Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 50 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 50. Power of Central Board to make regulations

(1) The Central Board may, after consultation with the Reserve Bank and with the previous sanction of the Central Government make regulations, not inconsistent with this Act and the rules made thereunder, to provide for all matters for which provision is expedient for the purpose of giving effect to the provisions of this Act.

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

(a) The nature of shares of the State Bank, the manner in which and the conditions subject to which shares may be held and transferred and generally all matters relating to the rights and duties of shareholders;

1[(aa) the procedure for increasing issued capital by the issue of equity or preference shares under sub-section (2) and the manner of accepting money for issued capital, forfeiture and re-issue of shares under sub-section (5), of Section 5;

(ab) the manner of nominating an individual by one individual under sub¬section (1), the manner of nominating an individual by the joint holders under sub-section (2), the manner of varying or cancellation of nomination under sub¬section (3), and the manner of nominating a minor under sub-section (4), of Section 10-A;]

(b) The maintenance of share registers, and the particulars to be entered in the principal register in addition to those specified in section 13, the areas to be served by each branch register, the inspection and closure of the registers and all other matters connected therewith;

(c) The holding and conduct of elections under this Act, including the allocation of elected directors to the various areas served by the different branch registers, and the final determination of doubts or disputes regarding the qualifications of candidates for election or regarding the validity of elections;

(d) The number of elected or nominated members of Local Boards and Local Committees, the terms of office of the members, the manner of their election or nomination, the formation and constitution of committees of Local Boards, the powers, functions and duties of Local Boards, Local Committees and committees of Local Boards, the holding of meetings of Local Boards, Local Committees and committees of Local Boards and the conduct of business thereat;

(e) The fees and allowances which may be paid to directors, or members of Local Boards or Local Committees for attending any meetings of the Central Board or of its committees or of the Local Boards of Local Committees, as the case may be, or for attending to any other work of the State Bank;

(f) The manner in which the business of the Central board shall be transacted and the procedure to be followed at the meetings thereof;

(g) The formation of committees of the Central board and the delegation of powers and functions of the Central board to such committees and the conduct o business in such committees;

(h) The delegation of powers and functions of the Central Board to the vice-chairman, the managing directors or other directors or officers or other employees of the State Bank;

(i) The manner in which general meetings shall be convened, the procedure to be followed thereat and the manner in which voting rights may be exercised;

(j) The holding of meetings of share holders on branch registers and the business to be transacted thereat;

(k) The manner in which notices may be served on behalf of the State Bank upon shareholders or other person;

(l) The provision of seals for the State Bank and the manner and effect of their use;

(m) The conduct and defence of legal proceedings and the manner of signing pleadings;

(n) The duties and conduct of officers, other employees, advisers and agents of the State Bank;

(o) The establi shment and maintenance of pension, provident or other funds for the benefit of employees or for the purposes of the State Bank;

(p) The form and manner in which contracts binding on the State Bank may be executed;

(q) The maximum amounts which may be advanced or lent to, or for which bills may be discounted for, any individual or partnership without security, the conditions under which advances may be made on security and the extent to which accounts may be overdrawn without security;

(r) The conditions subject to which alone, advances may be made to directors, members of Local Boards or of Local Committees or officers of the State Bank, or the relatives of such directors, members or officers or to companies, firms or individuals with which or with whom such directors, members, officers, or relatives, are connected as printers, directors, managers, servants, shareholders or otherwise;

(s) The statements, returns, and forms that are required for the purposes of this Act;

(t) The payment of dividends, including interim dividends;

(u) Generally for the conduct of the business of the State Bank.

(3) Notwithstanding anything contained in this section, the first regulations shall be made by the Reserve Bank with the previous sanction of the Central Government, and thereupon shall be deemed to be the regulations made by the Central Board under this section and shall have force accordingly until they are amended or repealed.

——————–

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

Previous | Next

The State Bank of India Act,1955

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2020 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation