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Section 22 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 22. Disqualifications for directorship of Central board or membership of Local Boards or Committees

(1) No person shall be qualified to be a director of the Central Board or a member of a Local Board or of a Local Committee if-

(a) He holds the office of director, provisional director, promoter, agent or manager of any banking company already established or advertised as about to be established; or

(b) He is a salaried officer of Government not specially authorised by the Central Government to be a director or member; or

(c) He has been removed or dismissed from the service of Government on a charge of corruption or bribery; or

(d) He holds any office of profit under the State Bank other than the office of chairman, 1[***] or managing director; or

(e) He is or at any time has been adjudicated an insolvent or has suspended payment of his debts or has compounded with his creditors or

(f) He is declared lunatic or becomes of unsound mind; or

(g) He is or has been convicted of any offence involving moral turpitude; or

2[(h) in the case of an elected director, he is not registered as a holder in his own right of unencumbered shares in the State Bank, either as sole holder or as first named holder when jointly held, of a nominal value of at least five thousand rupees:]

Provided that in the case of a director or member deemed to have been elected to the Central Board or a Local Board, as the case may be, on its first constitution, the disqualification mentioned in clause (h) shall not operate for a period of six months from his becoming such director or member.

(2) No two persons who are partners of the same firm or are directors of the same private company or one of whom is an agent of the other or holds a power of attorney from a firm of which the other is a partner may be directors of the Central board or members of the same Local Board or Local Committee at the same time.

(3) The appointment, nomination or election as director or member of a Local Board or of a Local Committee of any person who is a member of Parliament or the Legislature of any State shall be void unless within two months of the date of his appointment, nomination or election he ceases to be a member of Parliament or the State Legislature, and if any director or member of a Local Board or of a Local Committee is elected or nominated as a member of Parliament or any State Legislature, he shall cease to be a director or member of the Local Board or of the Local Committee as from the date of such election or nomination, as the case may be.

——————–

1. Omitted by Act 27 of 2010 w.e.f. 24-8-2010.

2. 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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