act.
Condition / limitation
private governance documents cannot contract out of a statutory banking restriction.
Source and effective-date control
Apply the wording of Section 5A that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.
Professional application
Explain overriding effect on memorandum, articles, agreements and resolutions; show the extent of invalidity.
Evidence / working-paper checklist
- Section 5A evidence: entity constitution/classification records.
- Section 5A evidence: the event date and applicable statutory version.
- Section 5A evidence: the other law said to apply alongside or override this Act.
- Section 5A evidence: the Gazette/notification relied on for any suspension or commencement point.
Retain the event date and source version with the file so the conclusion remains reproducible after later amendments.
Common mistakes to avoid
- For Section 5A, avoid assuming that RBI regulation automatically displaces another statute.
- For Section 5A, avoid using a current definition for an event governed by older wording.
- For Section 5A, avoid treating a notification-based exception as permanent or entity-wide without reading its conditions.
Related sections inside the Act
Use these links to read Section 5A in its statutory sequence, especially where the provision imports definitions, approvals, appeals, penalties or winding-up consequences from neighbouring sections.
Current-law source control
Source control: Section 5A is anchored to the official DFS consolidated text; later changes require separate Gazette verification.
Dated matters: verify any later Gazette, RBI direction or binding judgment affecting Section 5A on the event date.
Primary official sources
Disclaimer
This Finin2min page is an educational and professional reference. Banking regulation is fact-, entity- and date-sensitive. Verify the current Act, Gazette amendments and commencement notifications, applicable RBI Rules/directions and the transaction record before acting or filing.