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Section 21 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 21. Local board and Local Committees

(1) There shall be constituted at each place where the State Bank has a local head office, a Local Board which shall consist of the following members, namely :-

1[(a) the chairman, ex officio or the managing director nominated by the chairman;]

(b) Such number not exceeding four to be elected by the shareholders whose names are entered on the branch register or nominated by the Central Government in consultation with the Reserve Bank as may be prescribed.

(2) A Local committee may be constituted by the Central Board for any area consisting of such number of members as it may determine.

(3) A Local board and a Local Committee shall exercise such powers and perform such functions and duties as the Central Board may assign to the Local Board or Local Committee.

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1. Subs. 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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