The Banking Companies (Legal Practitioners' Clients' Account) Act, 1949 aims to restrict the liability of banking companies in connection with certain transactions by legal practitioners. It establishes that banking companies will not incur liability or obligation to make inquiries regarding client funds deposited in legal practitioners' accounts, similar to personal accounts. However, it does not apply if the legal practitioner keeps the account as a trustee for a specified beneficiary. Banking companies also cannot claim recourse against client funds in the account to satisfy other unrelated liabilities of the legal practitioner.