The State Bank of India Act,1955
Section 36. Integration and Development Fund
(1) The State Bank shall maintain a special fund to be known as the Integration and Development Fund into which shall be paid-
(a) The dividends payable to the 1[Central Government] on such shares of the State Bank held by it as do not exceed fifty-five per cent.of the total issued capital; and
(b) Such contributions as the 2[***] or the Central Government may make from time to time.
(2) The amount in the said Fund shall be applied exclusively for meeting-
(a) Losses in excess of such yearly sum as may be agreed upon between the 1[Central Government] and the State Bank and attributable to the branches established in pursuance of sub-section (5) of section 16; and
(b) Such other losses or expenditure as may be approved by the Central Government in consultation with the Reserve Bank.
(3) Subject to the provisions of sub-section (2), the said Fund shall be the property of the 1[Central Government] Bank and no shareholder of the State Bank or any other person shall have any claim to the amount held in the said Fund.
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1. The words “Reserve Bank” Subs. by Act No. 32 of 2007 w.e.f. 3-9-2007
2. The words “Reserve Bank” Omitted by Act No. 32 of 2007 w.e.f. 3-9-2007
