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Section 36 – The State Bank of India Act,1955

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.

——————–

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

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The State Bank of India Act,1955

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