INCORPORATION, ¹[CAPITAL], MANAGEMENT AND BUSINESS

3. Establishment and incorporation of Reserve Bank.

 (1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the ²[Central Government] and of carrying on the business of banking in accordance with the provisions of this Act.

(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.

Note:

^1. Subs. by Act. 62 of 1948, s.7 and Sch., for "SHARE CAPITAL" (w.e.f. 1-1-1949).

^2. Subs. by the M. O. 1937, for "G. G. in C.".