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Reserve Bank (Transfer to Public Ownership) Act, 1948 Complete Act

Title: Reserve Bank (Transfer to Public Ownership) Act, 1948

State: Central

Year: 1948

Preamble1 - RESERVE BANK (TRANSFER TO PUBLIC OWNERSHIP) ACT, 1948 Section1 - Short title Section2 - Definitions Section3 - Transfer of Bank shares Section4 - Vacation of office by existing office bearers Section5 - Interim arrangements Section6 - Rule-making power Section7 - Repealed ScheduleI - SCHEDULE

Reserve 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.

Reserve Bank (Transfer to Public Ownership) Act, I948 Preamble 1

Title: Reserve Bank (Transfer to Public Ownership) Act, I948

State: Central

Year: 1948

THE RESERVE BANK (TRANSFER TO PUBLIC OWNERSHIP) ACT, I948 [ACT, No. 62 of 1948] [AS ON 1955] [23rd September 1948] PREAMBLE An Act to bring the share capital of the Reserve Bank of India into public ownership and to make conseaquential amendments in the Reserve Bank of India Act, 1934. WHEREAS it is expedient to bring the share capital of the Reserve Bank of India into public ownership, to make provisions with respect to the relations between the Central Government and the Bank and to make consequential amendments in the Reserve Bank of India Act, 1934; It is hereby enacted as follows:

The Madras Aided Institutions (Prohibition of Transfers of Property) Act, 1948 Complete Act

State: Kerala

Year: 1948

.....conditions as they may deem fit. (3) If any such land or building is attached or sold, or a charge is created thereon by any court without the permission of the Government having been obtained and filed as aforesaid or if any condition imposed by them when granting such permission is contravened, then, the attachment, sale or charge, as the case may be, shall be null and void. Section 8 - Rules (1). The Government may, by notification in the Fort St. George Gazette, make rules not inconsistent with this Act for carrying into effect the purposes thereof. (2).In particular and without prejudice to the generality of the foregoing power, such rules may provide for- (a) ) the court-fees payable on the applications referred to in section 5, sub-section (2); (b) ) the procedure to be followed in respect of such application; (c) ) the payment of the costs incurred by the parties, in connection with such applications. Kerala State Acts

Madras Aided Institutions (Prohibition of Transfers of Property) Act, 1948 Complete Act

State: Tamil Nadu

Year: 1948

.....such conditions as they may deem fit. (3) If any such land or building is attached or sold, or a charge is created thereon by any court without the permission of the Government having been obtained and filed as aforesaid or if any condition imposed by them when granting such permission is contravened, then, the attachment, sale or charge, as the case may be, shall be null and void. SECTION 8: Rules (1) The Government may, by notification in the Fort St. George Gazette, make rules not inconsistent with this Act for carrying into effect the purposes thereof. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for- (a) the court-fees payable on the applications referred to in section 5, sub-section (2); (b) the procedure to be followed in respect of such applications; (c) the payment of the costs incurred by the parties, in connection with such applications. Tamil Nadu State Acts

Reserve Bank (Transfer to Public Ownership) Act, 1948 Complete Act

State: Central

Year: 1948

.....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. SECTION 05: INTERIM ARRANGEMENTS 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 c the Bank duly nominated by him in this behalf, may, subject to such restrictions and conditions as made from time to time be imposed by the Central Government, exercise all powers, and do all acts and thing which may be exercised or done by the Bank. Note.- The section makes provision for interim period between the appointed day and the constitution of the Central Board under section 8 of the Reserve Bank of India Act. 1934- SECTION 06: RULE MAKING POWER (1) The Central Government may, by notification in the Official Gazette make rules2for the purpose of giving effect to the objects of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules provide- (a) for the manner in which and the authority by which compensation shall be paid under section and (b) for the determination of.....

Reserve 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.

Reserve 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

Reserve 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.

Reserve 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.