Section Section 3
of the Unit Trust of India Act; 1963 (52 of 1963);] 14 [(h) "agricultural oper
section 3 of the Unit Trust of India Act; 1963 (52 of 1963);] 14 [(h) "agricultural operations "central co-operative bank" ~cO-operative society" "crops' "marketing of corps" 'pisciculture" "regional rural bank" and "State co-operative bank" shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act; 1981 (61 of 1981); "cO-operative bank" ~cO-operative credit society" "director' "primary agricultural credit society "primary co-operative bank"' and primary credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act; 1949 (10 of 1949).] CHAPTER II
INCORPORATION, IS[CAPITAL], MANAGEMENT AND BUSINESS 3. Establishment and incorporation of Reserve Bank. ~(1) bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the "[Central Government] and of carrying o the business of banking in accordance with the provisions of this Act. The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
Ins. by Act 62 of 1984, s 71 and the Third Schedule (w.e f.20-3-1985). 2 The word "silver" omitted by Act 62 of 1948, s and the Schedule (w.e.f: 1-1-1949)_ 3 Ins. by the M.O. 1937. 4. Subs. by Act 32 of 1951, s_ 2,for "ithe States" (w.e.f: 1-11-1951)_ 5_ The word *and omitted by the M.O. 1937. Ins_ by Act 39 of 1989, s. 53 and the Second Schedule w.e.f: 7-3-1990)_ 7 . Ins. by Act 21 of 1976, s. 33 (w.e.f: 26-9-1975). 8 Ins. by Act 23 of 1955, s. 52 and the Third Schedule (w.e.f: 1-7-1955). Earlier clause (ee) inserted by the A.O. 1950 which was later omitted by Act 32 of 1951,s_ 4 (w.ef: 1-11-1951) 9 Clause (ee) re-lettered as clause (eb) thereof by Act 21 of 1976,s. 33 (w.e.f: 26-9-1975)_ 10_ Clause omitted by Act 61 of 1981 s. 61 and the Second Schedule w.e.f. 12-7-1982). 11. Ins. by Act 24 of 1978 3 (w.e.f: 21-7-1978)_ 12_ Clauses to (k) omitted by Act 11 of 1947, s_ 2 (w.e.f. 1-4-1947) which was earlier inserted by the M.O. 1937_ 13. Ins. by Act 52 of 1963, 44 and the Second Schedule (w.e.f. 1-2-1964)_ Earlier clause (g) was inserted by Act 32 of 1951, 4 (w.e.f: 1-11-1951) which was later omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f: 1-11-1956). 14. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f: 12-7-1982). 15. Subs. by Act 62 of 1948,s. 7 and the Schedule, for "SHARE CAPITAL" (W.e.f: 1-1-1949). 16. Subs. by the M.O. 1937, for "G.G. in C_
I[4. Capital of the Bank: The capital of the Bank shall be five crores of rupees:] 5. [Increase and reduction of share capital:] Omitted by the Reserve Bank (Transfer to Public Ownership)Act, 1948 (62 0f1948), $ 7 and the Schedule w.e f: 1-1-1949). Offices; branches and agencies: ~The Bank shall, as soon as may be, establish offices in Bombay, Calcutta, 2[Delhi and Madras] %*** and may establish branches or agencies in any other place in India 4*** O, with the previous sanction of the S[Central Government] elsewhere. 6[7. Management. The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest. (2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank: 7[(3) Save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf;, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised Or done by the Bank:]] 8. Composition of the Central Board, and term of office of Directors. S[(1) The Central Board shall consist of the following Directors, namely: a Governor and [not more than four] Deputy Governors to be appointed by the Central Government; (b) four Directors to be nominated by the Central Government, one from each of the four Local Boards as constituted by
Roop's Law Assist