(1) Notwithstanding anything
contained in an y law for the time being in force, no banking company shall be amalgamated with
another banking company, unless a scheme containing the terms of such amalgamation has been p laced
in draft before the share holders of each of the banking companies concerned s eparately, and approved
by a resolution passed by a majority in number representing tw o-thirds in value of the share holders of
each of the said companies, present either in person or by proxy at a meeting called for the purpose.