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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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