The State Bank of India Act, 1955

69 sections.

Section 1 — Short title and commencement.
Section 2 — Definitions.
Section 3 — Establishment of the State Bank.
Section 4 — Authorised capital.
Section 5 — Issued capital.
Section 6 — Transfer of assets and liabilities of the Imperial Bank to the State Bank.
Section 7 — Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
Section 8 — Existing provident and other funds of the Imperial Bank.
Section 9 — Compensation to be given to shareholders of Imperial Bank.
Section 10 — Transferability of shares.
Section 10A — Right of registered shareholders to nominate.
Section 11 — Restrictions on voting rights.
Section 12 — Shares to be approved securities.
Section 13 — Register of shareholders.
Section 13A — Register of beneficial owners.
Section 14 — Omitted.
Section 15 — Trusts not to be entered on the register of shareholders.
Section 16 — Offices, branches and agencies.
Section 17 — Management.
Section 18 — Central Board to be guided by directions of Central Government.
Section 19 — Composition of the Central Board.
Section 19A — Qualifications for election of directors elected by shareholders.
Section 19B — Power of Reserve Bank to appoint additional directors.
Section 20 — Term of office of chairman, managing director, etc.
Section 21 — Local Boards.
Section 21A — Term of office of members of Local Board.
Section 21B — Powers of Local Board.
Section 21C — Local Committees.
Section 22 — Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
Section 23 — Vacation of office of directors, etc.
Section 24 — Removal from office of directors, etc.
Section 24A — Suppression of Central Board in certain cases.
Section 25 — Casual vacancies.
Section 26 — Remuneration of directors.
Section 27 — Powers and remuneration of chairman.
Section 28 — Omitted .
Section 29 — Powers and remuneration of managing director .
Section 30 — Executive and other committees of the Central Board.
Section 31 — Meetings of the Central Board.
Section 31A — Meetings of Local Boards.
Section 32 — State Bank to act as agent of the Reserve Bank.
Section 33 — Other business which the State Bank may transact.
Section 34 — Business which the State Bank may not transact.
Section 35 — State Bank may acquire the business of other Banks.
Section 35A — Arrangement with the State Bank on appointment of directors to prevail.
Section 36 — Integration and Development Fund.
Section 37 — Reserve Fund.
Section 38 — Disposal of profits.
Section 38A — Transfer of unpaid or unclaimed dividend.
Section 39 — Books to be balanced each year.
Section 40 — Returns.
Section 41 — Audit.
Section 42 — Balance sheet, etc., of State Bank may be discussed at general meeting.
Section 43 — State Bank may appoint officers and other employees.
Section 43A — Bonus.
Section 44 — Obligation as to fidelity and secrecy.
Section 45 — Bar to liquidation of State Bank.
Section 46 — Indemnity of directors and members of Local Boards and Local Committees, etc.
Section 47 — Defects in appointment or constitution not to invalidate acts or proceedings.
Section 48 — Omi tted .
Section 49 — Power of Central Government to make rules.
Section 50 — Power of Central Board to make regulations.
Section 51 — Requirements of foreign law to be complied with in certain cases.
Section 52 — Omitte d .
Section 53 — Repealed .
Section 54 — Repealed .
Section 55 — No proceeding to lie in India against Imperial Bank after appointed day.
Section 56 — References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
Section 57 — Dissolution of Imperial Bank, etc.

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