law: Preference Shares (Regulation of Dividends) Act, 1960
  1. Short title and commencement
  (1) 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 extent
  
  to which the provisions 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
  
  provisions of this Act shall, in their application to the Union  
  
   territory of 
  
   Pondicherry , have effect subject
  
  to the modifications specified in the Schedule.