THE STATE BANK OF INDIA ACT, 1955

ACT NO. 23 OF 1955 · Enacted [8th May, 1955.] · 69 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

INCORPORATION AND SHARE CAPITAL OF STATE BANK

Section 3.Establishment of the State Bank.

Section 4.Authorised capital.

Section 5.Issued capital.

TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK

Section 6.Transfer of assets and liabilities of the Imperial Bank to the State Bank.

Section 7.Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.

Section 8.Existing provident and other funds of the Imperial Bank.

Section 9.Compensation to be given to shareholders of Imperial Bank.

SHARES

Section 10.Transferability of shares.

Section 10A.Right of registered shareholders to nominate.

Section 11.Restrictions on voting rights.

Section 12.Shares to be approved securities.

Section 13.Register of shareholders.

Section 13A.Register of beneficial owners.

Section 14.[Omitted.].

Section 15.Trusts not to be entered on the register of shareholders.

MANAGEMENT

Section 16.Offices, branches and agencies.

Section 17.Management.

Section 18.Central Board to be guided by directions of Central Government.

Section 19.Composition of the Central Board.

Section 19A.Qualifications for election of directors elected by shareholders.

Section 19B.Power of Reserve Bank to appoint additional directors.

Section 20.Term of office of chairman, managing director, etc.

Section 21.Local Boards.

Section 21A.Term of office of members of Local Board.

Section 21B.Powers of Local Board.

Section 21C.Local Committees.

Section 22.Disqualifications for directorship of Central Board or membership of Local Boards or Committees.

Section 23.Vacation of office of directors, etc.

Section 24.Removal from office of directors, etc.

Section 24A.Suppression of Central Board in certain cases.

Section 25.Casual vacancies.

Section 26.Remuneration of directors.

Section 27.Powers and remuneration of chairman.

Section 28.[Omitted.].

Section 29.Powers and remuneration of managing director.

Section 30.Executive and other committees of the Central Board.

Section 31.Meetings of the Central Board.

Section 31A.Meetings of Local Boards.

BUSINESS OF THE STATE BANK

Section 32.State Bank to act as agent of the Reserve Bank.

Section 33.Other business which the State Bank may transact.

Section 34.Business which the State Bank may not transact.

Section 35.State Bank may acquire the business of other Banks.

Section 35A.Arrangement with the State Bank on appointment of directors to prevail.

FUNDS, ACCOUNTS AND AUDIT

Section 36.Integration and Development Fund.

Section 37.Reserve Fund.

Section 38.Disposal of profits.

Section 38A.Transfer of unpaid or unclaimed dividend.

Section 39.Books to be balanced each year.

Section 40.Returns.

Section 41.Audit.

Section 42.Balance sheet, etc., of State Bank may be discussed at general meeting.

MISCELLANEOUS

Section 43.State Bank may appoint officers and other employees.

Section 43A.Bonus.

Section 44.Obligation as to fidelity and secrecy.

Section 45.Bar to liquidation of State Bank.

Section 46.Indemnity of directors and members of Local Boards and Local Committees, etc.

Section 47.Defects in appointment or constitution not to invalidate acts or proceedings.

Section 48.[Omitted.].

Section 49.Power of Central Government to make rules.

Section 50.Power of Central Board to make regulations.

Section 51.Requirements of foreign law to be complied with in certain cases.

Section 52.[Omitted.].

Section 53.[Repealed.].

Section 54.[Repealed.].

Section 55.No proceeding to lie in India against Imperial Bank after appointed day.

Section 56.References to the Imperial Bank, the Bank of Bengal, etc., in other laws.

Section 57.Dissolution of Imperial Bank, etc.