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State Bank of India Act, 1955

24. Removal from office of directors, etc

(1) The Central Government may, after consulting the Reserve Bank, remove from office 26[the chairman, vice chairman or a managing director.]

28 [***]

(3) The Central Government, after consulting the Reserve Bank, may remove from office any director 62[appointed under clause (ca) or clause (cb) or nominated under clause (d)] 63[of section 19] 64[or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and 65[appoint or nominate, as the case may be,] in his stead another person to fill the vacancy.

(4) The shareholders, other than the Reserve Bank, may, by a resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) 58[***] of section 19 and elect in his stead another person to fill the vacancy.

66 [***]

(6) No person shall be removed from his office under sub-section (1) 67[***] or sub-section (3) unless he has been given an opportunity of showing cause against his removal.



State Bank of India Act, 1955 Back




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