Section 59
Construction of references to existing banks. Repealed
The State Bank of India (Subsidiary Banks) Act, 1959
About this Act
An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.
1[59. Construction of references to existing banks.--(1) For the purposes of sections 45, 49, 55,
58 and the First Schedule, the expression "existing bank" shall include the Bank of Jaipur Limited.
(2) Except as otherwise provided in any general or special order made by the Central Government, any reference in any law, other than this Act, or in any contract or other instrument--
(a) to an existing bank, shall be construed as a reference to the corresponding new bank;
(b) to the Bank of Jaipur Limited, shall be construed as a reference to the State Bank of Bikaner.]
(2) Except as otherwise provided in any general or special order made by the Central Government, any reference in any law, other than this Act, or in any contract or other instrument--
(a) to an existing bank, shall be construed as a reference to the corresponding new bank;
(b) to the Bank of Jaipur Limited, shall be construed as a reference to the State Bank of Bikaner.]
Notes
1. Subs. by Act 56 of 1962, s. 3, for section 59 (w.e.f. 1-1-1963).