(1) This Regulation may be called the Goa, Daman and Diu (Banks Reconstruction) Regulation, 1962.
(2) It shall be deemed to have come into force on the 20th December, 1961.
Short title and com mencement.
2. In this Regulation, unless the context otherwise requires,—
(a) "appointed day" means the 20th December, 1961;
(b) '"Banks" mean—
(i) the branches of the Banco National Ultramarine in Goa. Daman and Diu. and Definitions.
339 ) 44O THE GAZETTE OF INDIA EXTRAORDINARY [PART it
(c) "Banco National Ultramarino" means the institutior established and working under that name with its head office ir Lisbon;
(d) "Caixa Economica de Goa" means the institution estafr lished and working under that name with its head office a1 Panjim in Goa;
(e) "Custodian" means a Custodian appointed under sectior 4 and includes any person appointed as Custodian by the Administrator of Goa, Daman and Diu before the promulgatior of this Regulation;
(f) "Goa, Daman and Diu" means the Union terri tory of Goa, Daman and Diu;
(y) "pay" includes emoluments of every description expressed in terms of money but does not Include any bonus or any contribution to a pension fund or to a provident fundi;
(h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934. 2 of 1934.
3. In view of the closure of the Banks and the transfer of a substantial portion of their assets out of India on or about the appointed day and the difficulties experienced by depositors, the Banks shall, as from that day, be reconstructed in the interests of the general public in accordance with the provisions hereinafter contained.
Reconstruct tion of Banks in public interest.