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Section 49 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 49. Power of Central Government to make rules

(1) The Central Government, in consultation with the Reserve Bank, may, by notification in the Official Gazette, make rules to carry out the purposes of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for-

(a) The procedure for the payment of compensation under this Act;

(b) The determination of persons to whom the said compensation shall be payable in all cases, including cases where shares in the Imperial Bank have been held by more than one person, or where they have been transferred before the appointed day but the transfer has not been registered or where the shareholder is dead.

1(d) the time and place of meeting of the Committee and the rules of procedure to be observed by it under sub-section (6) of Section 24-A;

(e) the salary and allowances of the Administrator and the members of the committee under sub-section (7) of Section 24-A.]

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1. Ins. 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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