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Section 36: Integration and Development Fund.

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

(1) The State Bank shall maintain a special fund to be known as the Integration and Development Fund into which shall be paid--

(a) the dividends payable to the [Central Government] on such shares of the State Bank held by it as do not exceed fifty-five per cent. of the total issued capital; and

(b) such contributions as the *** the Central Government may make from time to time.

[Provided that if the balance in the Integration and Development Fund on the date of declaration of any dividends by the State Bank is rupees five crores or more, no amount shall be paid into that Fund under clause (a) and the dividends payable to the [Central Government] shall be [paid to that Government], and if such balance on such date is less than rupees five crores, only so much of dividends then payable as will bring such balance to rupees five crores shall be paid into that Fund and the balance of such dividends shall be paid to the [Central Government].]

(2) The amount in the said Fund shall be applied exclusively for meeting--

(a) losses in excess of such yearly sum as may be agreed upon between the [Central Government] and the State Bank and attributable to the branches established in pursuance of sub-section (5) of section 16; ***

* * * * * *

(b) such other losses or expenditure as may be approved by the Central Government in consultation with the Reserve Bank.

(3) Subject to the provisions of sub-section (2), the said Fund shall be the property, of the [Central Government] and no shareholder of the State Bank or any other person shall have any claim to the amount held in the said Fund.

[(4) No amount applied for any of the purposes specified in sub-section (2) shall, for the purposes of the [Income-tax Act, 1961 (43 of 1961)], be treated as income, profits or gains of the State Bank.]

Where this provision sits

ActThe State Bank of India Act, 1955
Section36
Marginal noteIntegration and Development Fund.
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 32 of 2007. . Subs. by Act 32 of 2007, s. 9, for “Reserve Bank” (w.e.f. 29-6-2007). 2. . The words “the Reserve Bank or” omitted by s. 9, ibid. (w.e.f. 29-6-2007).
  • added, Act 35 of 1964. . The proviso added by Act 35 of 1964, s. 12 (w.e.f. 1-12-1964).
  • substituted, Act 32 of 2007. . Subs. by Act 32 of 2007, s. 9, for “paid to that Bank” (w.e.f. 29-6-2007).
  • omitted, Act 38 of 1959. . The word “and” omitted by Act 38 of 1959, s. 64 and the Third Schedule (w.e.f. 10-9-1959).
  • omitted, Act 19 of 2018. . Clause (aa) omitted by Act 19 of 2018, s. 8 (w.e.f. 1-4-2017).
  • inserted, Act 26 of 1959. . Ins. by Act 26 of 1959, s. 7 (w.e.f. 28-8-1959).
  • substituted, Act 3 of 1994. . Subs. by Act 3 of 1994, s. 18, for “Indian Income-tax Act, 1922 (11 of 1922)” (w.e.f. 15-10-1993).

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