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THE STATE BANK OF HYDERABAD ACT, 1956

Title : THE STATE BANK OF HYDERABAD ACT, 1956

Year : 1956

[Act No. 79 of 1956]
[22nd December, 1956]

PREAMBLE

An Act to transfer the share capital of the Hyderabad State Bank to the Reserve Bank of India and to provide for its proper management and other matters connected therewith or incidental thereto.

Whereas in view of the reorganisation of States, it is necessary to provide for the devolution of the functions of the State Government Hyderabad in relation to the Hyderabad State Bank on one single authority:

And whereas in order to secure the more efficient performance of banking and treasury functions by the Hyderabad State, bank as agent to the Reserve Bank of India and to enable the Reserve bank of India to assist the Hyderabad State Bank, by the grant of subsidies or otherwise, to extent banking facilities to the public on a larger scale, it is expedient and necessary to provide for the transfer of the share capital of the Hyderabad State bank to the Reserve Bank of India and for its proper management and for other matters connected therewith or incidental thereto.

Be it enacted by Parliament in the Seventh Year of the Republic of India as follow:-



 
(1) This Act may be called the State Bank of Hyderabad Act. 1956.

(2) It shall be deemed to have come into force on the 22nd day of October. 1956.



In this Act, unless the context otherwise requires,-

(a) "Appointed day" means the 22nd day of October, 1956;

(b) "Hyderabad Bank"' means the Hyderabad State bank renamed under sub-section (1) of section 3, as the State Bank of Hyderabad;

(c) "Hyderabad State Bank" means the Hyderabad State Bank constituted and incorporated under the Hyderabad State Bank Act, 1350 F (19 of 1350 F);

(d) "Prescribed" means prescribed by regulations made under this Act:

(e) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).:

1*[(f) "State bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955)].

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1. Inserted by Act 38 of 1959. section 64 and Sch. III (w.e.f. 1-10-1959).

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Last updated on July, 2016

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