Section 17 in The Reserve Bank Of India General Regulations, 1949
17. Manner and form in which contracts binding on the Bank may be executed .-(1)(a) Contracts on behalf of the Bank may be made as follows:-
(i)Any contract which, if made between private would by law be required to be in writing and signed by the parties to be charged therewith, may be made on behalf of the Bank in writing and signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.(ii)Any contract which, if made between private persons, would by law be valid although made by parole only and not reduced to writing may be made by parole on behalf of the Bank by any person acting under its authority; express or implied, and may in the same manner be varied or discharged.(b)All contracts made according to the provisions of this regulation shall be effectual in law and shall bind the Bank and all other parties there to and their legal representatives.(2)Accounts, receipts and documents of Bank by whom to be signed .-Without prejudice to the generality of the powers conferred by or under Regulation 17, the Chief Manager, Additional Chief Manager, Chief Accountant, Secretary to the Central Board, the Secretaries of Local Boards and such other Officers of the Bank as the Central Board has authorised or may authorise in this behalf by notification in the Gazette of India are hereby severally empowered for and on behalf of the Bank to execute lease deeds, transfers, conveyances, charges and other deeds relating to or affecting rights to or in immovable property, to endorse and transfer promissory notes, stock-receipts, stock-debentures, shares, securities and documents of title to goods, standing in the name of or held by the Bank, and to draw, accept and endorse bills of exchange and other instruments in the current and authorised business of the bank to sign all other accounts receipts and documents connected with such business.
