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The State Bank of India Act,1955

The State Bank of India Act,1955

CONTENTS

Sections

Particulars

1 Short title and commencement
2 Definitions
3 Establishment of the State Bank
4 Authorised capital
5 Issued capital
6 Transfer of assets and liabilities of the Imperial Bank to the State Bank
7 Transfer of service of existing officers and employees of the Imperial Bank to the State Bank
8 Existing provident and other funds of the Imperial Bank
9 Compensation to be given to shareholders of Imperial Bank
10 Transferability of shares
10A Right of registered shareholders to nominate
11 Restrictions on individual holdings
12 Shares to be approved securities
13 Principal register of shareholders
14 Branch registers
15 Trusts not to be entered on the register
16 Offices, branches and agencies
17 Management
18 Central board to be guided by directions of Central government
19 Composition of the Central Board
19A Qualifications for election of directors elected by shareholders
19B Power of Reserve Bank to appoint additional directors
20 Term of office of chairman, managing director, etc
21 Local board and Local Committees
21B Powers of Local Board
22 Disqualifications for directorship of Central board or membership of Local Boards or Committees
23 Vacation of office of directors, etc
24 Removal from office of directors, etc
24A Supersession of Central Board in certain cases
25 Casual vacancies
26 Remuneration of directors
27 Powers and remuneration of chairman
28 Powers and remuneration of vice-chairman
29 Powers and remuneration of managing director
30 Executive and other committees of the Central Board
31 Meetings of the Central Board
32 State Bank to act as agent of the Reserve Bank
33 Other business which the State Bank may transact
34 Business which the State Bank may not transact
35 State Bank may acquire the business of other Banks
36 Integration and Development Fund
37 Reserve Fund
38 Disposal of profits
38A Transfer of unpaid or unclaimed dividend
39 Books to be balanced each year
40 Returns
41 Audit
42 Balance sheet, etc., of State Bank may be discussed at general meeting
43 State Bank may appoint officers and other employees
44 Obligation as to fidelity and secrecy
45 Bar to liquidation of State Bank
46 Indemnity of directors and members of Local Boards and Local Committees, etc
47 Defects in appointment or constitution not to invalidate acts or proceedings
48 Power to remove difficulties
49 Power of Central Government to make rules
50 Power of Central Board to make regulations
51 Dissolution of the Imperial Bank and repeal of Act 47 of 1920
52 Amendment of Act 2 of 1934
53 Amendment of Act 10 of 1949
Schedule
Schedule 1
Schedule 2
Schedule 3
Schedule 4

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