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Section 3 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Section 3. Change of name of Hyderabad State Bank

(1) On the appointed day, the body corporate constituted by the Hyderabad State Bank Act,1350F (19 of 1350F), and known as the Hyderabad State Bank shall be re-named as the State Bank of Hyderabad and shall, as from that day, carry on the business of banking and other business in accordance with the provisions of this Act and shall have power to acquire and hold property whether movable or immovable for the purposes of this Act and to dispose of the same.

(2) The said body corporate shall consist of the persons who for the time being hold the office of Governor or Deputy Governor of the Reserve Bank and such other persons, if any, as the Central Government may, from time to time, appoint in this behalf.

(3) The change of name of the Hyderabad State Bank by sub-section (1) shall not affect any rights or obligations of that bank, or render defective any legal proceedings by or against it; and any legal proceedings which might have been continued or commenced by or against the Hyderabad State Bank by its former name may be continued by or against it by its new name.

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The State Bank of Hyderabad Act,1956

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