Section 4: Power to suspend operation of Ordinance

4. Power to suspend operation of Ordinance.-- (1) The 2[Federal Government], if on a representation made by the State Bank in this behalf is satisfied that it is expedient so to do, may by notification in the Official Gazette suspend for such period, not exceeding sixty days, as may be specified in the notification, the operation of all or any of the provisions of this Ordinance, either generally or in relation to any specified banking company. (2) The 2[Federal Government] may, by notification in the official Gazette, extend from time to time, the period of any suspension under sub-section (1) for such period or periods, not exceeding sixty days at any one time, as it thinks fit so however that the total period does not exceed one year. (3) A copy of any notification issued under this section shall be laid on the table of the 3[Central] Legislature-- (i) if it is in session, within three days of the issue of the notification; and (ii) if it is not in session, as soon as it meets after the issue of the notification.

Effective date: 1962-06-07

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