Reserve Bank of India (Closing of Annual Accounts) Act, 1940 [Repealed]
[Repealed by Act 2 of 1948, Section 2 and Schedule.]
Whereas it is expedient that certain provisions should be made to facilitate the changing of the date on which the annual accounts of the Reserve Bank of India are closed;
It is hereby enacted as follows:
Section 1. Short title and extent
(1) This Act may be called the Reserve Bank of India (Closing of Annual Accounts) Act, 1940.
(2) It extends to the whole of British India.
Section 2. Definition
In this Act the Bank means the Reserve Bank of India constituted by the Reserve Bank of India Act, 2 of 1934.
Section 3. Power to close accounts at expiry of period of six months
Notwithstanding anything to the contrary contained in the Reserve Bank of India Act, 2 of 1934, or the regulations made under Section 58 thereof the Bank may, for the purpose of facilitating the changing of the date on which the annual accounts of the Bank are closed, close its accounts as at the close of business on the 30th day of June, 1940, and convene a general meeting (which shall be an annual general meeting within the meaning of the said Act) at a place where there is an office of the Bank within six weeks from the date on which the accounts are closed:
Provided that this general meeting shall not be held at the same place as that at which the immediate preceding annual general meeting was held.
Section 4. Application of Act 2 of 1934 when accounts are closed under Section 3
References in sub-section (2) of Section 14, Section 52 and sub-sections (2) and (3) of Section 53 of the Reserve Bank of India Act, 1934, to annual accounts, annual balance-sheet, the auditors' report upon the annual balance-sheet and accounts, and the report of the Central Board on the working of the Bank throughout the year, shall be deemed to include references to the accounts, balance-sheet, auditors' report and the report of the Central Board in respect of a period of six months ending on the 30th day of June, 1940.
Section 5. Interpretation of Section 47, Act 2 of 1934
For the purposes of Section 47 of the Reserve Bank of India Act, 1934, the net profits of the Bank for the period of six months ending on the 30th day of June, 1940, shall be deemed to be net annual profits but the cumulative dividend referred to in that section as payable out of such profits shall be payable at the rate of one and three quarter per cent.
Section 6. Power to make regulations
The Central Board of Directors of the Bank may, with the previous sanction of the Central Government, make regulations to provide for any matter for which provisions is necessary or convenient in connexion with the changing of the date on which the annual accounts of the Bank are closed, and in particular and without prejudice to the generality of the foregoing power for the manner in which the amount, if any, of the additional dividend referred to in Section 47 of the Reserve Bank of India Act, 1934, shall be calculated in respect of the period of six months ending on the 30th day of June, 1940.