Section 3:
Change of Name of Hyderabad State Bank.
(1) On the appointed day. the body corporate
constituted by the Hyderabad State Bank Act, 1350F, and known as the Hyderabad State Bank shall be
renamed as the State Bank of Hyderabad 1***.
2[(2) The said body corporate shall consist of the State Bank and other shareholders, if any, for the
time being, of the Hyderabad Bank.
(2A) The Hyderabad Bank shall carry on the business of banking and other business in accordance
with the provisions of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), and shall have
power to acquire and hold properly, whether movable or immovable, for the purposes of its business and
to dispose of the same.]
(3) The change of name of the Hyderabad State Bank by sub-section (1) shall not affect any rights or
obligations of that Bank, or render defective any legal proceedings by or against it; and any legal
proceedings which might have been continued or commenced by or against the Hyderabad State Bank by
its former name may be continued by or against it by its new name.
Notes:
1. The words "and shall, as from that day, carry on the business of banking and other business in accordance with the provisions
of this Act and shall have power to acquire and hold property, whether movable or immovable for the purposes of this Act and
to dispose of the same" omitted by s. 64 and the Third Schedule (w.e.f. 1-10-1959).
2. Subs. by Act 38 of 1959, s. 64 and the Third Schedule, for sub-section (2) (w.e.f. 1-10-1959).