The State Bank of India Act, 1955
Central Act · Act 23 of 195563 provisions2 citing judgments
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 23 of 1955 |
| Year | 1955 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 63 |
| Subjects | financial |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title and commencement.
- Section 2 Definitions.1 citing judgment
- 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 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 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.1 citing judgment
- 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 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 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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