Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Schedule 2 – The State Bank of Hyderabad Act,1956

The State Bank of Hyderabad Act,1956

Schedule 2.

THE SECOND SCHEDULE

[See section 43]

AMENDMENTS TO THE HYDERABAD STATE BANK ACT,1956 (XIX of 1956)

1. In section 2, omit clauses (b) to (k).

2. In section 3, in sub-section (1), omit the words “for the purposes of this Act and for carrying on business in accordance with the provisions of this Act”.

3. Omit sections 4 to 28 and Schedules I and II.

II. AMENDMENTS TO THE RESERVE BANK OF INDIA ACT,1934 (2 of 1934).

1. In section 10, in clause (e) of sub-section (1), for the words ‘or any of its subsidiary banks”, substitute the following, namely:-

“Or any other bank notified by the Central Government in this behalf”.

2. In section 17,-

(i) In clause (8A), for the words “or any of its subsidiary banks”, substitute the following, namely:-

“or any other bank notified by the Central Government in this behalf”.

(ii) After clause (14), insert the following, namely:-

“(14A) The granting of subsidies to the State Bank of Hyderabad for any of the purposes mentioned in section 34 of the State Bank of Hyderabad Act,1956”.

3. Section 45 shall be re-numbered as sub-section (1) thereof, and-

(i) In sub-section (1) as so re-numbered, for the proviso, substitute the following, namely:-

“Provided that nothing herein contained shall affect the provisions of any agreement subsisting on the 1st day of July,1955, between the Bank and any other banking institution for the conduct of Government business or other matters.”; and

(ii) After sub-section (1) as so re-numbered insert the following sub-sections, namely:-

“(2) Notwithstanding anything contained in sub-section (1), the Bank may employ or continue to employ as its agent-

(i) The Hyderabad Bank as defined in the State Bank of Hyderabad Act,1956, at such places where, and for such purposes for which, the said bank was agent of the Reserve Bank immediately before the 1st day of November,1956; and

(ii) Any other banking institution notified by the Central Government in this behalf for the conduct of Government business or other matters at such places in India as may be approved by the Central Government.

(3) Notwithstanding anything to the contrary contained in any agreement between the Bank and the State Bank, it shall be lawful for the Bank to exclude from the operation of such agreement any place where any of the banking institutions referred to in sub-section (2) may have an office or branch.”

4. In the Second Schedule, for the words “Hyderabad State Bank, Hyderabad (Deccan)”, substitute “State Bank of Hyderabad”.

III. AMENDMENTS TO THE BANKING COMPANIES ACT,1949 (10 of 1949).

1. In section 39, for the words “the Reserve Bank or the State Bank of India, as the case may be”, substitute the following, namely:-

“The Reserve Bank, the State Bank of India or any other bank notified by the Central Government in this behalf”.

2. or section 51, substitute the following, namely:-

“51. pplication of certain provisions to the State Bank of India and other notified banks.

Without prejudice to the provisions of the State Bank of India Act,1955 (23 of 1955), or any other enactment, the provisions of sections 10,13 to 15,17,19 to 21,23 to 28,29 [excluding sub-section (3)], 31, 34 to 36, 37, 45, 46 to 48, 50, 52 and 53 shall also apply; so far as may be, to and in relation to the State Bank of India or any other banking institution notified by the Central Government in this behalf as they apply to and in relation to banking companies:

Provided that nothing contained in section 46 shall apply to any officer of the Central Gov
ernment or the
Reserve Bank nominated as director of the State Bank of India or any other banking institution notified by the Central Government under this section.”.

Previous | Next

The State Bank of Hyderabad Act,1956

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation