Banking Shark - Bare Acts

State Bank of India Subsidiary Banks Act, 1959 Chapter V

Title: Management of Subsidiary Banks

State: Central

Year: 1959

.....things as may be exercised or done by that bank. (3) The Board of Directors of a subsidiary bank shall, in discharging its functions under this Act, act on business principles, regard being had to public interest. ________________________ 1. Substituted fur the words "general manager" by the State Bank Laws (Amendment) Act, 1973(48 of 1973), Section 21 w.e.f. 1-7-1974. Section 25 - Composition Of The Board Of Directors (1) Subject to the provisions of sub-section (2) the Board of Directors of a subsidiary bank shall consist of the following:-- 4[(a) the Chairman for the time being of the State Bank, ex officio or an official of the State Bank or of the subsidiary bank nominated by him as Chairman, with the approval of the Reserve Bank;] 1[(aa) the managing director appointed under sub-section (1) of section 29 or under section 32;] 5(b) one director, possessing necessary expertise and experience in the matters relating to regulation or supervision of commercial banks, to be nominated by the Reserve Bank; (c) not more than five directors to be nominated by the State Bank of whom not more than three shall be officers of that bank: 2Provided that any.....

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State Bank of India Subsidiary Banks Act, 1959 Chapter VI

Title: Business of Subsidiary Banks

State: Central

Year: 1959

.....carrying on the business of banking. _____________________________ 1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Banking Companies Act, 1949" Section 38A - Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail 1[38A. Arrangement With Subsidiary Banks On Appointment Of Directors To Prevail (1) Where any arrangement entered into by a subsidiary bank with a company provides for the appointment by the subsidiary bank of one or more Directors of such company, such provision and any appointment of Directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956, or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the company and any provision regarding share qualification, age limit number of directorships, removal from office of Directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any Director appointed by the subsidiary bank in pursuance of the arrangement as.....

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State Bank of India Subsidiary Banks Act, 1959 Amending Act 2

Title: The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007

State: Central

Year: 1959

.....a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE STATE BANK OF SAURASHTRA ACT, 1950 2. Substitution of new section for section 5 For section 5 of the State Bank of Saurashtra Act, 1950 (hereafter in this Chapter referred to as the State Bank of Saurashtra Act), the following section shall be substituted, namely:-- "5. Authorised Capital - (1) Subject to the provisions of this Act, the authorised capital of the Saurashtra Bank shall be rupees five hundred crores. (2) The authorised capital of the Saurashtra Bank shall be divided into shares of one hundred rupees each or of such denomination as the Saurashtra Bank may, with the approval of the State Bank, decide. (3) The Saurashtra Bank may issue the certificates of shares of equivalent values of such denomination as the Saurashtra Bank may decide with the approval of the State Bank, in accordance with the procedure as may be specified by regulations made under section 63 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) and every shareholder of the Saurashtra Bank shall be entitled to have the certificate of shares of equivalent value of such denomination. (4).....

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State Bank of India Act, 1955 Chapter 6

Title: Business of the State Bank

State: Central

Year: 1955

.....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). Section 34 - Business which the State Bank may not transact 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 words, "interest in " omitted by Act 56 of 1962,.....

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State Bank of India Act, 1955 Amending Act 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006

State: Central

Year: 1955

.....thereafter until his successor shall have been duly elected" shall be omitted. 15. Amendment of section 21A.-- In section 21A of the State Bank Act, in sub-section (1), the words "and thereafter until his successor has been duly nominated" shall be omitted. CHAPTER V AMENDMENTS TO THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959 16. Amendment of section 26 of Act 38 of 1959.-- In section 26 of the State Bank of India (Subsidiary Banks) Act, 1959,-- (a) in sub-section (2), the words "and thereafter until his successor is duly elected" shall be omitted; (b) in sub-section (2A), for the words "and thereafter until his successor shall have been duly nominated or appointed", the words "and thereafter until his successor shall have been duly appointed" shall be substituted. CHAPTER VI AMENDMENTS TO CERTAIN OTHER ENACTMENTS 17. Amendment of section 6 of Act 47 of 1961.-- In section 6 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, in sub-section (2), in clause (ii), the words "and thereafter until his successor assumes office" shall be omitted. 18. Amendment of section 6 of Act 28 of 1981.-- In section 6 of the Export-Import Bank of.....

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State Bank of India Act, 1955 Amending Act 2

Title: The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007

State: Central

Year: 1955

.....a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE STATE BANK OF SAURASHTRA ACT, 1950 2. Substitution of new section for section 5 For section 5 of the State Bank of Saurashtra Act, 1950 (hereafter in this Chapter referred to as the State Bank of Saurashtra Act), the following section shall be substituted, namely:-- "5. Authorised Capital - (1) Subject to the provisions of this Act, the authorised capital of the Saurashtra Bank shall be rupees five hundred crores. (2) The authorised capital of the Saurashtra Bank shall be divided into shares of one hundred rupees each or of such denomination as the Saurashtra Bank may, with the approval of the State Bank, decide. (3) The Saurashtra Bank may issue the certificates of shares of equivalent values of such denomination as the Saurashtra Bank may decide with the approval of the State Bank, in accordance with the procedure as may be specified by regulations made under section 63 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) and every shareholder of the Saurashtra Bank shall be entitled to have the certificate of shares of equivalent value of such denomination. (4).....

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Export-import Bank of India Act, 1981 Amending Act 1

Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006

State: Central

Year: 1981

.....thereafter until his successor shall have been duly elected" shall be omitted. 15. Amendment of section 21A.-- In section 21A of the State Bank Act, in sub-section (1), the words "and thereafter until his successor has been duly nominated" shall be omitted. CHAPTER V AMENDMENTS TO THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959 16. Amendment of section 26 of Act 38 of 1959.-- In section 26 of the State Bank of India (Subsidiary Banks) Act, 1959,-- (a) in sub-section (2), the words "and thereafter until his successor is duly elected" shall be omitted; (b) in sub-section (2A), for the words "and thereafter until his successor shall have been duly nominated or appointed", the words "and thereafter until his successor shall have been duly appointed" shall be substituted. CHAPTER VI AMENDMENTS TO CERTAIN OTHER ENACTMENTS 17. Amendment of section 6 of Act 47 of 1961.-- In section 6 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, in sub-section (2), in clause (ii), the words "and thereafter until his successor assumes office" shall be omitted. 18. Amendment of section 6 of Act 28 of 1981.-- In section 6 of the Export-Import Bank of.....

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State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 Chapter IV

Title: Amendment to the State Bank of India (Subsidiary Banks) Act, 1959

State: Central

Year: 2007

.....them, in the manner as may be prescribed.", Section 8 - Amendment of section 18 In section 18 of the State Bank of India (Subsidiary Banks) Act, in sub-section (2), for the words "fifty-five per cent, of the issued capital", the words "fifty-one per cent. of the issued capital consisting of equity shares" shall be substituted. Section 9 - Insertion of new section 18A After section 18 of the State Bank of India (Subsidiary Banks) Act, the following section shall be inserted, namely:-- "18A. Right of registered shareholder to nominate-(1) Every individual registered shareholder of a subsidiary bank may, at any time, nominate, in the prescribed manner, an individual to whom all his rights in the shares shall vest in the event of his death. (2) Where the shares are registered in the name of more than one individual jointly, the joint holders may together nominate in the prescribed manner, an individual to whom all their rights in the shares shall vest in the event of the death of all the joint holders. (3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such.....

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Reserve Bank of India Act, 1934 (2 of 1934) Section 17

Title: Business Which the Bank May Transact

State: Central

Year: 1934

..... (10) the sale realisation of all property, whether movable or immovable, which may in any way come into the possession of the Bank in satisfaction, or part satisfaction, of any of its claims; (11) the acting as agent for 1 [***] the 2 [Central Government] 80 [or any 5 [State] Government 81 [***] or any local authority 82 [***] 83 [or the Industrial Finance Corporation of India 84 [***] 11 [or any other body corporate which is established or constituted by or under any other law] 10 [or the Government of any such country outside India or 85 [any such person or authority] is may be approved in this behalf by the Central Government] in the transaction of any of the following kinds of business, namely:- (a) the purchase and sale of gold or silver 86 [or foreign exchange]; (b) the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company; (c) the collection of the proceeds, whether principal, interest or dividends, of any securities or shares; (d) the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in India or elsewhere; (e) the management of public debt; 87 [(f) 88 [***] the.....

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Reserve Bank of India Act, 1934 (2 of 1934) Chapter 3

Title: Central Banking Functions

State: Central

Year: 1934

.....Government with reference to any place, the Bank may, having regard to public interest, convenience of banking, banking development and such other factors which in its opinion are relevant in this regard, appoint the National Bank, or the State Bank, or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), as its agent at all places, or at any place in India for such purposes as the Bank may specify. (2) When any bank is appointed by the Bank as its agent under sub-section (1) to receive on behalf of the Bank any payment required to be made into the Bank, or any bill, hundies or other securities required to be delivered into the Bank, under any law or rule, regulations or other instructions having the force of law, the same may be paid or delivered into the bank so appointed as the agent of the Bank.] _______________________ 1......

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