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Section 11: Restrictions on voting rights.

The State Bank of India Act, 1955Central Act · Act 23 of 1955

[11. Restrictions on voting rights.--No shareholder, other than the [Central Government], shall be entitled to exercise voting rights in respect of any shares held by him in excess of ten per cent. of the issued capital:

Provided that such shareholder shall be entitled to exercise voting rights at such higher percentage as the Central Government may, after consultation with the [Central Government], specify.]

[Provided further that the shareholder holding any preference share capital in the State Bank shall, in respect of such capital, have a right to vote only on resolutions placed before the State Bank which directly affect the rights attached to his preference shares:

Provided also that no preference shareholder, other than the Central Government, shall be entitled to exercise voting rights in respect of preference shares held by him in excess of ten per cent, of total voting rights of all the shareholders holding preference share capital only.]

Where this provision sits

ActThe State Bank of India Act, 1955
Section11
Marginal noteRestrictions on voting rights.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 3 of 1994. . Subs. by Act 3 of 1994, s. 3, for section 11 (15-10-1993).
  • substituted, Act 32 of 2007. . Subs. by Act 32 of 2007, s. 5, for "Reserve Bank" (w.e.f. 29-6-2007).
  • inserted, Act 27 of 2010. . Ins. by Act 27 of 2010, s. 7 (w.e.f. 15-9-2010).

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