Title : State Bank of India Act, 1955
State : Central
Year : 1955
THE STATE BANK OF INDIA ACT, 19551 [Act, No. 23 of 1955] [8th May, 1955] PREAMBLE An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto Whereas for the extension of banking facilities, on a large scale, more particularly in the rural and semi-urban areas, and for diverse other public purposes it is expedient to constitute a State Bank for India, and to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto; Be it enacted by Parliament in the Sixth Year of the Republic of India as follows: ___________________ 1. The Act has been extended to Dadra and Nagar Haveli..... View Complete Act List Judgments citing this sectionTitle : Transfer of Assets and Liabilities of the Imperial Bank to the State Bank
State : Central
Year : 1955
(1) Subject to the other provisions contained in this Act, on the appointed day,-- (a) all shares in the capital of the Imperial Bank shall be transferred to, and shall vest in, the Reserve Bank, free of all trusts, liabilities and encumbrances, and (b) the undertaking of the Imperial Bank shall be transferred to, and shall vest in, the State Bank. (2) The undertaking of the Imperial Bank shall be deemed to include all rights, powers, authorities and privileges, and all property, movable and immovable, including cash balances, reserve funds, investments and all other interests and rights in, or arising out of, such property as may be in the possession of that bank immediately before the appointed day, and all books, accounts, and documents relating thereto, and shall also be..... View Complete Act List Judgments citing this sectionTitle : Compensation to Be Given to Shareholders of Imperial Bank
State : Central
Year : 1955
(1) Every person who immediately before the appointed day is registered as a holder of shares in the Imperial Bank shall be entitled to compensation in accordance with the provisions contained in the First Schedule. (2) Nothing contained in sub-section (1) shall affect the rights inter se between the holder of any share in the Imperial Bank and any other person who may have an interest in such share, and such other person shall be entitled to enforce his interest against the compensation awarded to the holder of such share, but not against the Reserve Bank. View Complete Act List Judgments citing this sectionTitle : Shares to Be Approved Securities
State : Central
Year : 1955
Notwithstanding anything contained in the Acts hereinafter mentioned in this section, the shares of the State Bank shall be deemed to be included among the securities enumerated in Section 20 of the Indian Trusts Act, 1882 (2 of 1882), and also to be approved securities for the purposes of the Insurance Act, 1938 (4 of 1938), and the1[Banking Regulation Act, 1949] (10 of 1949). ___________________ 1. Substituted by Act No. 3 of 1994, Section 4 for "Banking Companies Act, 1949" (w.e.f. 15th October, 1993). View Complete Act List Judgments citing this sectionTitle : Register of Beneficial Owners
State : Central
Year : 1955
1[13-A. Register of beneficial owners The register of beneficial owners maintained by a depository under Section 11 of the Depositories Act, 1996 (22 of 1996), shall be deemed to be a register of shareholders for the purposes of this Act.] ___________________ 1. Inserted by Act no.8, Section 4 (w.e.f. 15th January, 1997). View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1955
114. [Omitted] ___________________ 1. Omitted by Act No. 3 of 1994, Section 6 (w.e.f 15th October, 1993). View Complete Act List Judgments citing this sectionTitle : Trusts Not to Be Entered on the Register of Shareholders
State : Central
Year : 1955
1[15. Trusts not to be entered on the register of shareholders No notice of any trust, express, implied or constructive, shall be entered on the register of shareholders or be receivable by the State Bank.] 2[Provided that nothing in this section shall apply to a depository in respect of shares held by it as a registered owner on behalf of the beneficial owners.] Explanation.--For the purposes of Section 13, Section 13-A and this section, the expressions "beneficial owner", "depository" and "registered owner" shall have the meanings respectively assigned to them in Cls. (a), (e) and (j) of sub-section (1) of Section 2 of the Depositories Act, 1996 (22 of 1996).] ___________________ 1. Substituted by Act No. 3 of 1994, Section 7. 2. Inserted by Act No. 8 of 1997 Section 5..... View Complete Act List Judgments citing this sectionTitle : Meetings of Local Boards
State : Central
Year : 1955
1[31A. Meetings of Local Boards (1) A Local Board shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed. (2) All questions at the meeting shall be decided by a majority of the votes of the members present and in the case of equality of votes, the person presiding at the meeting shall have a second or casting vote. (3) A member who is directly or indirectly concerned, or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the State Bank, shall at the earliest possible opportunity, disclose the nature of his interest to the Local Board and shall not be present at any meeting of the Local Board when any such contract,..... View Complete Act List Judgments citing this sectionTitle : Other Business Which the State Bank May Transact
State : Central
Year : 1955
1[33. Other business which the State Bank may transact Subject to the other provisions contained in this Act, the State Bank may carry on and transact the business of banking as defined in Cl. (b) of Section 5 of the Banking Regulation Act, 1949 (10 of 1949) and may engage in one or more of the other forms of business specified in sub-section (1) of Section 6 of that Act.] ___________________ 1. Substituted by Act 48 of 1973, Section 12, (w.e.f. 1st March, 1977). View Complete Act List Judgments citing this sectionTitle : Business Which the State Bank May Not Transact
State : Central
Year : 1955
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. ___________________ 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..... View Complete Act List Judgments citing this section