Section 7   [ View Judgements ]

Amendment of section 17, Act II of 1934


In section 17 of the principal Act,----



(1) in clause (1), the words and letter "Part B States" shall be omitted;



(2) in sub-clause (a) of clause (2), after the words "scheduled bank" the words "or a State co-operative bank" shall be inserted;



(3) in sub-clause (b) of clause (2), for the words "nine months" the words "fifteen months" shall be substituted;



(4) in sub-clause (c) of clause (2), the words and letter "or such securities of Part B States as may be specified in this behalf by the Central Government on the recommendation of the Central Board" shall be omitted;



(5) in clause (4),----



(a) the words and letter "Part B States" shall be omitted;



(b) in sub-clause (d), for the words "which have been transferred" the words "such documents having been transferred" shall be substituted;



(6) for clause (6), the following clause shall be substituted, namely:-----



"(6) the issue of demand drafts, telegraphic transfers and other kinds of remittances made payable at its own offices or agencies, the purchase of telegraphic transfers, and the making, issue and circulation of bank post bills;";



(7) in clause (8),----



(a) the words and letter "or such Part B States" shall be omitted;



(b) in the first proviso, for the words "authority or State", in both the places where they occur, the words "or authority" shall be substituted;



(c) the second proviso shall be omitted;



(8) in clause (11),----



(a) the words and letter "or any Part B States" shall be omitted; and



(b) after the words and figures "established under the Industrial Finance Corporation Act, 1948 ", the words "or the Government of any such country outside India or any such person as may be approved in this behalf by the Central Government" shall be inserted;



(9) in clause (13), for the words "in the shares" the words" in the shares and securities" shall be substituted;



(10) in the second proviso to clause (14), for the words "share capital" the word "capital" shall be substituted;



(11) for clause (15A), the following clause shall be substituted, namely:----



"(15A) the performance of the functions of the Bank under the International Monetary Fund and Bank Ordinance, 1945 (XLVII of 1945), the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Banking Companies Act, 1949 (X of 1949) or any other law for the time being in force;"



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