Section 3: Establishment and incorporation of the Bank

3. Establishment and incorporation of the Bank.—(1) As soon as may be after the commencement of this Act, steps shall be taken to establish, in accordance with the provisions of this Act, a bank to be called the State Bank of Pakistan or Bank‑e‑Daulat‑e‑Pakistan, for the purposes of taking over, as from the first day of July, 1948, the management of the currency from the Reserve Bank of India, and carrying on the business of Central Banking. (2) The Bank shall be a body corporate by the name of the State Bank of Pakistan or Bank‑e‑Daulat‑e‑Pakistan, having perpetual succession and a common seal, and shall by the said name sue and be sued. 3[(3) Subject to this Act, the Bank shall have the power to acquire, hold and dispose of movable and immovable property of any kind, to enter into contracts and to undertake all activities necessary for the achievement of its objectives.]

Effective date: 1956-04-18

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