Section 34: Business which the State Bank may not transact.
The State Bank of India Act, 1955Central Act · Act 23 of 1955
***(6) Save as otherwise provided in [this Act] the State Bank shall not own or, acquire any *** immovable property except for the purpose of providing buildings or other accomodation in which to carry on the business of the State Bank or for providing residences for its officers and other employees:
Provided that if any such building or other accommodation is not immediately required for any of the purposes of the State Bank, the State Bank may utilise it to the best advantage by letting it out or in any other manner.
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 29 of 1959. . Sub-sections (1), (2), (3) or (5) omitted by s. 13, ibid. (w.e.f. 1-3-1977).Earlier sub-section (3) was substituted for sub-sections (3) or (4) by Act 29 of 1959, s. 5 (w.e.f. 1-3-1977).
substituted, Act 56 of 1962. . Subs. by Act 56 of 1962, s.2, for "section 33" (w.e.f. 1-1-1963).
omitted. . The words "interest in" omitted by s. 2, ibid. (w.e.f. 1-1-1963).
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