State Bank of India Act, 1955 Section 34 - Bare Act

Act Info:

¹[(1) to (5) * * *].

(6) Save as otherwise provided in²[this Act] the State Bank shall not own or; acquire any³[* * *] 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 utilize it to the best advantage by letting it out or in any other manner.

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1. Sub-sections (1), (2), (3) (4) and (5) omitted by Act 48 of 1973, Section 13 (w.e.f. 1st March, 1977).

2. Substituted by Act 56 of 1962, Section 2, for the words, "Section 33" (w.e.f. 14th December, 1962).

3. The words, "interest in " omitted by Act 56 of 1962, Section 2 (w.e.f. 14th December, 1962).