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Start Free TrialReserve Bank (Transfer to Public Ownership) Act, I948 Section 1
Title: Short Title
State: Central
Year: 1948
This Act may be called the Reserve Bank (Transfer to Public Ownership) Act, 1948.
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 2
Title: Definitions
State: Central
Year: 1948
In this Act, (a) " appointed day " means such day {1st January, 1949 see Notification No.F3,(43)-F.I/48, dated the 18th October, 1948 Gazette of India.1948, Extraordinary, p.1657.} as the Central Government may, by notification in the Official Gazette, appoint; (b) " Bank " means the Reserve Bank of India as constituted by the principal Act; and (c) " principal Act " means the Reserve Bank of India Act, 1934.
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 3
Title: Transfer of Bank Shares
State: Central
Year: 1948
.....is not an exact multiple of one hundred rupees the amount in excess of the nearest lower multiple of one hundred rupees shall be paid by cheque drawn on the Bank: Provided further hat in respect of any share obtained at par from the Central Government by any Director of the Bank in pursuance of sub-section (8) of section 4 of the principal Act as in force immediately before the appointed day, the said amount shall be calculated at the rate of one hundred rupees per share. (2) Notwithstanding the transfer of shares effected by this section any shareholder who, immediately before the appointed day, is entitled to payment of dividend on the shares held by him shall be entitled to receive from the Bank (a) all dividends accruing due on his shares in respect of the year ending on the 30th day of June, 1948, or any preceding year remaining unpaid on the appointed day; (b) dividends calculated at the rate of four rupees per annum per share in respect of the period from the 1st day of July, 1948, to the appointed day.
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 4
Title: Vacation of Office by Existing Office Bearers
State: Central
Year: 1948
On the appointed day any person who immediately before that day was holding office as a Director of the Central Board otherwise than as Governor or Deputy Governor or as a member of a Local Board of the Bank shall vacate his office, and the Central Board and the Local Boards of the Bank shall thereafter be constituted in the manner prescribed by sections 8 and 9 of the principal Act as amended by this Act.
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 5
Title: Interim Arrangements
State: Central
Year: 1948
Pending the constitution of the Central Board under section 8 of the principal Act as amended by this Act, the Governor of the Bank, or in his absence a Deputy Governor of the Bank duly nominated by him in this behalf, may, subject to such restrictions and conditions as may from time to time be imposed by the Central Government, exercise all powers, and do all acts and things which may be exercised or done by the Bank.
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 6
Title: Rule-making Power
State: Central
Year: 1948
..... 1(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. ________________________ 1. Inserted vide Delegated Legislation Provisions Amdt Act, 2004
View Complete Act List Judgments citing this sectionReserve Bank (Transfer to Public Ownership) Act, I948 Section 7
Title: Repealed
State: Central
Year: 1948
[Amendment to Act II of 1934.] Rep.by the Repealing and Amending Act, 1950 (35 of 1950).
View Complete Act List Judgments citing this sectionElectricity (Supply) Act, 1948 [Repealed] Section 83
Title: Saving of Application of Act
State: Central
Year: 1948
Nothing in this Act shall be deemed to apply to a licensee on which a notice under section 5 or section 7 of the Indian Electricity Act, 1910 (9 of 1910) has been served prior to the coming into force of the sections, Schedule and Table mentioned in sub-section (3) of section 1.
View Complete Act List Judgments citing this sectionElectricity (Supply) Act, 1948 [Repealed] Section 51
Title: Provisional Payments
State: Central
Year: 1948
Where the price to be paid for electricity by or to the Board under this Act cannot he finally ascertained until after the end of a year of account, the amount to be paid shall be ascertained as soon as practicable thereafter, but the party from whom the payment is due shall make to the other monthly payments on account of the net amounts due in accordance with estimates made for the purpose, subject to adjustment as soon after the end of the year of account as the actual liability can be ascertained.
View Complete Act List Judgments citing this sectionElectricity (Supply) Act, 1948 [Repealed] Section 57A
Title: Rating Committees
State: Central
Year: 1948
.....with any of the provisions of the Sixth Schedule, by the licensee from that pan of the clear profit to which the licensee is entitled under that Schedule; (b) in any other case, by the Board or the State Government, as the case may be. (8) Where a licensee makes default in paying any amount which he is liable to pay under sub-section (7), such amount may, on application to a civil court having jurisdiction, he recovered from the licensee by the distress and sale of any movable property of the licensee.] ________________________ 1. Inserted by Act 101 of 1956, Section 14 w.e.f. 30-12-1956. 2. The words "and the Seventh Schedule" omitted by Act 23 of 1978, Section 7.
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