Section 1. Short title and commencement

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. 1[(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.]