Title : Audit
State : Central
Year : 1955
(1) The affairs of the State Bank shall be 1 [audited by two or more auditors] duly qualified to act as auditors of companies under 2 [Section 226 of the Companies Act, 1956 (1 of 1956)], who shall be appointed by the Reserve Bank in consultation with the Central Government. (2) The auditors shall receive such remuneration as the Reserve Bank may fix in consultation with the Central Government. (3) An auditor may be a shareholder but not director or member of a Local Board or of a Local Committee or an officer of the State Bank shall be eligible to be an auditor during his continuance in office as such director, member or officer. (4) An auditor shall on relinquishing office, be eligible for re-appointment. (5) The auditors shall severally be, and continue to act as, auditors..... View Complete Act List Judgments citing this sectionTitle : Powers of Central Government to Enforce Recommendations of the Wage Board
State : Central
Year : 1955
(1) As soon as may be, after the receipt of the recommendations of the Board, the Central Government shall make an order in terms of the recommendations or subject to such modifications, if any, as it thinks fit, being modifications which, in the opinion of the Central Government, do not effect important alterations in the character of the recommendations. (2) Notwithstanding anything contained in sub-section (1), the Central Government may, if it thinks fit,-- (a) make such modifications in the recommendations, not being modifications of the nature referred to in sub-section (1), as it thinks fit: Provided that before making any such modifications, the Central Government shall cause notice to be given to all persons likely to be affected thereby in such manner as may be..... View Complete Act List Judgments citing this sectionTitle : Integration and Development Fund
State : Central
Year : 1955
(1) The State Bank shall maintain a special fund to be known as the Integration and Development Fund into which shall be paid-- (a) the dividends payable to the 6[Central Government] on such shares of the State Bank held by it as do not exceed fifty-five per cent. of the total issued capital; and (b) such contributions as the 7[* * *] the Central Government may make from time to time. 1 [Provided that if the balance in the Integration and Development Fund on the date of declaration of any dividends by the State Bank in rupees five crores or more, no amount shall be paid into that Fund under Cl. (a) and the dividends payable to the 6[Central Government] shall be 8[paid to that Government], and if such balance on such date, is less than rupees five crores, only so much of dividends..... View Complete Act List Judgments citing this sectionTitle : Power of Central Board to Make Regulations
State : Central
Year : 1955
(1)The Central Board may, after consultation with the Reserve Bank and with theprevious sanction of the Central Government 1 [by notification in theOfficial Gazette] make regulations, not inconsistent with this Act and the rulesmade thereunder to provide for all matters for which provision is expedient forthe purpose of giving effect to the provisions of this Act. (2)In particular, and without prejudice to the generality of the foregoing power,such regulations may provide for-- (a)the nature of shares of the State Bank, the manner in which and the conditionssubject to which shares may be held and transferred and generally all mattersrelating to the rights and duties of shareholders; 2 [(b)the maintenance of register of shareholders, and the particulars to be enteredin such..... View Complete Act List Judgments citing this sectionTitle : Deprivation of Citizenship
State : Central
Year : 1955
(1) A citizen of India who is such by naturalisation or by virtue only of clause (c) of article 5 of the Constitution or by registration otherwise than under clause (b)(ii) of article 6 of the Constitution or clause (a) of sub-section (1) of section 5 of this Act, shall cease to be a citizen of India, if he is deprived of that citizenship by an order of the Central Government under this section. (2) Subject to the provisions of this section, the Central Government may, by order, deprive any such citizen of Indian citizenship, if it is satisfied that- (a) the registration or certificate of naturalisation was obtained by means of fraud, false representation or the concealment of any material fact; or (b) that citizen has shown himself by act or speech to be disloyal or disaffected..... View Complete Act List Judgments citing this sectionTitle : State Bank of India Act, 1955
State : Central
Year : 1955
Preamble1 - STATE BANK OF INDIA ACT, 1955 Chapter 1 Section1 - Short title and commencement Section2 - Definitions Chapter 2 Section3 - Establishment of the State Bank Section4 - Authorised capital Section5 - Issued capital Chapter 3 Section6 - Transfer of assets and liabilities of the Imperial Bank to the State Bank Section7 - Transfer of service of existing officers and employees of the Imperial Bank to the State Bank Section8 - Existing provident and other funds of the Imperial Bank Section9 - Compensation to be given to shareholders of Imperial Bank Chapter 4 Section10 - Transferability of shares Section11 - Restrictions on voting rights Section12 - Shares to be approved securities Section13 - Register of shareholders Section13A - Register of beneficial owners Section14..... List Judgments citing this sectionTitle : The State Bank of India (Amendment) Act, 2007
State : Central
Year : 1955
THE STATE BANK OF INDIA (AMENDMENT) ACT, 2007 [Act No. 32 of 2007] [3rd September, 2007.] PREAMBLE An Act further to amend the State Bank of India Act, 1955. be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-- 1. Short title and commencement (1) This Act may be called the State Bank of India (Amendment) Act, 2007. (2) It shall be deemed to have come into force on the 29th day of June, 2007. 2. Amendment of section 3 In the State Bank of India Act, 1955(23 of 1955) (hereinafter referred to as the principal Act), in section 3, in sub-section (2), for the words "Reserve Bank", the words "Central Government" shall be substituted. 3. Amendment of section 5 In section 5 of the principal Act, in sub-section (2), for the words..... View Complete Act List Judgments citing this sectionTitle : Composition of the Central Board
State : Central
Year : 1955
1[* * *] The Central Board shall consist of the following, namely : (a) a Chairman and a Vice-Chairman to be appointed by the Central Government in consultation with the Reserve Bank2[* * *]. (b) not more than two managing directors, if any, appointed3[by the Central Government in consultation with the Reserve Bank]; 4[(bb) the Presidents of the Local Boards appointed under sub-section (5) of Section 21, ex officio; (c) if the total amount of the holdings of the shareholders, other than the 8[Central Government], whose names are on the5[register of shareholders] three months before the date fixed for election of directors is-- (i) not more than ten per cent. of the total issued capital, two directors, (ii) more than ten per cent. but not more than twenty-five per cent. of..... View Complete Act List Judgments citing this sectionTitle : Business of the State Bank
State : Central
Year : 1955
(1) The State Bank, shall, if so required, by the Reserve Bank, act as agent of the Reserve Bank at all places in India where it has a branch1[or where there is a branch of a subsidiary bank] and where there is no branch of the banking department of the Reserve Bank, for-- (a) paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and (b) undertaking and transacting any other business which the Reserve Bank may from time to time entrust to it. (2) The terms and conditions on which any such agency business shall be carried on by the State Bank on behalf of the Reserve Bank shall be such as may be agreed upon. (3) If no agreement can be reached on any matter referred to in sub-section (2) or if a dispute arises between the..... View Complete Act List Judgments citing this sectionTitle : State Bank May Acquire the Business of Other Banks
State : Central
Year : 1955
(1) The State Bank may, with the sanction of the Central Government, and shall, if so directed by the Central Government in consultation with the Reserve Bank, enter into negotiations for acquiring the business, including the assets and liabilities, of any banking institution. 1[(2) The terms and conditions relating to such acquisition, if agreed upon by the Central Board of the State Bank and the directorate or management of the banking institution concerned and approved by the Reserve Bank, shall be submitted to the Central Government for its sanction and that Government may by order in writing (hereafter in this section referred to as the order of sanction) accord its sanction thereto. (3) Notwithstanding anything contained in this Act or any other law for the time being in force..... View Complete Act List Judgments citing this section