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:-
