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 By Reg. 6 of 1963, Section 2 and Schedule I (w.e.f. 1st july 1965); Pondicherry by Reg. 7 of 1963, Section 3 and Schedule I (w.e.f. 1st October, 1963); and Goa., Daman and Diu by Reg. 11 of 1963, Section 3 and Schedule.
View Complete Act List Judgments citing this section.....all debts, liabilities and obligations of whatever kind then existing of that bank. 1[(3) Unless otherwise expressly provided by or under this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the Imperial Bank is a party or which are in favour of the Imperial Bank shall be of as full force and effect against or in favour of the State Bank, as the case may be, and may be enforced or acted upon as fully and effectually as if instead of the Imperial Bank the State Bank had been a party thereto or as if they had been issued in favour of the State Bank]. (4) If on the appointed day any suit, appeal or other legal proceeding of whatever nature, is pending by or against the Imperial Bank, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the State Bank of the undertaking of the Imperial Bank or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the State Bank. .....
View Complete Act List Judgments citing this section(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 sectionNotwithstanding 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 section1[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 section114. [Omitted] ___________________ 1. Omitted by Act No. 3 of 1994, Section 6 (w.e.f 15th October, 1993).
View Complete Act List Judgments citing this section1[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 (w.e.f. 15th January, 1997).
View Complete Act List Judgments citing this section.....reason neither the President nor the Vice-President is able to be present at a meeting of the Local Board, any member,2[other than the Chief General Manager] elected by the members present from amongst themselves shall preside at the meeting. (5) Notwithstanding anything contained in this section, the Chairman shall preside at any meetings of a Local Board at which he is present and in the absence of the Chairman, the Vice-Chairman, if he is a member of the Local Board, shall, whenever he is present, preside at such meetings.] ___________________ 1. Inserted by Act 35 of 1964, Section 10 (w.e.f. 1st December, 1964). 2. Substituted by Act 48 of 1973, Section 11, for the words, "other than the secretary and treasurer" (w.e.f. 29th June, 1974).
View Complete Act List Judgments citing this section1[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 section1[(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 words, "interest in " omitted by Act 56 of 1962, Section 2 (w.e.f. 14th December, 1962).
View Complete Act List Judgments citing this section