Act Number: 79

Act Name: The State Bank of Hyderabad Act, 1956

Year: 1956

Enactment Date: 1956-12-22

Long Title: An Act to transfer the share capital of the Hyderabad State Bank to the Reserve Bank of India and to provide for its proper management and other matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 9: Authorised Capital.
    1[ 2[9. Authorised Capital.--(1) Subject to the provisions of this Act, the authorised capital of the Hyderabad Bank shall be rupees five hundred crores.
     (2) The authorised capital of the Hyderabad Bank shall be divided into shares of one hundred rupees each or of such denomination as the Hyderabad Bank may, with the approval of the State Bank, decide.
     (3) The Hyderabad Bank may issue the certificates of shares of equivalent values of such denomination as the Hyderabad Bank may decide with the approval of the State Bank, in accordance with the procedure as may be specified by regulations made under section 63 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) and every shareholder of the Hyderabad Bank shall be entitled to have the certificate of shares of equivalent value of such denomination.
     (4) Notwithstanding anything contained in sub-section (1), the State Bank may, 3[in consultation with the Reserve Bank and with the approval of the Central Government authorise the Hyderabad Bank to increase or reduce its authorised capital].
Notes:
1. Subs. by Act 38 of 1959, s. 64 and the Third Schedule, for sections 9 to 10 (w.e.f. 1-10-1959).
2. Subs. by Act 30 of 2007, s. 4, for section 9 (w.e.f. 9-7-2007).
3. Subs. by Act 17 of 2011, s. 2, for "with the approval of the Reserve Bank" (w.e.f. 1-12-2011).
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