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Section 1 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Section 1. Short title and commencement

ACT NO.79 OF 1956

[22nd December,1956]

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 of 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 extend 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 follows:-

(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.

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The State Bank of Hyderabad Act,1956

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