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The State Bank of India Act, 1955
Act ID: 1955
The State Bank of India Act, 1955
"An Act to provide for the constitution of the State Bank of India."
Table of Contents
69 Sections
Ch. 1
PRELIMINARY
S.1
Short title and commencement.
S.2
Definitions.
Ch. 2
INCORPORATION AND SHARE CAPITAL OF STATE BANK
S.3
Establishment of the State Bank.
S.4
Authorised capital.
S.5
Issued capital.
Ch. 3
TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK
S.6
Transfer of assets and liabilities of the Imperial Bank to the State Bank.
S.7
Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
S.8
Existing provident and other funds of the Imperial Bank.
S.9
Compensation to be given to shareholders of Imperial Bank.
Ch. 4
SHARES
S.10
Transferability of shares.
S.10A
Right of registered shareholders to nominate.
S.11
Restrictions on voting rights.
S.12
Shares to be approved securities.
S.13
Register of shareholders.
S.13A
Register of beneficial owners.
S.14
Omitted.
S.15
Trusts not to be entered on the register of shareholders.
Ch. 5
MANAGEMENT
S.16
Offices, branches and agencies.
S.17
Management.
S.18
Central Board to be guided by directions of Central Government.
S.19
Composition of the Central Board.
S.19A
Qualifications for election of directors elected by shareholders.
S.19B
Power of Reserve Bank to appoint additional directors.
S.20
Term of office of chairman, managing director, etc.
S.21
Local Boards.
S.21A
Term of office of members of Local Board.
S.21B
Powers of Local Board.
S.21C
Local Committees.
S.22
Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
S.23
Vacation of office of directors, etc.
S.24
Removal from office of directors, etc.
S.24A
Suppression of Central Board in certain cases.
S.25
Casual vacancies.
S.26
Remuneration of directors.
S.27
Powers and remuneration of chairman.
S.28
Omitted .
S.29
Powers and remuneration of managing director .
S.30
Executive and other committees of the Central Board.
S.31
Meetings of the Central Board.
S.31A
Meetings of Local Boards.
Ch. 6
BUSINESS OF THE STATE BANK
S.32
State Bank to act as agent of the Reserve Bank.
S.33
Other business which the State Bank may transact.
S.34
Business which the State Bank may not transact.
S.35
State Bank may acquire the business of other Banks.
S.35A
Arrangement with the State Bank on appointment of directors to prevail.
Ch. 7
FUNDS, ACCOUNTS AND AUDIT
S.36
Integration and Development Fund.
S.37
Reserve Fund.
S.38
Disposal of profits.
S.38A
Transfer of unpaid or unclaimed dividend.
S.39
Books to be balanced each year.
S.40
Returns.
S.41
Audit.
S.42
Balance sheet, etc., of State Bank may be discussed at general meeting.
Ch. 8
MISCELLANEOUS
S.43
State Bank may appoint officers and other employees.
S.43A
Bonus.
S.44
Obligation as to fidelity and secrecy.
S.45
Bar to liquidation of State Bank.
S.46
Indemnity of directors and members of Local Boards and Local Committees, etc.
S.47
Defects in appointment or constitution not to invalidate acts or proceedings.
S.48
Omi tted .
S.49
Power of Central Government to make rules.
S.50
Power of Central Board to make regulations.
S.51
Requirements of foreign law to be complied with in certain cases.
S.52
Omitte d .
S.53
Repealed .
S.54
Repealed .
S.55
No proceeding to lie in India against Imperial Bank after appointed day.
S.56
References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
S.57
Dissolution of Imperial Bank, etc.