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Section 11 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 11. Restrictions on individual holdings

(1) No person shall be registered as a shareholder in respect of any shares held by him, whether in his own name or jointly with any other person, in excess of two hundred shares, or be entitled to payment of any dividend on the excess shares held by him, or to exercise any of the rights of a shareholder in respect of such excess shares other wise than for the purpose of selling them:

Provided that nothing contained in this sub-section shall apply to-

(a) The 1[Central Government];

(b) A corporation;

(c) An insurer as defined in the Insurance Act,1938 (4 of 1938);

(d) A local authority;

(e) A co-operative society; and

(f) A trustee of a pubic or private religious or charitable trust.

2[Provided further that the shareholder holding any preference share capital in the State Bank shall, in respect of such capital, have a right to vote only on resolutions placed before the State Bank which directly affect the rights attached to his preference shares:

Provided also that no preference shareholder, other than the Central Government, shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent of total voting rights of all the shareholders holding preference share capital only.]

(2) Notwithstanding anything contained in sub-section (1), no person referred to in the proviso to that sub-section, other than the 1[Central Government], shall be entitled to exercise voting rights in respect of any shares held by him in excess of one per cent.of the issued capital.

——————–

1. The Words “Reserve Bank” Subs. by Act No. 32 of 2007 w.e.f. 3-9-2007

2. Ins. by Act 27 of 2010 w.e.f. 24-8-2010.

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The State Bank of India Act,1955

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