This extends to the whole of Pakistan. It shall come into force at once and except Section 46, shall be deemed to have taken effect on and from the twelfth day of May, 1948.
Definitions: the definitions as contained in the Act are given hereunder:
"Annual general meeting" means the annual meeting of the shareholders-of the Bank;
"Approved foreign exchange" means currencies declared as such by any notification under Sec19;
"The Bank" means the State Bank of Pakistan;
"Bank Notes" means notes made and issued by the Bank in accordance with Section 24 and include currency notes of the Government of Pakistan issued by the Bank;
“Central Board" means the Central Board of Directors of the Bank;
"Co-operative Bank" means a society registered under the Co-operative Societies Act, 1912, or any other law for the time being in force in Pakistan relating to co- operative societies, the primary object of which is to provide financial accommodation to its members;
"Debentures" includes participation term certificates;
"Director" means a Director for the time being of the Central Board;
"General meeting" means the meeting of the share-holders ' of the Bank convened for transacting such business as may be specified in the notice convening the meeting;
"Governor" and "Deputy Governors" means respectively the Governor and Deputy Governors of the Bank;
"Loans and advances" includes finances provided on the basis of participation in profit and loss, mark up in price, leasing, hire-purchase of otherwise;
"Local Board" means a Local Board of Members;
"Member" means a Member for the Local Board;
"Rupee coin" means one-rupee coin and one-rupee notes which are legal tender in Pakistan;
"Scheduled bank" means a bank for the time being included in the list of banks maintained under sub-section (1) of Section 37;
"Securities" includes securities as defined in the Capital Issues (Continuance of Control) Act, 1947 (XXIX of 1947);
"Shares" includes modaraba certificates.
Establishment and incorporation of the Bank: Sec 3:
As soon as may be after the commencement of this Act steps shall be taken to establish, in accordance with the provisions of this Act, a bank to be called the State Bank of Pakistan or Bank Dautat-e-Pakistan, for the purposes of taking over, as from the first day of July, 1948, the management of the currency from the Reserve Bank of India, and carrying on the business of Central Banking.
Definitions: the definitions as contained in the Act are given hereunder:
"Annual general meeting" means the annual meeting of the shareholders-of the Bank;
"Approved foreign exchange" means currencies declared as such by any notification under Sec19;
"The Bank" means the State Bank of Pakistan;
"Bank Notes" means notes made and issued by the Bank in accordance with Section 24 and include currency notes of the Government of Pakistan issued by the Bank;
“Central Board" means the Central Board of Directors of the Bank;
"Co-operative Bank" means a society registered under the Co-operative Societies Act, 1912, or any other law for the time being in force in Pakistan relating to co- operative societies, the primary object of which is to provide financial accommodation to its members;
"Debentures" includes participation term certificates;
"Director" means a Director for the time being of the Central Board;
"General meeting" means the meeting of the share-holders ' of the Bank convened for transacting such business as may be specified in the notice convening the meeting;
"Governor" and "Deputy Governors" means respectively the Governor and Deputy Governors of the Bank;
"Loans and advances" includes finances provided on the basis of participation in profit and loss, mark up in price, leasing, hire-purchase of otherwise;
"Local Board" means a Local Board of Members;
"Member" means a Member for the Local Board;
"Rupee coin" means one-rupee coin and one-rupee notes which are legal tender in Pakistan;
"Scheduled bank" means a bank for the time being included in the list of banks maintained under sub-section (1) of Section 37;
"Securities" includes securities as defined in the Capital Issues (Continuance of Control) Act, 1947 (XXIX of 1947);
"Shares" includes modaraba certificates.
Establishment and incorporation of the Bank: Sec 3:
As soon as may be after the commencement of this Act steps shall be taken to establish, in accordance with the provisions of this Act, a bank to be called the State Bank of Pakistan or Bank Dautat-e-Pakistan, for the purposes of taking over, as from the first day of July, 1948, the management of the currency from the Reserve Bank of India, and carrying on the business of Central Banking.