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Section 51 – The State Bank of India Act,1955

The State Bank of India Act,1955

Section 51. Dissolution of the Imperial Bank and repeal of Act 47 of 1920

(1) On the appointed day, the Imperial Bank shall be dissolved and thereafter no person shall make any claim or demand or take any proceeding against that Bank or a director, officer or employee thereof in his capacity as such director, officer or employee except in so far as may be necessary of enforcing the provisions of this Act or except in so far as it relates to any offence committed by any such director, officer or other employee.

(2) On the appointed day, the Imperial Bank of India Act,1920 (47 of 1920), shall stand repealed.

(3) Without prejudice to the other provisions contained in this Act and notwithstanding the repeal of the Imperial Bank of India Act,1920 (47 of 1920), any reference to the Imperial Bank or to the Bank of Bengal, the Bank of Madras or the Bank of Bombay in any law, notification or in any contract or other instrument shall, on and from the appointed day, be deemed to be a reference to the State Bank.

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The State Bank of India Act,1955

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