Section 1 — Short title and commencement

This Act may be called the Preference Shares (Regulation of Dividends) Act, 1960.

(2) It extends to the whole of India:

Provided that it shall not apply to the State of Jammu and Kashmir* except to the extend to which the provision of this Act relate to the regulation of dividends on preference shares of banking and insurance companies and financial corporations.

[(3) Notwithstanding anything contained in sub-section (2) the provision of this Act shall, in their application to the Union territory of Pondicherry, have effect subject to the modifications specified in the Schedule.]