Central Bank Act, 1942
The Associated Banks.
12.—(1) There shall be associated with the Bank such other banks as are specified or provided for in this section and those banks shall be known and are in this Act referred to as Associated Banks.
(2) The eight banks named in the second column of the Third Schedule to this Act shall, on the appointed day, become and be Associated Banks.
(3) Sections 42 and 43 of the Currency Act shall, on and after the appointed day, apply and have effect in relation to the Associated Banks with and subject to the modifications that the expressions “the Board”, “Associated Banks”, and “Associated Bank” shall respectively be substituted for the several expressions “the Commission”, “Shareholding Banks”, and “Shareholding Bank” wherever the latter expressions respectively occur in the said sections 42 and 43 .
(4) Every reference to or mention of the Shareholding Banks (whether in the singular or the plural) contained in the Currency Act (other than sections 42 and 43 ) shall be construed and have effect on and after the appointed day as a reference to or mention of the Associated Banks (in the singular or the plural as the case may require).