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Section 26 – State Bank of India (Subsidiary Banks Laws) Amendment Act,2007

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

Section 26. Amendment of Section 63

In Section 63 of the State Bank of India (Subsidiary Banks) Act,-

(a) for sub-section (1), the following sub-section shall be substituted, namely:-

“(1) The Board of Directors of a subsidiary bank may, after consultation with the State Bank and with the previous approval of the Reserve Bank, by notification in the Official Gazette, make regulations not inconsistent with this Act and the rules made thereunder, to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act or any other law for the time being in force;”;

(b) in sub-section (2),-

(i) after clause (f), the following clauses shall be inserted, namely:-

“(fa) the procedure for issuing the certificates of shares;

(fb) the procedure with respect to increase, whether by public issue or by preferential allotment or private placement, the issued capital by issue of equity or preference shares;

(fc) the manner of acceptance of share money in instalments, the manner of making calls and the manner of forfeiture of unpaid shares and their re-issue;”;

(ii) for clause (g), the following clauses shall be substituted, namely:-

“(g) the maintenance of share registers, and the particulars to be entered in such addition to those specified in sub-section (1) of Section 21, the safeguards to be observed in the maintenance of the register of shareholders on computer floppies or diskettes or any other electronic form, the inspection and closure of the registers and all other matters connected therewith;

(ga) the manner in which every individual registered shareholder nominate, an individual to whom all his rights in the shares shall vest in the event of his death under sub-section (1) of Section 18-A;

(gb) the manner in which, the joint holders may nominate an individual to whom all their rights in the shares shall vest in the event of the death of all the joint holders under sub-section (2) of Section 18-A;

(gc) the manner in which nomination is varied or cancelled under subsection (3) of Section 18-A;

(gd) the manner in which every individual registered as the holder of the shares to make nomination where nominee is a minor to appoint, any person to become entitled to the shares in the event of his death during the minority of the nominee under sub-section (4) of Section 18-A;”;

(c) in sub-section (4), for the words “made under this Act”, the words “made under this section” shall be substituted.

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

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