Search results
Results from the WOW.Com Content Network
The Bank Nationalisation Case, also called Bank of New South Wales v Commonwealth (1948) 76 CLR 1, is a 1948 decision of the High Court of Australia (upheld on appeal to the Privy Council) that invalidated Chiefley government legislation that attempted to nationalise the private banking sector.
Bank of New South Wales v Commonwealth (Bank Nationalisation case) 1948 76 CLR 1 Latham: 679 striking down of an attempt to nationalise the banks, (Later affirmed by the Privy Council in Commonwealth v Bank of New South Wales) Parton v Milk Board (Vic) 1949 80 CLR 229 Latham: 87 Dealt with the meaning of excise in relation to s90 of the ...
Union Of India, filed by R. C. Cooper, popularly known as the Bank Nationalization case, held that the Constitution guarantees the right to compensation, that is, the equivalent money of the property compulsorily acquired. The Court also held that a law which seeks to acquire or requisition property for public purposes must satisfy the ...
An example of the breadth of the concept of property in section 51(xxxi) is provided by Bank of New South Wales v Commonwealth (the Bank Nationalisation Case). In that case, federal legislation contemplated the acquisition of private banks through the vesting of shares in private banks in the Commonwealth, and later the appointment of directors ...
For premium support please call: 800-290-4726 more ways to reach us
1946 The South Australian Government nationalised the Adelaide Electricity Supply Company into the Electricity Trust of South Australia; 1948 The government attempted to nationalize the banking industry, but the act was declared unconstitutional by the High Court of Australia in the case Bank of New South Wales v Commonwealth.
[13] [14] On 22 July 1969, an eight-judge bench of Supreme Court gave interim order restraining the government to remove banks chairmen and giving the direction to the banks under Banking Companies Act 1968, despite Attorney-General Niren De's argument that nationalization is a policy decision and not subject to court scrutiny. [9]
After the nationalisation of banks, the branches of the public sector banks in India rose to approximate 800 percent in deposits, and advances took a huge jump by 11,000 percent. [4] Nationalisation also resulted in a significant growth in the geographical coverage of banks; the number of bank branches rose from 8,200 to over 62,000, most of ...