Table of Contents CHAPTER I - PRELIMINARY 1. Short title, extent and commencement. 2. Definitions. CHAPTER II - INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS 3. Establishment and incorporation of Reserve Bank. 4. Capital of the Bank. 5. Increase and reduction of share capital. 6. Offices, branches and agencies. 7. Management. 8. Composition of the Central Board, and term of office of Directors. 9. Local Boards, their constitution and functions. 10. Disqualifications of Directors and members of Local Boards. 11. Removal from and vacation of office. 12. Casual Vacancies and absences 13. Meetings of the Central Board. 14 to 16. General meetings. First constitution of the Central Board. First constitution of Local Board. 17. Business which the Bank may transact. 18. Power of direct discount. 18A. Validity of loan or advance not to be questioned. 19. Business which the Bank may not transact. CHAPTER III - CENTRAL BANKING FUNCTIONS 20. Obligation of the Bank to transact Government business. 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 of 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. Penalty. 33. Assets of the Issue Department. 34. Liabilities of the Issue Department. 35. Initial assets and liabilities. 36. Method of dealing with fluctuations in rupee coin assets. 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.