Act Number: 62

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

Year: 1948

Enactment Date: 1948-09-23

Long Title: An Act to bring the share capital of the Reserve Bank of India into public ownership and to make consequential amendments in the Reserve Bank of India Act, 1934.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 4: Vacation of office by existing office bearers.
    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.
Previous Section Next Section
Scroll to Top