Lawgist30Powers of Central Government to supersede Central Board
(1) If in the opinion of the 1[Central Government] the Bank fails to carry out any of the obligations imposed on it by or under this Act 2*** 3[the Central Government] may, by notification in the Gazette of India, declare the Central Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the 1[Central Government] may determine, and such agency may exercise the powers and do all acts and things which may be exercised or done by the Central Board under this Act.
(2) When action is taken under this section the 1[Central Government] shall cause a full report of the circumstances leading to such action and of the action taken to be laid before 4[Parliament] at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board.
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1 Subs. by the M.O. 1937, for "G.G. in C.".
2. The words "or by or under the law of Burma" omitted by Act 11 of 1947, s. 17 (w.e.f. 1-4-1947) which was earlier inserted by the M.O. 1937.
3. Subs. by the M.O. 1937, for "he".
4. Subs. by the A.O. 1950, for "the Central Legislature".
- 20 Obligation of the Bank to transact Government business
- 20A [Omitted.]
- 21 Bank to have the right to transact Government business in India
- 21A Bank to transact Government business of States on agreement
- 21B Effect of agreements made between the Bank and certain States before the 1st November, 1956
- 22 Right to issue bank notes
- 23 Issue Department
- 24 Denominations of notes
- 25 Form of bank notes
- 26 Legal tender character of notes
- 26A Certain bank notes to cease to be legal tender
- 27 Re-issue notes
- 28 Recovery of notes lost, stolen, mutilated or imperfect
- 28A Issue of special bank notes and special one rupee notes in certain cases
- 29 Bank exempt from stamp duty on bank notes
- 30 Powers of Central Government to supersede Central Board
- 31 Issue of demand bills and notes
- 32 [Omitted.]
- 33 Assets of the Issue Department
- 34 Liabilities of Issue Department
- 35 [Omitted.]
- 36 [Omitted.]
- 37 Suspension of assets requirements as to foreign securities
- 38 Obligations of Government and the Bank in respect of rupee coin
- 39 Obligation to supply different forms of currency
- 40 Transactions in foreign exchange
- 41A [Omitted.]
- 42 Cash reserves of scheduled banks to be kept with the Bank
- 43 Publication of consolidated statement by the Bank
- 43A Protection of action taken in good faith
- 44 [Omitted.]
- 45 Appointment of agents
