Amendment status not verified — confirm the current text below against the official source.
(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be established for the purposes of this Act, a corporation to be known as the Industrial Development Bank of India. (2) The Development Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name sue or be sued. (3) The head office of the Development Bank shall be at Bombay or at such other place as the [Central Government] may, by notification in the Official Gazette, specify. (4) Development Bank may establish offices, branches or agencies at any other place in or outside India. Subs. by Act 52 of 1975, sec. 4, for "Reserve Bank" (w.e.f. 16/02/1976).