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Section 41 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Section 41. Power Central Government to make rules

(1) The Central Government may, in consultation with the Reserve Bank, by notification in the Official Gazette, make rules to give effect to the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for-

(a) The manner of, and the procedure for payment of, compensation under this Act, including the requirements subject to which the payment shall be made;

(b) The determination of persons to whom the said compensation shall be payable in all cases including cases where shares have been held by more than one person, or where they have been transferred before the appointed day, but the transfer has not been registered or where the shareholder is dead;

(c) The circumstances under which claims for payment of the said compensation from persons claiming through or under a shareholder may be entertained;

(d) The requirements to be complied with before receipt of the said compensation by a shareholder, whose share certificate has been lost, destroyed, mutilated or stolen;

(e) The requirements, subject to which information regarding the payment of the said compensation may be granted or refused and the conditions subject to which such information may be given.

(3) All rules made under this section shall be laid for not less than thirty days before both Houses of Parliament as soon as than thirty days before both Houses of Parliament as soon as possible after they are made and shall be subject to such modifications as Parliament may make during the session in which they are so laid or the session immediately following.

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The State Bank of Hyderabad Act,1956

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