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Section 24 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 24. Removal from office of directors, etc

(1) The Central Government may, after consulting the Reserve Bank, remove from office the chairman or the 2[***].

(2) The Central Board may, with the approval of the Central Government, remove from office a managing director.

(3) The Central Government, 2[***], may remove from office any director nominated under clause (d) of sub-section (1) of section 19 and nominate in his stead another person to fill the vacancy.

(4) The shareholders, other than the 1[Central Government], may, by a resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) of sub-section (1) of section 19 and elect in his stead another person to fill the vacancy.

(5) The shareholders whose names are entered on a branch register, other than the Reserve Bank, may, by a resolution passed by the votes of the shareholders holding in the aggregate not less than one-half of the share capital on the branch register held by such shareholders, remove any elected member of a Local Board and elect in his stead another person to fill the vacancy.

(6) No person shall be removed from his office under sub-section (1) or sub-section (2) or sub-section (3) unless he has been given an opportunity of showing cause against his removal.

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

2. Omitted 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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