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State Bank of India Act, 1955

[Act No. 23 of Year 1955 dated 8th May, 1955]

Contents

Sections

Particulars

Chapter I

Preliminary

1

Short title and commencement

2

Definitions

Chapter II 

Incorporation And Share Capital Of State Bank

3

Establishment of the State Bank

4

Authorised capital

5

Issued capital

Chapter III 

Transfer Of Undertaking Of The Imperial Bank Of State Bank

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 share-holders of Imperial Bank

Chapter IV 

Shares

10

Transferability of shares

11

Restriction on voting rights

12

Shares to be approved securities

13

Register of share-holders

13A

Register of beneficial owners

15

Trusts not to be entered on the register of share holders

Chapter V 

Management

16

Offices, branches and agencies

17

Management

18

Central Board to be guided by directions of Central Government

19

Composition of the Central Board

20

Terms of office of chairman, managing director, etc.

21

Local Boards

21A

Term of office of office of members of Local Board

21B

Powers of Local Board

21C

Local Committees

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

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

31A

Meetings of the Local Boards

Chapter VI 

Business Of The Bank

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

35A

Arrangement with the State Bank on appointment of directors to prevail

Chapter VII 

Funds, Account And Audit

36

Integration and Development Fund

37

Reserve Fund

38

Disposal of profits

39

Book to be balanced each year

40

Returns

41

Audit

42

Balance sheet, etc., of State Bank may be discussed at general meeting

Chapter VIII 

Miscellaneous

43

State Bank may appoint officers and other employees

43A

Bonus

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

Requirements of foreign law to be complied with in certain cases

52

Amendment of Act 2 of 1934 [Repealed by the Repealing and Amending Act, 1960]

53

Amendment of Act 10 of 1949 [Repealed by the Repealing and Amending Act, 1960]

54

Amendment of Act 47 of 1920  [Repealed the Repealing and Amending Act, 1960]

55

No proceeding to lie in India against Imperial Bank after appointed day

56

References to the Imperial Bank of Bengal, etc., in other laws

57

Dissolution of Imperial Bank, etc

The First Schedule

Compensation For The Transfer Of Shares Of The Imperial Bank To The Reserve Bank

The Second

Schedule

Declaration Of Fidelity And Secrecy

The Third Schedule

[Repealed By The Repealing And Amending Act, 1960]

The Fourth

Schedule

[Repealed By The Repealing And Amending Act, 1960]

The Fifth Schedule

[Repealed By The Repealing And Amending Act, 1960]

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.

Whereas for the extension of Banking facilities on a large scale, more particularly in the rural and semi-urban areas, and for divers other public purposes it is expedient to constitute a State Bank for India, and to transfer to it the under taking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto;

Be it enacted by Parliament in the Sixth year of the Republic of India as follow: -



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