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State Bank of India Act, 1955

21B. Powers of Local Board

Save as may otherwise be prescribed and subject to any general or special directions which the Central Board may give from time to time, a Local Board shall in respect of the area 52[falling within the jurisdiction] of the Local head office for which the Board has been constituted, exercise all powers and perform all functions and duties of the State Bank 53[in relation to the business of Banking and the forms of business set out in clauses (a), (b), (e), (f), (g), (h), (I), (k) and (l) of sub-section (1) of section 6 of the Banking Regulation Act, 1949, and such other forms of business referred to in sub-section (1) or the said section 6, as may be approved by the Central Board in this behalf and shall also] exercise such other powers and perform such other functions and duties as may be conferred on or assigned to it by the Central Board :

54 [Provided that a Local Board shall transact the businesses of borrowing of money and the acquiring, holding, issuing on commission, under-writing and dealing in stock, funds, shares, debentures, debenture stock, bonds, obligations, securities and investments, only if the Central Board approves any of suchbusinesses in this behalf and confers or assigns any of such businesses to the Local Board.]

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