Section 57: Dissolution of Imperial Bank, etc.

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

[57. Dissolution of Imperial Bank, etc.-- (1) On such day as the Central Government may, by notification in the Official Gazette, specify in this behalf the Imperial Bank shall stand dissolved, and the Imperial Bank of India Act, 1920 (47 of 1920), shall stand repealed.

(2) On the day specified in the notification under sub-section (1), the State Bank shall pay to the Reserve Bank a sum of ten lakhs of rupees.

(3) If, on the day specified in the notification under sub-section (1), the Imperial Bank has in its possession or custody any assets created on or after the appointed day, such assets shall be disposed of in accordance with directions issued by the Central Government in this behalf.]

Where this provision sits

Act	The State Bank of India Act, 1955
Section	57
Marginal note	Dissolution of Imperial Bank, etc.
Jurisdiction	Central
Status	In 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.

inserted. . Ins. by s. 6, ibid. (w.e.f. 1-4-1957).

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