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Section 10 – State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

Section 10. Substitution of new section for Section 19

For Section 19 of the State Bank of India (Subsidiary Banks) Act, the following section shall be substituted, namely:-

“19. Restriction on voting rights.-No shareholder, other than the State Bank, shall be entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent of the issued capital of the subsidiary bank concerned:

Provided that the shareholder holding any preference share capital in the subsidiary bank shall, in respect of such capital, have a right to vote only on resolutions placed before such subsidiary bank which directly affect the rights attached to his preference shares:

Provided further that no preference shareholder shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent of the total voting rights of all the shareholders holding preference share capital only.”

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State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

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