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The State Bank of India Act, 1955

Central

An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.

Act number
23 of 1955
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
8 May 1955

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

69 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Establishment of the State Bank.
  4. Section 4Authorised capital.
  5. Section 5Issued capital.
  6. Section 6Transfer of assets and liabilities of the Imperial Bank to the State Bank.
  7. Section 7Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
  8. Section 8Existing provident and other funds of the Imperial Bank.
  9. Section 9Compensation to be given to shareholders of Imperial Bank.
  10. Section 10Transferability of shares.
  11. Section 10ARight of registered shareholders to nominate.
  12. Section 11Restrictions on voting rights.
  13. Section 12Shares to be approved securities.
  14. Section 13Register of shareholders.
  15. Section 13ARegister of beneficial owners.
  16. Section 14Omitted.
  17. Section 15Trusts not to be entered on the register of shareholders.
  18. Section 16Offices, branches and agencies.
  19. Section 17Management.
  20. Section 18Central Board to be guided by directions of Central Government.
  21. Section 19Composition of the Central Board.
  22. Section 19AQualifications for election of directors elected by shareholders.
  23. Section 19BPower of Reserve Bank to appoint additional directors.
  24. Section 20Term of office of chairman, managing director, etc.
  25. Section 21Local Boards.
  26. Section 21ATerm of office of members of Local Board.
  27. Section 21BPowers of Local Board.
  28. Section 21CLocal Committees.
  29. Section 22Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
  30. Section 23Vacation of office of directors, etc.
  31. Section 24Removal from office of directors, etc.
  32. Section 24ASuppression of Central Board in certain cases.
  33. Section 25Casual vacancies.
  34. Section 26Remuneration of directors.
  35. Section 27Powers and remuneration of chairman.
  36. Section 28Omitted .
  37. Section 29Powers and remuneration of managing director .
  38. Section 30Executive and other committees of the Central Board.
  39. Section 31Meetings of the Central Board.
  40. Section 31AMeetings of Local Boards.
  41. Section 32State Bank to act as agent of the Reserve Bank.
  42. Section 33Other business which the State Bank may transact.
  43. Section 34Business which the State Bank may not transact.
  44. Section 35State Bank may acquire the business of other Banks.
  45. Section 35AArrangement with the State Bank on appointment of directors to prevail.
  46. Section 36Integration and Development Fund.
  47. Section 37Reserve Fund.
  48. Section 38Disposal of profits.
  49. Section 38ATransfer of unpaid or unclaimed dividend.
  50. Section 39Books to be balanced each year.
  51. Section 40Returns.
  52. Section 41Audit.
  53. Section 42Balance sheet, etc., of State Bank may be discussed at general meeting.
  54. Section 43State Bank may appoint officers and other employees.
  55. Section 43ABonus.
  56. Section 44Obligation as to fidelity and secrecy.
  57. Section 45Bar to liquidation of State Bank.
  58. Section 46Indemnity of directors and members of Local Boards and Local Committees, etc.
  59. Section 47Defects in appointment or constitution not to invalidate acts or proceedings.
  60. Section 48Omi tted .
  61. Section 49Power of Central Government to make rules.
  62. Section 50Power of Central Board to make regulations.
  63. Section 51Requirements of foreign law to be complied with in certain cases.
  64. Section 52Omitte d .
  65. Section 53Repealed .
  66. Section 54Repealed .
  67. Section 55No proceeding to lie in India against Imperial Bank after appointed day.
  68. Section 56References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
  69. Section 57Dissolution of Imperial Bank, etc.