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Section 24: Removal from office of directors, etc.

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

(1) The Central Government may, after consulting the Reserve Bank, remove from office [the chairman *** or a managing director.]

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(3) The Central Government, *** may remove from office any director [appointed under clause (ca) or clause (cb) or nominated under clause(d) [of section 19] [or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and [appoint or nominate, as the case may be], in his stead another person to fill the vacancy.

(4) The shareholders, other than the [Central Government], may, by a resolution passed by majority, of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) ***of section 19 and elect in his stead another person to fill the vacancy.

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(6) No person shall be removed from his office under sub-section (1) *** or sub-section (3) unless he has been given an opportunity of showing cause against his removal.

Where this provision sits

ActThe State Bank of India Act, 1955
Section24
Marginal noteRemoval from office of directors, etc.
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 73 of 1976. . Subs. by Act 73 of 1976, s. 4, for “the chairman or the vice-chaiman” ( w.e.f. 11-6-1976).
  • omitted, Act 27 of 2010. . The word “, vice-chairman” omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010).
  • omitted, Act 73 of 1976. . Omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976).
  • omitted, Act 27 of 2010. . The words “after consulting the Reserve Bank,” omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010).
  • substituted, Act 48 of 1973. . Subs. by Act 48 of 1973, s. 8, for “nominated under clause (d)” (w.e.f. 1-7-1974).
  • substituted, Act 3 of 1994. . Subs. by Act 3 of 1994, s. 14, for “sub-section (1) of section 19” (w.e.f. 15-10-1993).
  • inserted, Act 35 of 1964. . Ins. by Act 35 of 1964, s. 8 (w.e.f. 1-12-1964).
  • substituted, Act 48 of 1973. . Subs. by Act 48 of 1973, s. 8 for “nominate” (w.e.f. 1-7-1974).
  • substituted, Act 32 of 2007. . Subs. by Act 32 of 2007, s. 8, for “Reserve Bank” (w.e.f. 29-6-2007).
  • omitted, Act 3 of 1994. . Certain words omitted by Act 3 of 1994, s. 14 (w.e.f. 15-10-1993).
  • omitted. . Omitted by s. 14, ibid. (w.e.f. 15-10-1993).
  • omitted, Act 73 of 1976. . The words, bracket and figure “or sub-section (2)” omitted by Act 73 of 1976, s. 4 (w.e.f. 11-6-1976).

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